Our top financial tools and apps for creative entrepreneurs. Bonus! Download our free Creative Entrepreneur’s Financial Toolkit worksheet.
“The right tool for the right job” is a familiar phrase to any maker sizing up a project on their work bench. But what about when it comes to managing your finances as an artist? Though it might feel like a completely different world, the same idea holds true for your business’ financial health. Irregular income, fluctuating expenses, and project-based work can make financial management tricky for creatives. Yet simplifying things often comes down to using the right tools — in this case, online software and apps — that can help you track expenses, get paid on time, and even build business credit.
Discover online tools that help you track expenses, get paid on time, and even build credit for your creative business.
At DreamSpring, we've seen a proliferation of financial tools that are available to support your business’ growth, and we’re happy to recommend some of our favorites below. As a bonus, we’ve also created a free worksheet to help you quickly assess your creative business’ financial health. Just download our worksheet and spend 15 minutes filling in your answers, and you’ll get a snapshot of whether your business is on track for success and where you can improve.
Budgeting and Expense-Tracking Tools
If you aren’t tracking your expenses and working within a budget, your business finances are flying blind. Understanding your income and expenses is the easiest way to maintain financial stability, especially if your income is unpredictable.
The right budgeting tools help you stay ahead of the curve and avoid the stress of scrambling for cash when a new project arises. Here are some great options:
- QuickBooks Self-Employed: Ideal for freelancers and solo entrepreneurs, this software makes it easy to track income, expenses, and tax deductions.
- Wave Accounting: A fantastic free option that includes invoicing, expense tracking, and basic accounting.
- YNAB (You Need a Budget): Best for those who want to take a proactive approach to cash flow management and financial planning.
Invoicing and Payment-Processing Apps
Nothing slows down business growth like inconsistent cash flow. Clients forgetting to pay, complicated payment processes, or disorganized invoicing systems can leave you chasing down payments instead of focusing on your creative work.
These tools can help ensure on-time payments and keep cash flow steady:
- FreshBooks: Simplifies invoicing and integrates seamlessly with expense tracking, a major advantage during tax season.
- HoneyBook: Designed specifically for creative professionals, you’ll get invoicing, contracts, and project management in one platform.
- Square: Perfect for businesses that sell products in person or online, this easy-to-use payment processing system has no monthly fees.
Credit Monitoring and Business Credit Building
A strong business credit profile opens doors to funding, better loan terms, and financial flexibility. Many creative entrepreneurs rely on personal credit when starting out, but establishing business credit is essential for long-term growth.
Want fewer financial headaches in the future when you're looking to expand, invest in new equipment, or take on larger projects? Start using these tools to monitor and build credit today:
- Nav: A comprehensive tool that allows you to check both personal and business credit in one place, plus you’ll get tips on improving your score.
- Credit Karma: While not a verified business credit score, this helps you monitor personal credit and provides suggestions for improvement.
- MyCreditCompass: Tools to monitor and build your credit health using real-time Experian data. Sign up to get a free subscription courtesy of DreamSpring, Justine PETERSEN, and Experian.
Take Control of Your Business Finances
Managing your money as a creative entrepreneur doesn’t have to be overwhelming. With the right tools, you can build financial stability, improve cash flow, and set yourself up for funding opportunities when you need them. Don’t forget to spend a few minutes filling out our Creative Entrepreneur’s Financial Toolkit worksheet, and take charge of your creative business finances!
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