5 Small Business Budgeting Tools to Try

Master your money

For today’s business owners, there are more tools designed to help you succeed than ever before—especially when it comes to managing your money.

At Walmart Business, we know that every organization has its own needs. We’re here to help you navigate this with small business budgeting tools so you can keep your work running smoothly. 

Key small business budgeting tools

Different small business budgeting tools address different aspects of your business. Not every tool here may make sense for yours—that’s okay. Use this list to zero in on what you need.

Here are some features that are important no matter what solution you’re buying:

• Intuitive interface: To make the most of any software, you need to understand it. Seek out demo videos or tutorials to compare interfaces. Choose solutions with clean and simple user interfaces to start gaining value from the software quickly and easily.

• Robust integrations: One of the key advantages of financial software is its ability to pull and manipulate data automatically. It can only do that if it integrates with the rest of your existing software.

• Outstanding customer support: No matter how good a software solution is, there’s always the chance something could go wrong. Seek out companies with readily available and well-reviewed customer service.

Accounting software

Use accounting software to create a comprehensive picture of your business—which is especially important at tax time.

Key features of accounting software include:

• Automated data importing: Many accounting solutions can link with your bank accounts and automatically record transactions.

• Intuitive organizing structures: Not all financial records are equally easy to read. Use intuitive file structures to keep your business’s account information legible and in order.

• Relevant reporting: Reports transform raw data into actionable information. Look for software that lists the reports you’re interested in as pre-existing templates to save time configuring them.
  

Cash flow management

Cash flow measures the money moving in and out of your business. If you have more revenue coming in than expenses going out, that positive cash flow can enable you to pay regular expenses, reinvest in inventory and maintain stability in challenging economic conditions. Negative cash flow, meanwhile, can be a warning sign.

Look for these features in your cash flow management software:

• Intelligent transaction sorting: Sorting transactions based on who was involved, what kind of transaction took place and other critical identifiers can help keep the books accurate.

• Projection models: Use projections to map your business’s cash flow into the future and spot future payments.

• Test scenarios: Explore different business scenarios, like early loan repayment or expansion, to see how they might impact cash flow. 
  

Expense tracking

Keeping an eye on business expenses in real time can cut down on inefficient spending, and maintaining a complete record of costs is critical come tax season. Many expenses can be written off; others require reimbursement. Look for these features in a tracking tool:

• Optical character recognition (OCR): Use OCR to accelerate receipt processing by automatically importing relevant information, like date, vendor and total. 

• Intelligent receipt processing: Once software has turned the receipt image into a workable document, it can parse the information it contains and sort it according to a predetermined plan. It can also tag the receipt for retrieval via search, which speeds up receipt review.

• Mobile app: A mobile app is convenient for tracking expenses incurred outside the office, such as meals, gas or taxis.

Payroll management

Keeping payroll straight requires a lot of work, especially as your business scales. Collecting banking information, maintaining accurate records, calculating paychecks each pay period, tabulating all the relevant taxes, ensuring safe payment—it’s a tall order.

Use payroll software to automate many of these processes, saving time and reducing human error. Look for these features when considering payroll solutions:

• Scheduled direct deposits: Use direct deposits to avoid checks being lost in the mail and to give employees faster access to their money. 

• Automated tax processing: Automate tax form distribution to allow for prompt filing.

• Time tracking: Hourly workers need somewhere to record how many billable hours they’ve spent at your company each pay period. Use time-tracking software that syncs with payroll to arrive at the correct payment figures quickly.

• Employee-facing platform: With an employee-facing platform—whether it’s a website or a mobile app—employees can submit their address, banking information or tax filing status themselves.

Inventory tracking

Use inventory tracking software to stay on top of inventory, better manage your cash flow by forecasting your needs and cut down on service interruptions.

Crucial features for inventory management software include:

• Barcoding: Manually looking up and adjusting inventory numbers for everything in stock eats up a lot of time. Using a barcode and scanner brings workers directly to the entry they need to modify, accelerating the process.

• Forecasting and alerts: Use forecasting to project your upcoming inventory needs and plan accordingly. Set alerts around inventory imbalances to address them in a timely fashion.

• Reporting tools: Use reporting and analysis tools to examine how supply and demand for your products change over time. Improve your production habits based on this data.
  

Stay stocked with Walmart Business

No list of small business budgeting tools would be complete without a way to streamline operations. With Walmart Business, you can find many of your business needs in one online location, everything from office furniture to bulk snacks for the breakroom. Plus, with a Walmart Business+ membership, you can enjoy free shipping¹ and other bonuses. Click here to learn more.

¹Excludes most Marketplace items, freight & certain location surcharges