The Best Budgeting Tools For Entrepreneurs
You might think that being an entrepreneur is an easy job; No it’s not! It is a tough job that needs long hours of management to put your business into its track. In most cases, you need to have an extensive skill set to shadow and manage your manpower and be able to enhance or obtain skills as you progress in venturing your business. Well, of course, finances play a crucial role in keeping your business on the ground, and one way to make it efficient is through the right budgeting tools and attitude in effect. This way, you can potentially save more money and grow your business over time.
Best Budgeting Tools For Entrepreneurs
The Following are the best budgeting tools that can aid entrepreneurs towards managing their finances and business budget efficiently:
BUDGETO is an online tool that is partnered with the Business Development Bank of Canada or BDC. If you own a small scale to medium-scale enterprise or on the verge of starting up, this is a good tool for you. It allows online access to your business budget and also provides forecasting tools for your business finance. You can even create a three-year forecast in terms of your finance and be able to share your forecasted budget with the BDC representatives.
Moreover, this tool can be used both in terms of official languages. Also, the data stored can be access and shared remotely on the cloud. If you’re one of the Canadian entrepreneurs, this tool is a great way for you to access your six- months license of BUDGETO through its landing page for free.
Among the well-known tools in terms of business budgeting is QuickBooks. In fact, their motto is ALL YOU NEED. ALL IN ONE PLACE: More than just accounting software.
QuickBooks is a software that allows entrepreneurs to customize and monitor their expenses as well as track their income. It enables you to connect your desired bank accounts to sort transactions automate and allocate expenses or business budget into certain tax categories. It also provides aid in terms of payroll, which allows you to make payments either by cheque or via direct deposit. It can deduct pay and appropriate deductions and also comes with an advance payroll option that allows you to file and remit taxes. Besides, it covers the obligation and remittance in ROEs, Relevé 1s, and T4s.
FreshBooks is considered and termed as a small business. It is accounting software that allows you to run your small business smoothly and securely. It enables you to trim down certain hours on the tasks that concern accounting. This is because, it can automate invoicing tasks, expenses and time tracking as well as on your follow-through. It can also be accessed via tablet, phone or desktop.
Daily Habits That Can Help Entrepreneurs
Regardless of what budgeting tools are you using as an entrepreneur, you must give time to shadow administrative duties and exercise it. This will include being hands-on in tracking your expenses, remitting payments to the CRA and invoicing. In fact, you can also make use of the CRABiz App, should this serve you better.
Besides, being on top of your responsibilities and tasks will guarantee your business success and future. So, to make sure that you’re on your way up to progress, here are some of the significant habits that you must develop.
Where To Save
Every single dollar that you earn counts when you’ve just started. Starting up is hard and challenging, yet building and growing is even more challenging and tough. You can actually save more money in promoting through social media or in a business talk promotions rather than spending more on other means of advertising and promotions. Every single expense counts; therefore, you must be strategic as much as possible. For instance, you can go green by not printing non-essential documents, using an insulated window and LED light to save on costs. In general, there are certain ways or ideas that you can incorporate towards managing your business environment and operation to save on costs
Where To Spend
As you startup, you have to itemized certain plan on the things that are perceived to be essential. This is likely similar in managing the household budget. For instance, if you’re spending more on lighting and documentation, you might as well shift to paperless and make use of the insulated windows. Also, when you send money in marketing your products and business, you have to make sure that you’re spending it on the right people. This may include a feasibility study on your target market.
The possibilities of small business to success is crucial. However, with the appropriate budgeting tools and the right habit of an entrepreneur, the chance of success is guaranteed. So, if you’re a small scale or medium scale entrepreneur, you might consider taking the steps mentioned to enjoy your victory later on.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.