As a business owner, you are all too aware of the many moving pieces it takes for a business to run smoothly. One area that business owners know is important is accounting and bookkeeping, although it’s often the last area they want to spend time on. While this area of the business can be very intimidating for many, there is something you can do to lessen the burden and release stress: Use cloud-based accounting software.

This is a perfect solution for business owners who don’t want to hire a professional due to high costs, but also don’t want the extra hassle. If you’re unsure about adopting this technology, take a look at the many benefits of it below. It could relieve a lot of your business-related stress in the long run.

User-Friendly

This is a big one because odds are, you’re not super well-versed in the accounting world. For most cloud-based accounting software businesses, they recognize that their target audience is often made up of beginners to the accounting world, so they make it very intuitive and easy to set up and manage. It allows business owners to do a lot themselves, even with minimal accounting knowledge.

Since the software is built with non-accountants in mind, there are also often a plethora of help guides and videos available for you to consume at your leisure. Plus, customer service is often rather easy to get ahold of.

These platforms are aware that your time as a business owner is limited and that you don’t have time to sit and learn new software, which is why they aim to make it as short a learning curve as possible.

Security

Security and dependability are big concerns for small business owners, and understandably so! Because of this, it’s no surprise that these elements are often top of mind when looking for an accounting solution.

If you’re choosing between cloud-based software and an Excel spreadsheet for these types of activities, go with the software. It is far more secure (note, I like Excel for other purposes and think it’s a great tool, just not for these tasks).

Why? Because instead of your information being saved to your desktop or somewhere else on your computer, it’s saved on a secure cloud server, meaning even if your computer crashes or gets hacked, this financial information is still secure because it’s not saved locally to your device.

With that being said, it is important for you to do your homework on the software that you choose. Take the same security precautions that you would for any other cloud-based service.

In regard to being dependable, using cloud-based accounting software helps you get rid of a lot of human error, making the information it holds more accurate than if you were sticking to old-school paper records and spreadsheets.

Time-savings

As I’ve already alluded to in this post, small business owners typically don’t have a lot of time, and saving the time they do have is often a top priority. Again, this is where cloud-based accounting software comes to the rescue as it can significantly help save you time and money.

How? For starters, automatic updates go on behind the scenes, so you can focus on other aspects of your business instead of implementing updates manually, which can be a huge time suck.

Additionally, it makes accounting processes and tasks so much easier. For example, this type of software can automatically generate invoices and reminders for you, so that they become mindless tasks on your end.

Simply put, cloud-based accounting software makes your business more efficient with less work on your part.

Affordable

Business owners often have a hard time rationalizing hiring an outside person to help with their accounting due to costs, and if that’s the situation you’re in, you’ll find cloud-based accounting software to be a good solution to that problem.

While packaging varies from platform to platform, some have monthly fees starting as low as $10 for basic accounting needs. The other great thing is that if you need to scale your business and grow from that minimal fee, these companies make it effortless to switch your plans and adjust as needed.

What’s also great about these packages is that there often isn’t a huge upfront charge. Instead, you pay an all-inclusive flat monthly fee.

Now, there are more expensive packages depending on your company’s needs, but even if you choose those, your payments get spread out and you typically aren’t locked into a contract, so you can cancel whenever.

Access from anywhere

With the ever-growing remote workforce today, it’s super helpful to be able to access your accounting information from anywhere, and that’s exactly what these cloud-based solutions allow you to do. In fact, many of the providers even offer mobile apps for easy access on the go that allow you to:

• Send and review invoices
• Attach receipts to expenses
• Track billable time
• Add contact information to your accounting records

The list goes on. Now I’m not saying you should review your books while sitting on a beach with your family on vacation, I’m just saying the option is there if you wanted to!

Simplifies taxes

The dreaded “t” word: taxes. For many small business owners, taxes are complicated as is, so you may as well do what you can to make your life easier with this aspect of your business by using cloud-based accounting software.

There are a couple of reasons this technology can help:

1. Cloud-based accounting software makes your transactions organized and allows you to easily to gather the data you need to complete your taxes.
2. With multi-user access, your CPA or financial advisor (if you’re using them) can easily access your information with your permission so that you don’t have to transfer a bunch of paper documents to their office. It’s helpful for them to have access throughout the year so that you can have frequent touchpoints leading up to tax season to make it less daunting.
3. If you are audited, you’ll have easy access to accurate accounting records (although having the software in the first place will help to prevent audits because there’s a lot less room for error).

Keeps you current

The great thing about this software is that you can get a pulse on the financial health of your company in real time (unlike manual accounting where a lot of people wait until the end of the year to prepare records which could bring on many surprises).

By keeping your financial information current, you are able to quickly identify cash flow gaps and other areas of concern immediately.

This type of software also provides helpful analytics and reporting that you can access whenever you want, which makes it helpful to analyze different areas of your business and make better financial decision throughout the year.

As you can see, there are many reasons you should consider cloud-based accounting software for your business. It can be a great solution if you don’t necessarily know where to start on your own but also don’t have the option to hire a professional.

Every business has different needs. Do your homework on the many solutions out there and pick one that works best for you.

If you liked this post, check out our Guide to Managing Your Small Business Finances.

For small business owners, managing payroll can be a costly endeavor. When payroll is handled in-house, you need the appropriate software to support the job, an employee who has hours to dedicate to the process each week, and a keen understanding of tax laws and employer obligations.

It’s likely that this was manageable enough when you were just starting out, but as your business grows and you add new employees, more benefits, and open up shop in other locations, managing payroll can become unwieldy.

If you’re beginning to feel out of your depth with internal payroll management, it may be time to consider outsourcing the process. And while the idea of handing over such an important task (not to mention all that sensitive information!) to a third party may be nerve-wracking, there are some tips to help ease the transition.

Is Outsourcing Right For You?

Before diving in, run a cost/benefit analysis. According to a 2017 survey from Paychex, payroll is the most time-consuming activity each week for HR professionals, taking up an average of 11 hours. Multiply that out over 52 weeks, and—assuming a 40 hour work week—that comes out to just over 14 weeks per year spent on payroll alone!

Aside from the pure amount of time and money put into payroll each week, there are less tangible costs as well. The employee handling payroll must stay up-to-date on the ever-changing tax codes, and any errors in remittance of tax payments can result in costly fines and fees.

You’ll want to consider this against the costs of an external provider. Typically, payroll companies will charge a monthly base fee, plus an additional fee per employee or per check run. If you’re looking for extra services like direct deposit, state and federal tax filings, and W2 and 1099 processing, these will incur additional costs.

I Want to Outsource! What Next?

If you’ve decided that outsourcing makes sense for you, it’s time to start looking for providers. After you’ve identified some prospects, set up calls or meetings to discuss what services they offer. Here are some questions to consider that can help guide your discussion with a payroll company:

Question: How many clients do you have?

Why to ask it: You want someone reliable and experienced handling your payroll. Most reputable companies will have several hundred clients. Not only that, but you want someone who’s going to be your partner in the long run. If this payroll company is brand new, how do you know they’ll be around in 5 years? And if they shutter, will you be left holding the bag?

Question: What services do you provide?

Why to ask it: Not all payroll is the same. Some companies are looking for just the basics: issuing checks and W2 forms, plus managing tax obligations. Other companies, however, have more complex needs, and require additional support for benefits they offer (401(k) contributions, healthcare costs, deductions for pre-tax transit programs, etc.). Does this payroll provider cover all the services you need? And if they provide a broader scope of service than you need, will you be able to negotiate pricing so you’re only paying for what you use?

Question: What is your error rate?

Why to ask it: Payroll errors can be costly. Not only do they cause major headaches when they happen on employee’s checks, but errors in calculating taxes can get you into hot water with the IRS (every business owner’s nightmare). Does this payroll provider have a strong track record of dotting all their is and crossing all their Ts?

Question: How can I get in touch with you?

Why to ask it: You need to have a payroll company that you can easily reach when you need them. Changes in staffing, rolling out new employee benefits, opening offices in new locations with different tax codes—these are all things you’ll need to discuss with your payroll provider, and you want to be sure you’ll have a direct and easy line of communication to the person or team managing your account.

Question: What software do you use?

Why to ask it: As the business owner, you’ll need to be providing your payroll provider with a lot of sensitive information on a regular basis. Does their software platform make it safe and easy for you to pass that information along? Additionally, is there a way for your employees to access their pay stubs, tax documents, and benefits information online? A comprehensive software platform makes it easier for your employees to remain in control of their personal finances and benefits.

Signing on the Dotted Line

Once you’ve identified a company you like, it’s time for you to sign a contract and begin outsourcing payroll. When considering the contract, be sure to take into account the long-term cost of the services. Some payroll providers will offer an initial discount as a sort of signing bonus, but make sure that you’ll still be comfortable with what the costs will be once you’re responsible for the full rate. Plus, if you plan to add staff and expand benefits as time goes on, that will mean a greater monthly cost—are you prepared for that?

After you’ve switched to your external provider, you’ll want to keep an eye on things for the first few weeks to make sure any errors are caught and remedied quickly. It’s likely that there will be a bump or two in the road as you hand off all payroll responsibilities, and you want to ensure that your employees are receiving their proper pay and benefits, and that all of your tax obligations are being met.

Getting payroll right is a critical part of running your business. There’s no shame in turning this sizeable task over to the professionals. Just be sure to do your research and find a provider that best fits your needs and budget.

If you liked this post, check out our Guide to Managing Your Small Business Finances.

Being a small business owner means long hours and longer to-do lists. Not only are you responsible to keep the business running, you’re probably also figuring out ways to grow, keep employees happy, and delight your customers. Here is a short guide on how to maintain a healthy set of business financials.

Get on the cloud

In today’s digitally forward world, small business owners need to leverage available technology as much as they can. This allows them to increase efficiencies and maximize results.  Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead.

Record transactions

It’s simply essential – and results in reduced costs for your business. Not tracking daily transactions will cost you time and money down the road.

Monitor cash flow

This task helps you avoid running out of money suddenly — leaving you unable to pay employees, vendors, or Uncle Sam.  According to US Bank, 82% of businesses that fail, are actually profitable but failed to manage their cash flow.

Handle payments and manage accounts payable

As important as it is to make sure customers are paying, it’s also important to make sure you are not overpaying vendors or getting hit with late fees. Taking a look at shipping costs can also help save a business money.

Prepare the books for tax season

Setting up your chart of accounts to be tax-ready from the start will help you with tax saving opportunities and help you prepare for your tax liabilities, with no surprises.

Delegate what you can

You’re a small business owner, so you have a lot of to-dos on your plate.  Sometimes it’s best to focus on the things that help grow your business.  A growing number of small business owners are outsourcing their bookkeeping to cloud-based companies that wrap around accounting software. It allows small business owners to worry about one less thing. And focus on what they do best.

If you liked this post, check out our Guide to Managing Your Small Business Finances.

About the Author

Luanne Bryant is Marketing Director at Xendoo. Xendoo is an online accounting and bookkeeping service dedicated to small business owners. They’ll partner you with a dedicated accounting team and provide three simple monthly rates that include your bookkeeping, sales tax, planning support, corporate tax return, and unlimited access to your dedicated CPA team. They simplify your bookkeeping and accounting and deliver the financial attention you deserve, unlike a traditional CPA relationship where the focus may not be on your big picture. They take a holistic and responsive approach to make your company finances operate faster and better.

When you started your business, chances are you didn’t do it with the intention of working with high-stress levels and long hours the rest of the life. In an ideal world, many business owners have the idea to create a business and then let it run in the background without a whole lot of their own involvement.

The thing is, scaling your business in itself can be stressful and is often where many businesses fail, but it doesn’t have to be that hard. You just need to learn to let go a little bit.

I know, your business is your baby, but you must understand that there are very few things in your business that it makes sense for you to actually to do.

After owning a business for almost thirty years now, here’s something I firmly believe to be true: Your business is worthless until it can operate without you, and the only way it can operate without you is through delegation and outsourcing.

Take inventory

To begin your scaling process list all of the tasks you currently do in your business, which, if you’re just getting started, could be very long.

While this process could take a bit of time, the point of it is to understand what you can and should delegate. In the past, I’ve thought about this in two ways, so feel free to approach it in whatever way makes the most sense to you. The first approach is to categorize tasks into the following categories: work you hate, work you must do, and work you can’t do.

For each task, ask yourself if you could get somebody else to do it less expensively or with greater output than if you did it on your own. If the answer is yes, then you need to pass that work off to somebody else.

Another approach is to add values to the work you need to do, such as $5, $50, $500, $5,000. The idea here is that some work you do has greater value and is the work you should focus on and some work has little value and is the work you should delegate.

Don’t underestimate the value of outsourcing to somebody who could do the work far better than you. My bookkeeping virtual assistant charges $65/hr, and while that may seem high to some, it would take make so much longer than it takes her and wastes valuable time that I could focus on high-profit tasks related to my business. Plus, I hate doing this kind of work, so overcoming the mental block to actually get the work done takes a significant amount of time on its own.

Develop systems and processes

Let’s be real, much of the success of your business resides in the heads of your staff. So, what happens when they leave? Do they take your processes with them? Ideally, no, because you should have these processes documented.

Now, just to warn you, this part takes a lot of time up front but can save you incredible amounts of time in the long run. In order to delegate and outsource effectively, you must document your systems and processes for others to refer to. Why waste time on training numerous VAs and employees when you can have everything laid out for them to review for themselves?

You’ll need to adjust these documents occasionally, but aside from the initial development, this should really work behind the scenes for you.

Using a project management tool, such as Asana, is a great way to manage your delegated tasks and house your processes.

Focus on what matters

Small business owners often get bogged down with day-to-day tasks (I’m talking tasks as meaningless to your business as taking out the garbage) and easily get distracted with these smaller tasks.

After you come up with your inventory, start creating priorities and managing your days, weeks, months and even quarters based on doing more high payoff activities that you identified in the exercise mentioned above.

It was a great day when I was able to lock myself away and come up with a new product or service innovation, or simply get priority to-dos done without interruption. In fact, even today, I have “John Focus Days” blocked off on my calendar so that my team is aware those are the days when I’m in the zone and would ideally not be disturbed.

This is how scaling a business happens: when daily tasks are outsourced and you can focus on next steps to grow.

What you shouldn’t delegate

Now that you’ve made your list and a commitment to delegate, you also must figure out what you can’t delegate because there are definitely some tasks that should fall within your to-dos.

Even if you put together an awesome internal and outsourced team, there are a few things that small business owners shouldn’t delegate, including:

• Culture – The core beliefs, operations, and core story are areas you must continue to nurture and teach no matter how large your staff grows.
• Processes, overall strategy, and company vision – You must own the idea of where you are going and why you are going there, as well as how you plan to get your business there.
• Client relationships – Sure you can have your staff run day-to-day interactions, but make sure you still show your face and keep open communication with your clients. How your clients feel about your business and how they understand the results they gain by working with you are items of great value to your business and must be guarded and practiced by you.
• Hiring – As a small business owner, make sure you know who you have working for you. When it comes to outsourcing and delegation, this component is key.
• Finances – You at least need to track financials and make the ultimate decisions on large expenses or investments. While I have that VA who handles bookkeeping, I insist on staying on top of key performance indicators and managing the money inside the business.

At the end of the day, in order to truly scale your business, you must work to replace yourself in two key areas – the doing of the actual work that makes money and the selling of the work that makes money. Do that, and you’ll be on your way to setting your business up for success.

If you liked this post, check out our Guide to Building a Small Business Marketing Consulting Practice.

Marketing Podcast with Mike Michalowicz

Profit? What the heck is that? I’m just working for a salary. Unfortunately, that’s the problem with many businesses. When profit isn’t the goal there generally isn’t any profit and like so many things all that comes in used up.

My guest for this week’s episode of the Duct Tape Marketing Podcast is Mike Michalowicz. Michalowicz is an entrepreneur behind three multimillion dollar companies, a speaker, and author of many books, including Profit First. He and I discuss why it’s important to put profit first and how to turn your business into a money-making machine.

Michalowicz is a former small business columnist for The Wall Street Journal, a former MSNBC business make-over expert, and is a popular keynote speaker on innovative entrepreneurial topics. In addition to Profit First, Michalowicz is the author of Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Questions I ask Mike Michalowicz:

• Why do you need to account for profit first?
• What is wrong with the general way people look at the money aspects of their business today?
• What are the basic accounting principles of a profit first formula?

What you’ll learn if you give a listen:

• Why Parkinson’s Law is important to understand
• Why debt is a small business killer
• How to determine the health of a company

Key takeaways from the episode and more about Mike Michalowicz:

• Learn more about Mike Michalowicz on his website.
• Read or listen to Profit First.
• View Mike’s Blog.
• Download Mike’s charts, graphs, and resources.
• Access Proft First Professionals.
• Listen to the Profit First Podcast.
• Email mikem@obsidianlaunch.com.
• Follow @MikeMichalowicz on Twitter.

This week’s episode of the Duct Tape Marketing podcast is brought to you by Office Small Business Academy, a monthly web series from Microsoft Office featuring experts with real-world advice for those would rather be the boss than work for one. Learn more at aka.ms/ducttapemarketing.

Looking for an awesome WordPress tools for your business? Look no further than Thrive Themes and Thrive Leads. They are packed with features that will not only make your website building life easy, but will make your entire website convert more of your visitors into subscribers, customers & clients. Click here to learn more.

If you liked this post, check out our Guide to Managing Your Small Business Finances.

Smartphones and its technologies are becoming undeniable assets to businesses today. It is time to grasp the value of Mobile power and the value of mobile apps. Working on the go, or while you are holidaying is getting better these days. The stress of competitors, the need to take decisions instantly, the anxiety to close a deal anytime, the transaction that can happen anytime, the always required necessity to monitor your team for improved productivity, the finance that needs to be adjusted and many more pressures like these have been constantly pushing you to chase your office even on the go.

What helps you to put your office in your pocket? Just take advantage of some of the best apps that can help you to keep in touch with your office and track all details, monitor, manage, do business, make payments and so on while on the move. You can happily holiday and still run your office/business without any break. Few apps can give you unlimited opportunities. Make use of these apps and solve all your skill gaps even on the move.

#Cloud Business Management App

Netsuite – One single app to keep you connected with your finance, commerce, and customers.

Available for both iPhone and Android users, this is one solution for all business size, industry and role. It is a unified business management suite, covering ERP/Financials, CRM, and ecommerce. It is a single app that connects financials, customers, and commerce. Where ever you are, you can access to all business information of your organization and take actions as you go. It is simple yet easy to use.

# Operations Management App

NimbleCRM – Customer relationship management while on the go

It is easy to get trapped in any of your work activity trap if you fail to have a management strategy. You need to have visibility and complete connectivity if you wish to serve your customers better. No worries. You have an app for that. Nimble is one of the top rated social sales & marketing customer relationship management apps available today. With Nimble, you can have your team customer engagement including contacts, calendars, emails, social interactions etc., all at your fingertips. NimbleCRM now can be integrated with MailChimp, an app for email marketing. Through this facility, Nimble CRM sales team can easily get a glimpse of what their customers, leads, prospects or suspects are clicking on or opening in target marketing emails sent by the Marketing team in MailChimp. With just MailChimp app too, you can quickly look at how your campaigns and lists work even while you are away from your office.

# For Social Media Marketing

Buffer-Social media Scheduler

Time is one thing that cannot be recovered once it is gone. So be productive even when you are away from your office. Social media is one big sucker these days. Managing them wisely for your branding, promotion helps you save your time. No worries, there are a number of apps for that. One such high rated one is Buffer. You can promote your business and engage your communities easily with Buffer even if you are away from your office. Launched in 2010, Buffer is a fantastic scheduler for all your social posting. It works well with Facebook, Twitter, LinkedIn, Google+ and Pinterest. It frees you from the hassle of scheduling every single post separately. Available for both Apple and Android users, the app allows your team to work together, connect to more profiles, schedule posts in advance, and even analyze data generated by your followers. This app helps you to connect and optimize social media marketing easily and conveniently.

# For Ecommerce Analytics

Abondo- At a glance of ecommerce statistics

If you are running an ecommerce business, then this app can be the right choice for you. Information is a key to be successful in any ecommerce business and converting information into insight is wise. “You can’t just open a website and expect people to flood in. If you really want to succeed you need to create traffic,” said Joel Anderson, CEO of Walmart in one of his statements. Abondo is one app that gives you ecommerce statistics at one glance.

# For Google Analytics

Dashboard

Achievers make informed decisions – and informed decisions make achievers. Visualizing and analyzing real-time data is critical for any business today to make decisions. With the right metrics, you can turn data into information and capture your revenue. There are apps that can help in pulling real-time data from multiple sources. Dashboard is one such app. It has a top rating in the app store. Fast, quick and real-time google analytics conversions and metrics – wherever you are. It helps you to monitor your business performance and success on the go, set targets for your KPIs, track target values for main metrics, add custom conversions and access to over 90 plus reports.

# For File Sharing

Google Drive

Google Drive is one place where your files are safe and allows you to access and share files, photos, documents, designs, videos, recordings etc anywhere and at any time. Your storage and access depend upon the cloud storage plan that you choose. Your storage can be expanded to Drive, Gmail and Google photos. The app works with Google. You can save any attachment to drive and access and share them anytime, scan documents and save it as PDFs in Drive. Go ahead and make a presentation while you fly too.

Evernote

Dump all your notes in one place. You can still be organized. This app lets you make a note or capture them and access anywhere on all your devices. Your notes can be just a scribbled note, a formatted text, a photograph, webpage, voice memo and so on. Drop all of them into Evernote and access or share them as you want them.

# For Invoice / Accounting

FreshBooks

No more excuses like “my dog ate your invoice,” “our boss in on a holiday,” “your invoice is unethical,” “I am not well to come and collect the invoice,” and so on….
Developed specifically for small business owners, FreshBooks app makes your accounting simple, intuitive and online. It is cloud based and lets you send invoices easily, track time and capture expenses effortlessly. Reporting and accounting have never been so easy. With FreshBooks, there is no stress on expenses and invoicing and even a non-accounting person can handle this app well and get their job accomplished. Easy to use, get paid fast, raise invoice quickly and share them, get organized and save time. The best part is you can do all these anywhere and completely away from your office too…

Zoho Invoice

Zoho Invoice is yet another top rated invoicing app that helps you to send invoices, accept payments, send reminders, and even accept card payment online. All – quickly and easily on the go. Automate and save time.

# For Instant Recruiting

Workable

Recruitment is the only department where multiplication and division mean the same… What makes your recruitment process effortless? There are few apps for that. Workable is a recruitment app that will help drive efficiency in hiring the right candidate. Used widely, this app allows you to post openings instantly, track applicants, compare candidate and collaborate, mass mail, integrate with Gmail, import reports / database, hire on the go. Simple and yet a functional app that makes recruitment totally hassle free.

# For Customer Support

Freshdesk

This is one tool that will help you support your customers wherever you are. Moreover, it lets you integrate with your CRM or order management system thereby letting you provide contextual support anytime and anywhere. Handling customers, managing their refunds, returns, queries are easy with this app.

# Workflow Management – Project management

Asana

Gone are the days when you say “I am not the only one to be blamed!”It is no more herding cats. Good control reveals problem early – a strategy for project management. Asana is a project management and collaboration app that lets you manage your team, share information, organize schedules and track the progress – all from one single app. You can also leave feedback, upload attachments and comment on each progress too. Easy to use, Asana is an app that keeps you updated with the progress of all tasks that you assign your team member.

# For Video Conferencing

ClickMeeting

This is one popular app that lets you have your online meeting anytime and anywhere. ClickMeeting is one of the top-rated mobile apps that let you schedule a meeting, host and even be present in a meeting online via any Apple, Blackberry or Android devices. Moreover, you can even share your screen, manage presentations, record your meeting and highlight certain parts of the presentation. With some of the best collaborative tools, the app can be the best tool to conduct a meeting while you are away from your office.

# For Finance Management

Yodlee

Keeping track of expenses, money flow, banking transactions etc can be challenging. But with the right apps, you can efficiently control your business finance even while you are away from your office. Yodlee is an app that works well with online and mobile banking portals allowing you to manage your finance on the move. It lets you to easily manage your cash flow, visualize future transactions and also plan for upcoming expenses well ahead.
Last in the sequence but no last in the importance…….

# Zero Distraction Apps

QualityTime

All work and no play make Jake a dull boy…Working during your holidays or away from your office can be excellent with all the apps that i discussed here. But, in case you reach a brim and feel like having your personal time, no worries, you have an app for that too. Serious. QulaityTime is one amazing app that locks your smartphone for a stipulated time set by you and restricts you to have an access to your own phone. Just select the time and hit the start button. Time to relax….

If you liked this post, check out our Guide to Managing Your Small Business Finances.

Meenakshi Krishnan is a Content Consultant at OpenXcell, a pioneering Mobile App Development Company in India and USA. Technology inspires her and this has helped her to write contents on varied topics ranging from telecom, apps and healthcare communications and so on. She is currently working on global mobile app technologies reporting on diverse subjects. Prior to this, she was working for a technology marketing company based in Norwalk as a content contributor.

It’s guest post day here at Duct Tape Marketing and today’s guest post is from Tyler Nay – Enjoy!

As a small business owner, what is more rewarding than focusing on the area of your business that you are most passionate about?  To invest your uninterrupted attention in doing the things that pushed you to start your own business in the first place?  Closing a big sale, writing a book, designing a new product, understanding expenses . . .

Did I lose you with the last one?

What about controlling cash flow or understanding which products generate the most profit? Accounting is frequently an overlooked area in small business as it does not hold the flash and appeal that some other areas of owning a business hold.

The good news is that the days of simply relying on old, stuffy, boring spreadsheets with confusing terms and data have come to end. Software app makers have given accounting reporting and analytics a whole new face making understanding the numbers that drive your business a powerful competitive advantage. (Oh, and they keep the accounting, payables, receivables, banking and tax folks happy too!)

Below are examples of 4 tools that any small business can employ to help stay on top of its bookkeeping and better understand its financial position.

Xero

Billed as the company that makes “Beautiful Accounting Software”, Xero is standing at the forefront of the cloud based accounting software revolution. After playing around with the software, it’s easy to understand why people refer to it as “beautiful”. The easy-to-navigate user interface removes a lot of the pain out of finding different tools, booking entries, and negotiating through the site. In fact, its overall design has been credited by some with making accounting “fun”. Another major benefit is the ability to sync your business bank accounts and credit cards with Xero. It saves loads of time, removes some of the redundant data entry from the accounting process, and reduces the likelihood of key strike error.

Zoho Invoice

The speed at which a small business gets paid for services rendered is vital to health of that company. Zoho Invoice strives to improve cash flow by making invoicing easy and payment receipt faster. I really enjoy the entire invoice conversion feature offered by Zoho. You can issue an estimate to a customer and once approved, turn that estimate into an invoice and email it directly to them. The invoice design is also highly customizable which allows you to add company logos and your own unique style to the layout.

QuickBooks for PC

A mainstay in small business accounting software, QuickBooks still offers a PC version of its small business accounting solution that is ideal for a small business that wants an on-premise accounting solution with few users who need access to it. The array of features offered by this product and how it can conform to almost any small business is an important element. As a past QuickBooks user, I would recommend purchasing additional reading material to help navigate all the features. The software offers a lot of reporting capabilities that can be difficult to navigate.

Square

Producer of the little white reader box that sits atop your Apple or Android device to complete credit card transactions, Square’s point of sales system allows users to complete payment for service transaction anywhere, anytime. Square allows users the ability to integrate with their small business accounting software programs like Xero or QuickBooks – a highly attractive feature.  Through this integration, your accounting software automatically creates the accounting entries necessary to record your daily Square sales, in turn, leaving a small business owner more time to focus on the more enjoyable aspects of his or her business.

By implementing any of these four products, small business owners will see immediate dividends paid in their accounting and bookkeeping department. I personally enjoy the direction in which Xero is moving. Its cloud-based accounting software seems to be the direction that small business accounting is moving and the simple, easy-t0-use interface is attractive for users who may not have a lot of accounting experience.

If you liked this post, check out our Guide to Managing Your Small Business Finances.

Tyler Nay is presently a senior operations accountant at Watco Companies, LLC, a transportation company based in Pittsburg, Kansas. Over the course of his career, he has spent time in both the public and private accounting sector, where he developed the passion for streamlining accounting information systems for any business, regardless of size. If you would like to connect with Tyler, please do so on LinkedIn.