Building Financial Awareness: Staying on top of your business
8 Feb 2022
The new year has just gone by and the beginning of the year is a good time for business owners to take stock of their enterprise, set goals for the year and determine a roadmap to achieve them. Crucial to these milestones is having a broad understanding of your financial landscape and being financially aware is a critical piece of your overall business wellness.
Todd County Development Corporation can help by offering our expertise to direct you to the knowledgeable experts and programs that will make financial management an advantage in your business success. We recommend working with your regional Small Business Development Center (SBDC), which are business management consultant entities providing links to assistance from the U.S. Small Business Administration. Financial experts can assist entrepreneurs and small businesses with business essentials, such as how to create an initial budget, develop financial projects and learn how to manage cash flow.
After getting a start on managing your finances, it becomes important to manage these plans on a daily and monthly basis - something that is not always easy for business owners. As a company grows, it can become possible to hire a full-time accountant, controller or CFO. Technological applications have made it easier than ever for entrepreneurs and small business owners to manage their finances. The following tools offer many advantages for solopreneurs and small business owners to manage company finances on their own:
Keeping track of business expenses is not always easy, especially for business owners who are incredibly busy or on the road a lot. Expensify allows for integration between the app and credit cards and debit cards. This way, expenses can be uploaded and managed without manual data entry.
Service-based businesses will find the customizable invoicing features of FreshBooks to offer significant advantages. Beyond invoice management, the cloud-based bookkeeping and integrations with many other financial software programs make FreshBooks a program small business owners should investigate to help streamline their daily operations.
This app allows companies to manage their payroll, tax and benefits. The app reports any new hires to the government, ensuring that nothing is accidentally missed during the onboarding process. Plus, they handle state and federal taxes and even email digital pay stubs to employees. This means that a business owner can manage everything from their phone late at night or on the road. There is no need to print out paystubs or worry about tax filings.
QuickBooks is still a popular tool for small business accounting. It can sync with your bank accounts to make it easier to reconcile the books at the end of the month, manage invoices, keep track of vendor payments and more. Most businesses can benefit from using this software daily, or at least monthly. Since QuickBooks is a full accounting software, it can take time to learn how to use it. Fortunately, we have resources who can help.
Accepting payments is easier than ever thanks to Square. It is possible to order a card reader that plugs into any smartphone. This means that business owners, salespeople, and employees can all take payments on the spot. Doing so can improve cash flow by providing quick access to capital, rather than waiting for invoices to be mailed and paid at a later date.
Small businesses looking for free accounting software should investigate the features offered by Wave. Accounting, invoicing and receipt scanning is made simple with its mobile app, which seamlessly incorporates multiple businesses into one account.
Micro-businesses are defined as those small businesses with only a few employees, who often wear multiple hats to keep their operations running smoothly. These individuals will find the accounting software Xero to be extremely appealing. Its cloud-based platform offers flexibility with a mobile app, along with payroll integration with Gusto and inventory management, all at a subscription rate that makes sense for small businesses.
Get in-person help from TCDC
New technologies are changing the business landscape by making it possible for business owners to do more with less time. Still, technology cannot replace the benefit of sitting down with an expert knowledgeable in your region. Todd County Development Corporation (TCDC) is a county-wide, non-profit economic and community development organization that encourages growth from within. TCDC operates a Small Business Development Center (SBDC) Outreach Office, providing free education, training and technical assistance to entrepreneurs, businesses and organizations. TCDC additionally provides site selection assistance and administers a revolving loan fund to financially assist business development projects in Todd County. For more information contact us here.