August 29, 2017
There a variety of online calculators that entrepreneurs and business owners can use to budget better and save money. Many of the calculators are accessible and easy to use, helping replace pricey financial professionals that can cost new businesses a pretty penny.
Although economic factors fluctuate, especially regarding interest rates and taxes, many calculators update to reflect present rates. Additionally, most of the calculators are compatible with mobile phones.
Businesses have numerous financial needs and necessary calculations. Many businesses regard the four types of calculators below as essential components of wise budgeting and conservation:
1. Loan Calculators
Most businesses are familiar with loans, a necessary frustration for many businesses in need of cash. Businesses tend to fail if they overestimate their ability to pay off a loan. Loan calculators help by providing a clear picture of how long it will take to pay off the loan, while also informing businesses in the midst of a line how certain adjustments will impact the time it takes to pay off.
Bankrate’s business loan calculator is a straightforward and useful loan calculator. Users can insert their loan amount and term, resulting in monthly payments cost, total principal paid and total interest paid, in addition to a viewable amortization schedule. Alternatively, you can provide the loan term in months and interest rate per year.
Another useful loan calculator comes courtesy of FinAid. Although useful for general loans as well, FinAid is especially helpful for business owners still paying off educational loans. In addition to general fields like loan balance, interest rate and loan term, you can also input enrollment status, degree program and total years in college to provide a comprehensive calculation of what’s owed and how long it will take to pay off.
2. Investment Calculators
Investments can vary wildly. Some investments can be high-risk and high-reward, while other investments are safer, though without the upside. Investment calculators can help distinguish which area an investment falls in. The Ultimate Investment Calculator provides a plethora of options to help decide.
With the Ultimate Investment Calculator, you can set numbers such as starting amount, periodic investment amount, number of cash flows, the annual rate of return and your goal amount. Inputting today’s date and the first cash flow date can help project the potential return on investment. Additional options include setting your state’s marginal tax rate and annual inflation rate, which can project even more personalized numbers. The results will include your total cash flow, internal rate of return, total investment return and IRR after taxes and fees.
Dave Ramsey’s investment calculator is simpler than the Ultimate Investment Calculator, with retirement in mind. In addition to inputting your age and the age you plan to retire, you can input how much you have saved, how much you contribute monthly and your estimated annual return, to help calculate your estimated retirement savings. These two investment calculators cover both your present-day investments and how these will impact your retirement savings.
3. Fuel Tank Calculator
A calculator that aids with fuel tank savings is especially useful for businesses with transportation options and fuel-related operations. Inefficient spending regarding fuel tanks can be very costly. Ecogreen Monitors’ Fuel Tank Savings Calculator lets you project annual tank savings by inputting the tank size, average delivery, distance to tank, number of deliveries, labor cost and estimated delivery percentage.
For general fuel, the U.S. Department of Energy has a calculator that helps save money and fuel. You can select your specific vehicle, among other options, to determine cost estimates each year and month. Knowing these numbers can help when developing a business plan regarding transportation costs.
4. Markup and Discount Calculator
Useful for businesses and consumers alike, Financial-Calculators’ Markup and Discount Calculator provides a great way to calculate a markup or discount. To calculate a percentage increase, enter the net amount and percent increase while setting the other three inputs to zero. Percent off and percent change values are also available via a similar method. This calculator is a very convenient one for businesses, ensuring their coupons and discounts match with their advertising. Omni’s Markup Calculator is a useful alternative.
Investments, loans, fuel costs and markup estimates are all common costs for most businesses.
These calculators can help save time and money among small businesses, which can use them to conveniently and cheaply make estimates, projections and business plans.
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