Competent management of finances is one of the many things we small business owners have to have established in order to keep our business solvent. Oftentimes, it is not always easy to keep accurate track of how much money our business transactions and expenses or feasible to hire an accountant, especially for those of us who are constantly on the go.
If you want to get away without having the additional expense of a part-time employee, then you’ll need to make sure that you are able capable of balancing your books for yourself.
Organize your finances and monitor your budget
In today’s techno-centric world it is easier than ever for us to manage our finances from a smartphone, laptop, or tablet, no matter where we are on the planet. By moving the management of your business finances to a mobile or cloud-based platform, you can free yourself from having to be chained to your desk all of the time and allow you more freedom to focus on growing your business than balancing your checkbook.
One of the most important tools you’ll need is your accounting software. This takes a lot of the guesswork out of tracking your business transactions. There are several online tools offering full-featured accounting software for managing money and credit, keeping track of deposits and withdraws as well as keeping you within you budget.
Improve your credit score
Improving your credit score is a lot easier said than done but when it comes to finding a business loan or qualifying for a merchant account, your personal credit score could make all the difference as to how many obstacles and extra fees you will likely face. Because it has become more difficult to get approval for a loan in the last four years since the recession, small business owners have to be vigilant with your personal finances in order to make your business more successful in the long run.
Leverage mobile technology
In this day and age, every owner of a small business should have some sort of system setup for accepting mobile credit card payments. You can easily do this at the cash register if your business only operates out of your storefront property or you have little need or opportunity to accept payments outside of the office. However, if you are like many entrepreneurs today and completing transactions at trade shows, lunch meetings and coffee shops then Square or credit card processing from intuit are two easy and secure options for accepting payments on the go that you may want to consider.
At first you may find it a little intimidating to manage the finances of your own business, this is natural, but you will find that with the right tools and a little bit of time, most people are able to get their business finances under control in rather short order.
Pearlie Davis is a blogger over at Techbreach, a popular site that provides up-to-date news, commentary, and reviews on popular mobile devices and electronics.
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Category: Startup Advice