While it’s probably best to let an experienced accountant handle finances, the reality is most small businesses don’t have the resources.
Fortunately, keeping a good and reliable accounting system is as simple as selecting the right financial software. Track expenses, sales and other records in real time. Have a keen sense of the business’ financial grounding without keeping a stack of paper in the IN box.
An effective financial solution can be invaluable to small business, especially to stay in line with larger counterparts that can afford accounting personnel and departments. These smaller entities have to be able to do everything a medium or larger business does. They’ll need to anticipate outcomes of expenses and have immediate access to client info. They need to find a simple and user friendly way to organize, consolidate and integrate these tasks into the operation without confusion.
Look for effective financial software. Here are some good places to start.
Sage Peachtree Accounting
Sage creates a series of financial business solutions. This one stands out for its four versions. Each is designed to match up with the criteria of a variety of businesses. Depending on industry, these uniquely functional solutions are tailored for manufacturing, non-profit organizations and construction, among others. It integrates with ACT! Add-ons are available that offer merchant accounts and payroll programs.
Intuit QuickBooks Pro
The new entrepreneur could do no wrong firing this up from day one. It’s a full service accounting package designed with the small business in mind. There’s the capability to track income, sales and expenses; print checks; pay bills; manage payroll and payroll taxes. Create the most professional forms and invoices. Quickbooks even has credit and debit card payment set ups.
Regardless of size, a small business should still keep track of finances. Even if it’s a one man (or woman) operation, knowing where the money is and where it’s going is a priority. Mint is a free online personal financial management solution. Extremely user friendly, Mint gives real time returns on how much is being spent and on what. It allows the set up of a monthly budget or any other timed expense. There’s also the ability to use SMS and email alerts for updates on changes in the finances.
Accounting can be a complex and time consuming task, a necessary evil. The entrepreneur almost never looks to get inundated with these tasks. Careful planning will see that they never do. Greatly ease keeping the financial side of the operation running smoothly and easily. Any good financial software for the small business will:
- Improve operations It should keep complete and updated vendor and customer records. Contact information, services and products provided and all relevant invoices has to be accessible with a simple click, affording the business the opportunity to deal with any issues promptly.
- Keep efficient records It should track debt management, inventory and sales, revenues and profits, customer invoices. There can also be the ability to balance and plan budgets, payroll packaging, syncing information for tax season. Be ahead of the curve when the client calls to see why they haven’t received that package.
- Minimize expenses That’s what an accountant’s for. Integrating a business accounting solution to the daily routine enables control of outgoing expenses and incoming payments. Reduce the possibility of hiccups in the monthly budget or any incoming transaction.
- Consolidate tasks There’s already enough to do. Accounting by itself is multi-tasking: budgeting, invoicing, transactions, updating lists, tracking shipments. A good financial management solution will not only put all these tedious productions in one place, it will compile them in a system that puts everything where it’s supposed to be.