4 New Techs For Easier Business Finances

Monday, May 14, 2018

New technology is making it easier than ever for entrepreneurs and small business owners to manage their finances. We recommend working with EDASC’s resident SBDC advisor to create an initial budget, financial projections, and to learn how to manage cash flow. Afterwards, it becomes important to manage these plans on a daily and monthly basis - something that is not always easy for small business owners and entrepreneurs. As a company grows it can hire a full time accountant, controller, or CFO. In the meantime, some new tech is making it easier for entrepreneurs and small business owners to manage company finances on their own. Here are a few tools to review and try!

#1 Gusto

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. There is no need to print out paystubs or worry about tax filings.

#2 Quickbooks

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, as well as much more. Most businesses can benefit from using this software daily or monthly. Since Quickbooks is a full accounting software, it can take time to learn how to use it. Fortunately, there are organizations in Skagit County that offer free Quickbooks workshops.

#3 Square

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.

#4 Expensify

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 and debit cards. This way, expenses can be uploaded and managed without manual data entry.

Get in-person help from EDASC’s SBDC advisor

New tech is 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 someone from the SBDC to go over business finances and to create a plan for financial success. We encourage you to do so today. Contact Cindy Brooks, SBDC certified advisor at cindy.brooks@wsbdc.org.

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