Streamline Your Small Business Finances
Are you starting a new business and are not sure how to get your company finances in order? Do you own an established business and need to streamline your processes? Knowing what changes to make and using the right technology can make all the difference when keeping track of your small business’ information.
As a small business owner, your time is limited. Paying attention to the following details and utilizing the tools below will help you significantly streamline your money habits, so you can focus on your business goals more and your bank statements less.
- Simplify the task of time tracking
Tracking your employee’s hours is obviously a big part of your payroll process and running your small business. If you’re not careful, it can also steal a lot of your valuable time that could be devoted elsewhere. A time tracking tool like Harvest can help you, schedule employees, keep track of timesheets and monitor time spent on different projects – all in one place. Even better, this tool allows you to see which projects are using the most resources so you can adjust if and when needed.
- Stay on top of payroll
Payroll is one of the biggest headaches a small business owner has. Once you have time tracking under control, you still have to stay on top of payroll and ensure paying your employees happens on time, every time – on top of everything else that goes into payroll (e.g. taxes, benefits, etc.) Using a software option like Gusto can help you easily manage your company’s payroll, tax and benefits under one platform.
- Take care of your invoices
A big concern every month for business owners is how long they will have to wait to get paid. Depending on your business type, some businesses wait 30, 60 or even 90 days to receive payment from customers. If you don’t stay on top of your unpaid invoices, it can quickly push your business into a tight financial situation. Thankfully, there are many different (and very affordable) small business invoicing software options out there to choose from (e.g. FreshBooks, Square Invoices, Wave, QuickBooks Payments, and more).
- Find the right accounting software
If you want to take your business to the next level, you will need to review your business finances more than once a year and keep your accounting organized. The key is to regularly review your accounts receivable and accounts payable is to find accounting software that meets your business’ unique needs. Sunrise, for example, can help you quickly categorize your expenses, create reports and get paid faster.
- Consider mobile payments
Fewer and fewer consumers are choosing to pay with cash and checks. As a small business owner, it is more important than ever to make sure you have the ability to accept all types of payments, including mobile payments. To help you get started, reach out to a payment processor like firstamericanmerchant.com that specializes in working with all different business types and industries. Get the merchant account you need to get started, browse a long list of payment gateway options, and secure chargeback protection to mitigate risks.
These tips will ultimately help you better manage your small business finances. If you need to improve your payment processing options, the team at FAM can help you quickly secure the services you need to streamline your payment process. You can have an account set up and access to business funding and payment processing in as little as 24 hours.