Can’t Keep Up? 5 Financial Tools to Simplify Your Life


Cash Register Close UP

Many people have trouble staying on top of their finances. That same problem exists for business owners. This process can be a big challenge for those who don’t work in the finance and accounting field full time. If you don’t track you finances properly, you’ll make poor spending decisions- in business and finance.

Fortunately, there are some great tech tools to help you track both business and personal finances.

Click Here For Free Report: 10 Great Resources For Personal Finance

Personal finance challenges
Everyone is busy. If you don’t have a system to manage your finances, the process can get out of control quickly. Here are some keys to managing personal finances:
· Decide on a monthly amount to save and invest
· Create a realistic budget
· Review spending frequently
Start your planning with a monthly amount to save and invest. A great book, The Richest Man in Babylon, refers to this concept as “paying yourself first”. The savings amount comes out of your budget before any other spending.

Click here for Live Webinar: Top 10 Personal Finance Mistakes (And the Tools To Avoid Them)

Your budget needs to be realistic. Plan your expenses based on amounts that are reasonable. If your monthly cell phone bill averages $70, don’t budget for $25.
The hardest part of personal finances is tracking your spending once that new month starts. Several tech tools can make the process easier.
Quicken software, for example, allows you to create a budget. The software provides several tools to view your budget, including a pie chart. You can link Quicken to your bank and credit card accounts, so that the data is uploaded automatically. The user can track their actual results on a PC or mobile device.

DIY investing tools

I see a growing trend toward Do It Yourself (DIY) investing. Improvements in technology are constantly making it easier for an investor to manage their own portfolios.

Click Here for Subscriber-Only Content

Wealthfront is a great tool. It helps the investor understand their risk tolerance and goals, then puts together a portfolio of Exchange Traded Funds (ETFs) to meet their objectives. The site helps you reduce investment costs while you get a diverisified portfolio. Betterment is another great tool for the DIY Investor

Managing business finances
Business owners have their own set of financial challenges. In addition to budgeting revenues and expenses, the owner must address these other needs:
· Cash flow: Forecast cash inflows so that the business can operate each month
· Payroll: Manage employee hours worked, generate tax reporting, pay employees
· Financial statements: Generate financial statements
This process is more challenging if the firm operates in multiple locations. Here are several apps that can help with this process.
Wagepoint is a cloud-based payroll service that handles payroll calculations. This system can handle deductions for taxes and make direct deposit payments to workers. You can handle both hourly workers and salaried employees through Wagepoint. This software can help you save time and generate accurate tax reporting.
Business tools to save time
Every business should generate monthly financial statements. Your balance sheet and income statement explain how your company is performing.
Quickbooks online is a cloud-based accounting system that’s easy to use. You can create a customized chart of accounts for your business, and generate dozens of financial reports.
If you need specific reports generated to manage your business, Quickbooks can save the report format for you. You can print that report, along with your standard financial reports.
Consider using all of these tools to save time. Spending less time on these tasks can give you some peace of mind.
Have used any of these tools? I’d love to hear from you.

Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(website and blog)
(you tube channel) kenboydstl


Cash register close up

David Tarwin, Cash register close up

(CC BY-SA 2.0)

(Visited 83 times, 1 visits today)
Like this content? Sign up for free updates

12 thoughts on “Can’t Keep Up? 5 Financial Tools to Simplify Your Life”

  1. Good day I am so happy I found your blog, I really found you by mistake,
    while I was searching on Yahoo forr something else, Nonetheless I am hede now annd would just like to say cheeres for a marvelous
    post and a all round exciting bloig (I also love the theme/design),
    I don’t have time to read it all at the moment but I have book-marked
    it and also added in your RSS feeds, so when I have time
    I will be back to read much more, Please do keep up the excellent work.

  2. Its like you read my mind! You seem to know so much about
    this, like you wrote the book in it or something. I think that you could do
    with some pics to drive the message home a bit, but instead of that, this is excellent blog.

    A great read. I’ll definitely be back.

  3. Unquestionably consider that which you stated. Your favorite justification seemed to be on the web the easiest thing to be aware of.
    I say to you, I certainly get irked whilst folks think
    about issues that they just do not recognise about.
    You controlled to hit the nail upon the highest and outlined out the whole thing without having side effect ,
    people could take a signal. Will probably be back to get
    more. Thank you

  4. I simply want to mention I am very new to blogs and definitely liked your blog site. More than likely I’m likely to bookmark your blog post . You definitely come with excellent articles. Regards for revealing your blog.

  5. Great write-up.Thank you with regard to producing this specific insightful blog post in addition to enlightening us all with the sights.I’m hoping you may carry on this unique great work at a later date also.

  6. Hey There. I found your blog using msn. This is an extremely well written article. I’ll make sure to bookmark it and come back to read more of your useful info. Thanks for the post. I will certainly return.

  7. I must express my affection for your kind-heartedness in support of men and women that really need help on this content. Your special dedication to passing the solution along appears to be certainly practical and have continuously enabled employees like me to get to their objectives. This interesting help and advice denotes much to me and even more to my mates. Thanks a lot; from each one of us.

  8. Hiya! I know this is kinda off topic however , I’d figured I’d ask.
    Would you be interested in trading links or maybe guest
    authoring a blog article or vice-versa? My site covers a lot of the same subjects as yours and I believe we
    could greatly benefit from each other. If you happen to be interested feel
    free to send me an email. I look forward to hearing from you!
    Fantastic blog by the way!

  9. I just want to mention I’m all new to blogging and seriously liked this web blog. Likely I’m likely to bookmark your site . You amazingly come with terrific writings. Thanks for revealing your webpage.

Leave a Reply

Your email address will not be published. Required fields are marked *