8 Exceptionally Useful Calculators for Individuals and Small Business

As a matter of convenience or necessity, using a debt calculator is a fantastic way to save time and a result in which you can be confident. Let’s be frank—not all of us are math wizards. Having a reliable calculator to turn to is a blessing on so many levels.

Having combed the Internet, here are eight of the most useful:

1. Current Ratio Calculator
As a business owner, you need to be on your game when it comes to this ratio. It is a good indicator of the financial health of your business. The current ratio is indicative of a company’s ability to meet its short term or current obligations (typical those maturing in 12 months or fewer) from the company’s available cash and cash equivalents. Cash equivalents are things like stock, bonds, CDs, etc. that can be readily converted into cash, in short, highly liquid assets.

The resulting ratio should be 1.5 or greater. Acceptable current ratios vary from industry to industry and successful enterprises can sport ratios lower than 1.5 or even 1. These are exceptions however, and not the rule.

2. Bi-monthly Mortgage Payment Calculator

Not only is this a great calculator for homeowners, it also demonstrates the time value of money in a manner we can all appreciate. Most understand that when you borrow money you also pay an interest charge for the privilege. What most do not recognize is that there is a way to dramatically reduce that expense with almost no increase in your monthly outlay.

This calculator is quite easy to use and requires only the information any responsible homeowner will have in his files. Adopting the practice of paying one-half of your mortgage payment twice monthly (every 15 days) can save you literally thousands of dollars in interest expense over the life of your loan.

3. Credit Card Repayment Calculator (with Amortization Schedule)

This one is a beauty and a must see for everyone that has credit card debt. With this calculator, you can easily see why paying the minimum monthly payment on your credit card is financial hari-kari. For those struggling with a plan to become debt free, this calculator allows you to play out any number of repayment scenarios until you find a payment that meets your goal.

Businesses use credit cards too. Any small business owner should check this one out.

Tip: If your card features a monthly or annual fee, be sure to factor that into the equation. If you don’t your result will be a bit off.

4. Currency Exchange Rate Calculator

This one is a must for anyone traveling or planning to travel overseas. While not a debt calculator per se, it can certainly save you money as you travel. Overseas travelers are often the victimized by unscrupulous money-changers who offer less than the market rate of exchange for your hard-earned cash.

This calculator can save you money and then you can use those savings to reduce any debt you may have.

Of particular value is the traveler’s cheat sheet feature. It allows you to print out conversions and reverse conversions that are invaluable to any traveler that shops, dine and spends abroad.

Businesses with overseas client can also benefit from this calculator. If your business has a website, the calculator can be imbedded. This is a great convenience for you and overseas customers as well … and it is free.

5. Payroll Calculator

The bane of the small business owner is calculating payroll and tracking the various taxes due the omnipresent government (state and federal). This amazing calculator is sure to make your life easier. By registering with the site, you also have the option of saving the information online.

Using this freebie may make it possible for a business owner to reduce headcount or at the very least, re-task an existing employee.

6. Percentage Change Calculator

This one is a personal favorite. It is an invaluable resource for comparing business results year-over-year, month-over-month, etc. For those of us who are not math wizards, this is a great tool and it makes trends in your business relatively easy for so many areas of concern the business owner must monitor.

7. Profit and Loss Calculator

This is an excellent calculator for the small business person on many levels. One of the significant advantages this calculator provides is a constant reminder of the expenses that the busy entrepreneur might otherwise overlook. It is easy to use, very intuitive and makes the analysis of business profits/losses a snap.

Naturally, this calculator like any other is only as good as the data entered into it. There is no substitute for the accurate maintenance of business records. Remember the old adage, garbage in—garbage out!

8. Buy vs. Lease Calculator

This is a question many businesses face on a daily basis. This calculator can help make that decision a less painful one for many a business owner. It is important to remember that the decision to lease rather than buy or vice versa must include considerations other than raw dollars and cents.

Bear in mind that certain types of equipment become obsolete rather precipitously and equipment falling into that category may be a good candidate for leasing regardless of what the calculator reveals.

Enjoy using these calculators. Not only are they straight forward, they can also provide valuable insights into your business and personal finances. If they do nothing other than making you view your business or personal finances from a different paradigm, then you will have realized a benefit.