Using Tools to Streamline Finances as a Small Business Owner

As the Founder of Air Landline, a virtual landline tool for business owners, I firmly believe in the power of tools and services in making running a small business smoother, easier and more efficient. After all, tools are there to help us, and by knowing and taking advantage of the right business tools at the right time we can ensure we’re maximising our own time and capabilities as business owners.  

One of the most crucial (and potentially stressful) aspects of running a small business is managing cash flow. Without proper financial management, even the most promising business ideas can flounder. Thankfully, a plethora of tools and services are available to help small business owners like us navigate the complexities of accounting and financial management. Here are just some of the tools my fellow small business owners and I use that have helped us transform how we handle our finances. 

1. Accounting Software 

Xero is a popular accounting software tailored specifically for small businesses. It offers a range of features designed to simplify financial management from invoicing and quotes to expense tracking and financial reporting. There are plenty of similar tools out there, but I personally find Xero’s intuitive interface make it a great choice when it comes to streamline our bookkeeping and accounting processes. 

2. Digital Banking Apps 

We all use them. But are you maximising their functionality for your business? Digital banking apps like Monzo and Starling offer a modern approach to business banking. They’re especially useful for small businesses that need flexible and convenient banking. 

3. Business Credit Cards 

Business credit cards can offer valuable benefits for small business owners. Two popular options are American Express and Capital On Tap: 

American Express: This one is known for its rewards program. It allows businesses to earn points on every purchase, which can be redeemed for things like travel and office supplies. 

Capital On Tap: This is a card that offers 1% cashback on all purchases, which is a straightforward way to save money on everyday business expenses. 

Using credit cards like these with intention can help small businesses manage cash flow and earn rewards that benefit the business. 

4. Financial Advisory Services 

Let’s be honest, tax season is a particularly stressful time for small business owners. But there are loads of services on offer that provide expert advice and assistance: 

Tax Advisory: Professional tax advisors can help you navigate complex tax regulations and ensure you’re compliant.  

Bookkeeping Services: Outsourcing bookkeeping to professionals can save time and reduce errors.  

Expense Management Tools: These are tools that can automate the expense reporting process, making it easier to track and manage business expenses. 

5. Automated Savings Tools 

Automating savings can be a powerful strategy for small businesses looking to build a financial cushion or save for future investments. 

Leveraging the right tools and services in all aspects of running a small business is essential, especially when it comes to money and accounting. By integrating these tools into our small business processes, we can ensure better financial health and focus on what we do best – growing our businesses. 

By Ash Miri, Founder of Air Landline