3 Accounting Systems That Could Improve Your Small Business

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.


You Might Also Like

Common Small Business Accounting Mistakes & How to Avoid Them

Accounting is a significant function of any small business. If it is neglected and errors are made, bookkeeping can hurt a company to a great extent. Messing up your numbers can impede the growth of your small business, so while it is not one of the more glamorous jobs, precise accounting is at the heart of all successful small businesses. So before you dive in and balance the books, you’ll want to make sure you avoid these 5 common errors: Read More

What to Consider When Setting up an Accounts Receivable Department

Tracking receivables is an important part of managing your small business’s cash flow. Without a steady cash flow, many small businesses are pushed to borrow more money to meet their working capital needs. This practice can easily catch up to small businesses and can result in business failure. Having an organized and professional system for keeping track of accounts receivable should help ease the process for you and will help your business succeed. Read More

View All Articles