Northeast South Dakota News

Thursday, January 12, 2023 

Running a small business is an exciting enterprise, capable of offering significant gratification for owners, employees, and customers alike. The new year is the perfect time to address the financial wellness of your business endeavor. But managing business finances is a complex, never-ending process and often a deciding factor in your ultimate success. Many business owners did not start their businesses to manage finances and many lack the experience or knowledge to do so efficiently. 

Grow Spink Inc. and Redfield Area Development Corporation can help by offering our expertise to direct you to knowledgeable experts and programs that will make financial management an advantage in your business success. We recommend working with your regionalSmall Business Development Center (SBDC), which are business management consultant entities providing links to assistance from the U.S. Small Business Administration. Financial experts can assist entrepreneurs and small businesses with business essentials, such as how to create an initial budget, develop financial projects and learn how to manage cash flow.

Technology Assistance

After getting a start on managing your finances, it becomes essential to manage these plans on a daily and monthly basis - something that is not always easy for business owners. As a company grows, it can become possible to hire a full-time accountant, controller, or CFO. Technological applications have made it easier than ever for entrepreneurs and small business owners to manage their finances. The following tools offer many advantages for solopreneurs and small business owners to manage company finances on their own:

Expensify

Keeping track of business expenses can be challenging, especially for business owners who are incredibly busy or on the road a lot. Expensify allows for integration between the app and credit cards and debit cards. This way, expenses can be uploaded and managed without manual data entry.

FreshBooks

Service-based businesses will find the customizable invoicing features of FreshBooks to offer significant advantages. Beyond invoice management, the cloud-based bookkeeping and integrations with many other financial software programs make FreshBooks a program small business owners should investigate to help streamline their daily operations.

Gusto

This app allows companies to manage their payroll, tax, and benefits. The app reports any new hires to the government, ensuring that nothing is accidentally missed during the onboarding process. Plus, they handle state and federal taxes and even email digital pay stubs to employees. This means a business owner can manage everything from their phone late at night or on the road. There is no need to print out paystubs or worry about tax filings. 

QuickBooks

QuickBooks is still a popular tool for small business accounting. It can sync with your bank accounts to make it easier to reconcile the books at the end of the month, manage invoices, keep track of vendor payments, and more. Most businesses can benefit from using this software daily, or at least monthly. Since QuickBooks is a full accounting software, it can take time to learn how to use it. Fortunately, we have resources who can help. 

Square

Accepting payments is easier than ever thanks to Square. It is possible to order a card reader that plugs into any smartphone. This means that business owners, salespeople, and employees can all take payments on the spot. Doing so can improve cash flow by providing quick access to capital, rather than waiting for invoices to be mailed and paid at a later date. 

Wave

Small businesses looking for free accounting software should investigate the features offered by Wave. Accounting, invoicing and receipt scanning are made simple with its mobile app, which seamlessly incorporates multiple businesses into one account.

Xero

Micro-businesses are defined as those small businesses with only a few employees, who often wear multiple hats to keep their operations running smoothly. These individuals will find the accounting software Xero to be extremely appealing. Its cloud-based platform offers flexibility with a mobile app, along with payroll integration with Gusto and inventory management, all at a subscription rate that makes sense for small businesses. 

Get in-person help from the SBDC, Grow Spink or Redfield Area Development Corporation

New tech is changing the business landscape by making it possible for business owners to do more with less time. Still, technology cannot replace the benefit of sitting down with an expert knowledgeable in your region. Find your closest SBDC or reach out to us at Grow Spink Inc. and Redfield Area Development Corporation to go over business finances and create a plan for financial success. We encourage you to do so today by contacting us here.

Original source can be found here.