As your business grows, you will find that you can’t do as much all by yourself. A financial monitoring and reporting system is a sufficient, well-oiled machine that gives you a break from reviewing the books. Integrating financial software for payroll and accounting, expense reports, and credit card processing will instantly streamline operations and let you focus on the big picture.
Payroll and Accounting
Using payroll and accounting software is commonly overlooked by small business owners. These tasks are done with spreadsheets instead and leave a lot of room for error. This rudimentary system isn’t much help during tax time either. Accounting software, on the other hand, lets you easily manage cash flow, and meld invoicing and billing. This tool is particularly useful if you have employees and are considering growing your staff.
What to look for: Scalable plans are best because you want software to accommodate a growing business without going through this process again. Set up a system now that you won’t outgrow. Payroll and accounting software is one piece of a larger financial puzzle so make sure it is compatible with your tax software, expense report app, and credit card carrier.
Credit Card Processing
Many small business owners, freelancers, and retailers use eBay, PayPal, and other third party credit card processors, but there are many more options. The most common carriers, including Etsy, are rigid, expensive, and leave a lot to be desired. Finding the right credit card processor can free up cash flow and alleviate you from spending hours managing your finances and transferring funds.
What to look for: There can be hidden and obscure fees associated with some credit card processors so make sure you know what you’re paying for. Fees can include set up, gateway access, flat monthly fee, transaction cost, statement fee, and even a customer service fee. Most applications are scalable with adjusted cost. You can start slow and then expand your plan as your business and your needs grow.
It’s the 21st century and somehow we are still drowning in paper receipts. When it comes to organizing your small business’s finances, simplify the process and assure accuracy by integrating an expense report app into your system. This is especially useful for businesses that have employees who travel, but can also help freelancers and small startups streamline their finances.
What to look for: This sounds counterintuitive, but expense reports are getting interesting these days. Expense report apps connect your smartphone with financial management sites and reporting software to create one flawless system. You and your employees can just take a picture of a receipt with your phone and recognition software will populate an expense report that is automatically submitted to the email of your choice. Some software connects credit cards and bank accounts to track every expense. A one-step process to keep you moving.
Posted By Jeff Shea