MBA1747 4 Free Tools to Manage Your Business Finances + Free Ride Friday

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Ready to Save on New Tech it's time for Dell Tech Day's annual sales event celebrating our customers with fantastic deals and benefits. Perks include Dell Rewards, free shipping, premium support, and more. PCs like the Dell 14 with Intel Core Ultra processors will help you do more faster, and with a premium suite of monitors and accessories, you can upgrade your whole setup with amazing savings. Visit Dell.com deals. Hey Yo. Welcome to the $100 RBA Show. Because your business needs you at your best. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my partner back in 2014. And today's episode is Free Ride Friday. So make sure you hang on to the end the episode to hear who won this week's Free Ride. Every Friday we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course in 30 days. It retails for $500 over at EasyCourse co. Or you can win it for free. Just leave us an Apple podcast rating and review and you enter our weekly random draw we call Freeride Friday. It's that easy. It's our way to say thanks for showing us love on itunes. In today's episode you will learn four free tools to manage your business finances. These are tools that I use every day. They're absolutely free and they're going to do most of the heavy lifting when it comes to managing your business's cash flow, finances and capital. To make sure you're on top of the numbers. All of these tools are absolutely free and are pretty easy to get started with. So let's get into it. Let's get down to business. Thy ticket lady Jennifer of Coolidge.

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The February 2025 Nielsen report. All right, four tools to help manage your business finances. First tool good old Google Sheets. Google Sheets is basically Excel for Google and it's on the cloud. It's absolutely free if you have a Google account, if you have a Gmail account. And it's absolutely essential because it allows you to know your profits and losses at your P and L. You can track all your expenses, all your revenue, and know that you are making a profit month after month. A simple spreadsheet with some simple formulas can go a very long way when it comes to some visibility on your finances. We also use Google Sheets for projections to project growth and to set goals on what we have to do to hit those projections. Now, if you're new to spreadsheets and you're new to formulas and knowing how to do calculations, it's actually quite simple. And I highly encourage you. Check out YouTube. YouTube has a lot of free tutorials on how to use Google Sheets. So go ahead and dive in. In 30 minutes or so, you will be well equipped. I also like using Google Sheets for planning any projects. So whether I'm launching a new course, a new product, or planning an event, it allows me to know how much is this gonna cost me, gives me some calculations, how much potential revenue I can make, how many people I need to attend my event to make it worthwhile. It's a good place to just get the ball rolling so you can know you have a viable product, feature or idea on your hands. What' awesome about Google Sheets is that you can share with other people on your team so you can collaborate and more than one person can work on it and have access to it. All right. Tool number two, ProfitWell. ProfitWell is absolutely free and is a great way for you to get some visibility on your revenue. ProfitWell plugs in or integrates with your payment processor like Braintree or Stripe and they specialize in subscription based services. If you run a software company or a membership site, or you have group coaching with a monthly subscription or annual, as long as reoccurring, it's perfect. ProfitWell is great because it will show you all the right metrics, how much money you're making each month, how many money, how much money you're making each year, what's your churn, how many customers are leaving you. It's great for trial conversions and doing all that math for you in pretty charts. It's super simple to set up and it's absolutely free. It's one of my favorite tools because it gives you so much visibility about how things are moving, the trends. Also, it'll give you some insights on what months are normally slow or fast. It also has some great tools to compare your business with other businesses in your industry so you can see if you're hitting the benchmark. So if you're looking for a business analytics tool, it's a fantastic tool. It's free forever, and you can even add people to your account that are a part of your team to give them access as well. It's really, really amazing how this is free. They have services that they charge for, but the Metrix tool is free. If you want to get into their dunning services to lower your involuntary churn, they have those services as well. You might have heard me mention Profwell a few times on this podcast. They have a fantastic blog, great YouTube channel, a lot of great information on pricing models on customer acquisition on Freemium. Their blog is awesome. It's absolute gold. The third tool I want to share with you today to help with your business finances is actually your bank app. Many people don't know the extent of what their bank app can do, so I highly recommend you check it out. Even walk into the bank and ask somebody if they can walk you through, give you a demo. Your bank app, where you get all your deposits and make all your deductions for your business actually probably has a lot of features that you are unaware of, so get to know them. Whether it's reoccurring payments you want to have set up so you can deduct your own salary or payroll automatically, or you can track how you're spending your money inside of your bank app so you know where your money's going to when it comes to your business. You can even set up sub accounts and then go ahead and put money aside if you're looking to save some money for a future product or release or something for your business. Every bank is different and their app will have different features. But my point here is check out your bank's app because many people have discovered there's a lot of great functionality that the bank offers straight inside their app that can help streamline their finances. All right, the fourth tool I want to share with you today is my favorite payment processor, Stripe. Now yes, Stripe is a tool to allow you to charge your customers to accept credit card payments on your website, all that kind of stuff. And yes, the rate is competitive and all that stuff. But what's awesome about Stripe is that you can actually create invoices inside your Stripe account. So if you ever needed to invoice somebody, like for freelance work you've done or you're organizing an event or whatever it is, sometimes people feel like they need to buy expensive invoicing software and pay a monthly fee. Well, Stripe is absolutely free, and you can create invoices directly in Stripe, and you can send those invoices to anybody via email, and they can pay you via credit card right there on the web. They can click a link on their email, and they can enter their credit card and pay your invoice. This is sort of like a hidden feature, because Stripe actually invoices your customers automatically when they, you know, buy something on your website. It creates an invoice and then charges it kind of does it on the background. But they also have this feature that you can do as an admin right inside your Stripe account. So a lot of people don't know this, but you could actually create one off invoices, which is fantastic. It actually kind of is a billing CRM as well, because you add new customers, and you can use those customers in your account to invoice them again in with all their information. And once they have paid you, once their credit card information's in Stripe securely and you can send them invoices or charge them immediately if you want, with an invoice. And it's free to use Stripe, you don't get charged anything until you actually charge your customers. That's where they take their 2.9%, I believe, and 30 cents per transaction, which is very reasonable and very competitive. But just to create invoices and send it absolutely free, no need to pay for a service. So we talked about Google Sheets, we talked about profitwell, we talked about your own bank's app and Stripe.

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All right, I want to give you a bonus finance tool. I've been using this tool for about four years now, and it's been amazing. Okay. I'm actually quite surprised when I hear people haven't heard of it or haven't used it. And that tool is Transferwise. Transferwise is a great way to pay people. If you have a remote team, if they're around the world, you're dealing with different currencies, their exchange rate is fantastic, very competitive. Will always, in my experience, beat your bank rate, your credit card rate in terms of the exchange rate to a different currency, they will send pretty much anywhere in the world. They integrate with so many banks so you can integrate it with your own bank so you can fund that bank. They also have their own debit card. So you can actually get a debit card in the mail, which has a visa or MasterCard logo. So you can charge the card either online or in person. And you can use any currency. So say, for example, you get a bill for US Dollars, but then you also get an invoice, you know, let's say British pounds or Australian dollars. You can change the currency you use right inside the app so that way you don't pay any kind of transaction fee or a bad conversion rate. So if you pay anybody or pay any bills in a different currency than your bank's currency, I highly recommend it. And even if you don't do that right now, okay, and you have overseas, you have people in different countries that are working for you, whether as freelancers or employees. Ask them, maybe they want to get paid in their local curr rather than US dollar or your local currency because it sometimes ends up when they get paid, the bank takes a huge cut in terms of that transfer fee and the exchange rate. So you might be thinking of a huge service by just paying them in their local currency and they know exactly what they're getting paid every single month. So transferwise is my bonus tool for today. Thanks so much for listening to the $100 MBA show, but today's episode is not over. It's Free Ride Friday. Let's see who won this week's Free ride. And the winner is PT Casey. PTKasey says two thumbs up. Five stars. Honest, straightforward advice about business life and how to start your own business. I personally listen to it on my daily commute. A must listen. Well, thanks so much for that review, pt. Casey, you are our free eyed Friday winner. Your mission is to email us over at Omar MBA Net so I can hook you up with the lifetime membership to ezcourse. It's that simple, guys. If you want to win a free ride to our $500 course, EasyCourse Co leave us an Apple podcast rating and review and enter weekly random draw. We call Free Ride Friday. So I want to say thanks for showing us love on itunes or now known as Apple podcasts. Before I go, I want to leave you with this. If you're overwhelmed with tools and recommendations for tools. Just start with one or two. You don't need to do them all, you don't have to implement them all. Once you've mastered and embedded those tools in your workflows, pick up the next one. No need to take it on all at once. Thanks so much for listening and I'll check you in Monday's Episode A very, very Special one. A must read episode of a soon to be released book that I'm so excited about. I got an advanced copy. It's called the Common Path to Uncommon Success by John Lee Dumas. There's a lot of special surprises that I want to share with you in that book, so tune in on Monday and I'll share them with you. But for now, take care. Of.

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