Neglectful accounting practices can lead to several major problems for your small business, including legal concerns, damage to business reputation, and inability to fund operations. Though many business owners understand the importance of sound accounting practices, not all have the knowledge or time to handle accounting tasks. Luckily, various tools exist to help you get a grip on your business finances, improve cash flow and grow your company.
Let’s take a look at three accounting apps and web-based solutions designed to help you manage your finances online, in the cloud, and on the go.
1. Bench for Bookkeeping
If you’re unable to handle all your accounting tasks on your own but don’t want to hire an accountant either, consider outsourcing this role to save money and time. A web-based tool like Bench provides its clients with an outsourced bookkeeper who is able to help clients with two main accounting tasks: categorization and receipt management. The Bench web application connects to your business bank, credit card, and PayPal accounts, and imports your transactions into the Bench accounting system. From there, your bookkeeper places the transactions into the appropriate categories. You are also able to upload and forward your receipts to your bookkeeper via Bench, who will then attach each receipt to the appropriate transaction. For clarification, clients are able to schedule a phone call or message their bookkeeper directly via the Bench app.
2. Pulse for Cash Forecasting
For some small business owners, anticipating cash flow helps them manage their business more productively and profitably. Pulse is a simple online and mobile cash forecasting and working-capital tool. This tool helps small business owners understand, evaluate and plan for future events, such as payroll, taxes or capital purchases. Using this information, you can then create action plans to avoid potential problems and make good financial decisions that promote business growth.
3. Viewpost for Invoicing
According to a 2012 report by Ardent Partners, businesses that implement electronic invoicing can lower invoicing costs by a significant 40–70%. With Viewpost, small business owners can reduce their invoicing costs by connecting with their trading partners on the Viewpost network, where in a single, secure location they can connect their bank accounts and exchange electronic invoices and payments with speed and efficiency. Viewpost gives you visibility into the status of your invoices and scheduled payments, so you don’t have to worry about when the payments are coming in. The Viewpost network is free to join and doesn’t require sophisticated technology, which makes it easy for your small business to begin using without disrupting your current systems.
Bottom line? Don’t let your startup be bogged down by unorganized and inefficient accounting practices. These days, a host of affordable and easy-to-use accounting tools are available to entrepreneurs and small business owners, helping to simplify your accounting tasks as well as setting your business on a path to success.