Top Financial Planning Tools for Small Businesses

13 Oct, 2016 / Comments: Comments Off on Top Financial Planning Tools for Small Businesses / By

It is often the case that financial planning tools are overlooked as a valid way to increase a small business’s bottom line. The truth is that financial planning tools have the ability to transform your business’s operations, lower costs, increase profit margins and improve productivity. It is imperative that small business owners take full advantage of the right financial planning resources and tools so that they are better able to plan their business’s future success. Here are the top financial planning tools used by small business owners today.



PlanGuru gives you access to forecasting, performance, and budgeting software that allows you to make savvier financial and business decisions. You can test them out with a free trial and afterwards pay for a plan, which starts at $99.


Ace Money

Ace Money consistently ranks as one of the top financial planning applications due to its extremely user friendly interface and versatility. It gives you a wide variety of tools that allows you to monitor your cash flow, calculate expenses, track investments and even allows you to analyze your taxes. The program offers support for multiple currencies and allows you to schedule transactions far in advance. Ace Money costs $40 and is available for both PCs and Macs.


Payroll Deductions Online Calculator

This is an extremely valuable tool that will save you a lot of time when it comes to your financial planning. You should use such a tool along with your online banking system in order to make the process easier and enhance your financial vision.


Financial Analysis Using Ratios

Comparing two components of your company is an excellent way of getting a new perspective when looking at your present and future performance. Use a financial analysis tool by looking at data from various periods to decide if your small business’ performance is following along a predictable course. Finding trends and reacting to them is your most essential strategic defense.


Buy or Lease Calculator

A financial decision that often comes up for small business owners when they’re dealing with their business capital is whether it’s best for them to own or lease equipment. The good news is that by using a Buy or Lease Calculator you can take the guessing out of making a decision. This financial planning tool shows the comparative costs of both leasing and buying while also considering the amortization and tax implications.


Credit Card Payment Calculator

As a small business owner, chances are that you’ve used a credit card or credit cards in order to support any cash flow issues you had in the beginning stages of your business. It’s impertinent that you comprehend how repayment options are an impact on your finances and the length of time it takes to repay the debt. A credit card payment calculator allows you to review the time it takes to lower your debt to zero through either making minimum payments plus interest or paying a fixed amount every month. Whether you’re using this tool for your business or personal finances, it’s very important to understand the impact of your payment options.


Rich or Poor

Rich or Poor is a great financial planning tool to use if you’d like more control over your software. It offers a great array of reporting options for expenses, investments and other finances. One downside of this tool is that it doesn’t offer online connectivity like many others do. It also takes a bit longer to set up than other similar software, but once you do, it runs quite smoothly.


William Mahnic
William Mahnic is a Finance Professor at Case Western University and has spent more than 20 years in the finance industry before becoming a professor. Mahnic has appeared as a commentator on both TV and radio talk shows including NPR, Crain's Cleveland Business, WKYC 3 and The Washington Post. He has been interviewed in BusinessWeek, Wall Street Journal and The Los Angeles Times.

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