As a business owner, you wear a lot of hats, including financial manager. Yet dealing with the financial aspects of a business can be complicated, time-consuming, and even a little frustrating, especially if that isn’t one of your strengths. To help you streamline your fiscal responsibilities, why not add a few platforms, software, and other solutions to your tech stack?
Below are several types of technology that will make handling finances less arduous and more intuitive.
1. Accounting software
You could try to keep your operational books the old-fashioned way with pen and paper. Or, you could generate spreadsheets in Microsoft Office or Google. However, accounting software will take you to the next level.
Some of the more popular accounting software packages include QuickBooks and Wave Financial. QuickBooks is undoubtedly one of the most well-known bookkeeping choices, having been around since the early 2000s. However, Wave has a singular advantage if you’re just launching with a tight budget: Its basic format is robust and free to use.
Of course, you’ll want to make sure that any accounting software you choose allows you to not only track your expenses and income, but analyze your spending, too. Plus, the platform should be easy to understand, effortless to use, and offer accessibility from any device. If you’re planning to scale your operations in a big way, make sure your software programming can grow with your needs.
2. Online retirement tools
Want to offer your employees a small business 401(k) or other types of retirement vehicles? It’s a good idea because many talented workers seek out employers that provide help amassing retirement nest eggs. However, handling all the ins and outs of a 401(k) plan can be a time-consuming bear.
The workaround, of course, is to partner with a retirement solutions provider that offers cloud-based tools and a customer-centric fee structure. That way, your team members can contribute to their 401(k) plans, make adjustments without contacting you, and feel more self-sufficient.
In the meantime, you’ll know that you’re assisting your people in saving money for the future. But you won’t have to spend a ton of time on the administrative end. Be sure to explore several retirement platforms before deciding on the one that makes the most sense for you and your staffers.
3. Invoicing software
Have you ever forgotten to send an invoice in a timely fashion? The individual or business receiving the invoice probably won’t mind, but your delays could hurt cash flow. To reduce the chances of invoicing hiccups, look into the best invoicing software tech on the market.
What should you demand out of invoicing software? First, you’ll want to be able to set up an invoice template that can be individualized as needed. Next, make sure that your invoicing program tacks on late fees automatically so you don’t constantly have to go in and make changes after 30, 60, or 90+ days of delinquency.
Some invoicing software can even enable you to accept payments through a secured, encrypted portal. That’s a nice add-on feature because it allows you to skip the manual step of transferring credit card numbers or financial institute routing information. Finally, it’s great to be able to create a weekly, monthly, quarterly, or annual snapshot of how your invoices are shaping up and whether you have a lot of overdue or missed payments.
4. Virtual tax solutions
Just because you rely on a brick-and-mortar accounting group to handle your taxes doesn’t mean you can’t use some tax tech solutions. For instance, you might want to organize your tax documents in a single portal. This allows you to efficiently deliver all your necessary documents to your tax preparer on time and in a streamlined fashion.
Remember that some online tax providers encourage you to use your mobile devices to take and upload images of receipts and input other useful tax-related items like mileage logs. Again, you don’t have to worry about investing in a tax solution that will do it all. You just need one that makes it straightforward to get your taxes done accurately and on time.
If at all possible, try to find a tax solution that will at least help you aggregate the records you need for federal and state filings. You’ll still have to do local filings on your own, but those will be less complicated when you have your federal and state paperwork in order.
5. Online banking portals
Choosing a lender for a small business loan is a big decision, but the impact goes far beyond just how much you’ll spend in interest over the lifetime of the loan. Pay attention to the way the financial institution’s online portal is set up.
For example, is your banking information accessible at a moment’s notice? Does the site offer intuitive navigation, giving you all the answers you need at your fingertips? Can you apply for other loans or make inquiries through the site without having to go to a branch or make a phone call?
Every lender has its own attributes when it comes to offering technical help and services. The last thing you want is to take out a loan and then have trouble following how much you’ve paid, how much is still owed, and what your payout options could be.
6. Inventory management tools
Many businesses need to keep a certain amount of inventory in stock. Yet it’s important not to have too much or too little at any time. That’s where inventory management tracking tools come in handy.
With the right inventory management software, you’ll always know what’s in your warehouse or storage facility. At the same time, you can begin to plan on when you’ll need to reorder supplies. Over time, AI-driven inventory management tools can learn when to nudge you about stocking up or warn you that certain items with a limited shelf life are about to expire.
There’s a world of tech available to make handling all the financial aspects of your business as effortless as possible. Avail yourself of legacy and emerging solutions and services. You’ll sleep better at night knowing that your fiscal needs are covered.