Recent study has shown that 97 out of 100 startups fail yearly and there are many reasons for that. A common one is poorly managed finances. Running a startup in Nigeria could be very exciting, especially if you are very passionate about what you are doing and when you have enough financial resources to fund it. The sad truth, however, is that poorly managed finances top the list of why many startups fail. This is one of the reasons why larger companies hire a chief financial officer to handle all finances to keep the business afloat.
Not everyone or every startup can afford to hire an expert chief financial officer to help out, and not many finance officers have a wealth of experience or knowledge to help keep the business afloat. That is why using finance management tools helps you as a startup owner or a young finance officer grow.
Here are a few accounting tools to help manage your finance as a startup in Nigeria. Carefully look through all these to see the one that fits your business the most.
1. WAVE ( www.WaveApps.com )
If you have less than 9 employees consider using Wave. It is a 100% free finance management tool to use by anyone serious about their business’ finance. It comes with features like balance sheets and other business reports, payroll, invoices, record keeping of receipts and so much more.
2. Turbo Cash ( www.turbocash.net )
TurboCASH is also a free professional accounting software available in 25 languages allowing small business owners to keep track of all creditors and debtors, send out invoices, manage balance sheets and so much more. This provides you financial tools and techniques to help run your business.
3. Quick File ( www.quickfile.co.uk )
Quick File is another free and easy-to-use cloud accounting software for those who have zero knowledge about accounting. A great finance management tool for small and medium businesses. You can monitor all expenses and income, issue invoices, integrate payments with PayPal, Bitcoin, world pay, and so on.
4. GnuCash ( www.gnucash.org )
GnuCash, a free professional accounting software that can be downloaded on your personal computer. It has over forty templates that you can make use of to create any kind of financial report. It can also generate charts and graphs to make it easier for you to track and understand the finances of your business very well.
5. Bright book(www.mybrightbook.com)
Bright book is another free accounting software and an important financial tool for small startups. It comes with features for creating invoices, tracking payments, tracking and storing receipts, and so on.
With these great finance management tools, you can confidently manage your daily business running as a business owner or grow your knowledge as a finance officer.