Are You Tracking Your Finances?

By: Rebecca Cho 

Financial data can be an important visual snapshot into the health of your business.  It gives you a better idea of how you can manage your budget.  While some businesses can afford to pay for financial consultants, most small businesses simply cannot afford to do so.  Thankfully, there are cheaper options for small business owners to use:

1.      Start Smart: 
You already are using a great resource for your business by reading this blog!  Make sure to take advantage of the rest of Start Smart’s low-cost and free tools.  Start Smart has developed an online and SMS based financial management portal (customized for African businesses), step-by-step guidebook for developing business plans  and the pocket consult app to help you answer any questions you may have about business, from a smartphone.  Having access to Start Smart’s resources is a great way to manage your business with confidence. 
2.      Mint:
Mint is a free online-based financial website that puts all your financial accounts in one place.    Because Mint connects directly to financial institutions, it automatically categorizes all transactions and gives you tips on how to handle your budget better.   Although Mint currently only supports banking institutions from America and Canada, you can still input finances yourself to give you access to budgeting tools and graphs. 
3.      Gnucash: 
Gnucash is a free open-source platform that has many basic accounting features built into software.  It is built to track your bank accounts, income, and business expenses on professional accounting principles to create standard and customizable reports for you. 
4.      Front Accounting:
Front Accounting is another free open-source software budgeting tool that caters to small-middle sized businesses.  It caters more towards professionals who are more computer savvy and who have a knack for computer programming.  Front Accounting includes everything from currency exchange capabilities to purchase orders. 

While this is not an exhaustive list of financial software available, it is a great place to start finding the best tools to develop your business. 

What are some products you use to help you manage your finances? 

Visit us on the web: www.startsmartgh.com Send us an email: startsmart.info@gmail.com

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