New Tech Makes it Easier to Manage Business Finances
26 Oct 2022
New technology is making it easier for entrepreneurs and small business owners to manage their finances. We recommend working with the SBDC to create an initial budget, plan financial projects, and learn how to manage cash flow. Afterward, it becomes important to manage these plans daily and monthly - 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. In the meantime, some new tech is making it easier for solopreneurs and small business owners to manage company finances on their own. Here are a few tools to review and try:
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 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.
Keeping track of business expenses can be challenging, 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.
Get in-person help from the SBDC or Katy Area EDC
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 or the Katy Area Economic Development Council to go over business finances and create a plan for financial success.
Launching a new business is equally thrilling and overwhelming. To help you get started, Katy Area EDC has the information you need to guide you through the process. We are proud to provide support for the entrepreneurs and small business owners who fuel the heart and growth of our local job market. Our expertise is just a phone call away: contact us for customized and confidential assistance to get your endeavor started right. We encourage you to do so today by contacting us at KEDC here.