One of the most traditionally time-consuming tasks in the average small or large business relates to financial management. It can be confusing, frustrating, and draining, especially when it takes up time you’d rather be spending in other areas of your business.
Traditional financial processes are undoubtedly known for this, but the technology we have at our disposal means that most modern money management tasks are now easier than ever before. If you’re unsure how to reap the rewards of our current technological age, start by streamlining your business finances with the following tools:
Cloud Accounting Software
Whether you integrate modern accounting software into your current workplace systems or use an entirely new program, you can likely benefit from this small change. Rather than spending a long time filling out pen and ink logbooks or spreadsheets, you can enjoy cloud-based software that handles everything from report generation to transactions, sales, and more.
Cloud accounting software can often form part of an integrated workplace package, so there’s not always a need to purchase it as an independent form of software.
Something as simple as accounts payable automation can be a game-changer when you’re a busy business owner who wants to spend less time dealing with the minutiae of your finances.
You can purchase software to suit your line of business and benefit from features like automated vendor invoice processing that save you from having to spend countless hours filling everything in manually.
Automation software also cuts down financial errors since invoices can be automatically calculated. This is a great help to those who are worried about IRS-imposed penalties for incorrect returns.
Accept Credit Cards on Your POS
Millions of businesses still don’t accept credit card payments, which can result in you missing out on future sales. One of the top reasons some business owners don’t accept credit card payments is their hesitancy to adopt new technology.
However, integrating a new payment type into your POS may be an incredible way to streamline your financial management. The addition of payment terminals and digital registers with credit cards will allow you to enjoy a more comprehensive insight into your sales. You’ll get a clearer picture of what’s selling and what isn’t.
If you also sell products online, you may be able to integrate your stock levels through such a system and make sure you don’t sell something online that’s out of stock in-store.
Make Your Financial Documents Digital
When you’re putting together substantial deals with customers, you often require them to sign documents and make payments. In the past, the only way to do this was by printing documents, hand-signing them, and scanning them back to the computer. Clients then had to initiate payments separately.
Many businesses still operate like this, even though it’s not the most streamlined way to accept money and finalize deals. Make your financial documents digital, and you may be surprised at how much time you and your customers save.
You can do this by incorporating payment buttons into any digital business document. Your clients can add their own electronic signature then use their online banking platform or credit card to make payments.
Every business is different, and every business owner wants to operate their business in a way that suits their comfort zone. However, there’s no denying that new technology like automation software, cloud accounting software, and advanced POS systems can save you a lot of time and potentially even money. If you’re ready to welcome those savings into your life, consider any or all of the options above.