Running a successful business is an ongoing task that requires its owners, especially those starting up, to wear many hats, including but not limited to investing time in navigating;
- Website design
- Sales techniques
- Logo design
- Hiring employees
- Organizing staff wages
- Calculating taxes
The company’s financials, in particular, require a significant amount of attention from company management to ensure they are in order and the tax office is paid the right amount on time.
But if you’re finding laboring over the business’s ledger books to be cutting into the time, you need to be investing in other areas of the company. It’s important to consider revaluating and streamlining your business finances. And here are a few suggestions on how you can do it.
Financial Software for Business
With a number of innovative and reputable accounting software solutions available online to choose from, organizing and streamlining your enterprise’s finances has never been easier.
Take a look at different programs and the cost to see which software can best help your business.
Helpful bookkeeping and accounting services and functions to look out for include;
- Expense management
- Pre-printedIRS approved W-2 tax kits
- Employee payroll management
- Tax calculations
- Bank reconciliation
- Connecting your bank to see your cash flow in real-time
- Unique and secure company checks
Set Financial Deadlines
The days and weeks of running a company fly by, and before you know it, you’re on the cusp of needing to organize and file your taxes.
To save you from the sheer panic of a looming deadline, preparation is critical in the form of setting reminders for financial deadlines.
Whether you keep important business dates in a planner or rely on your Google calendar to keep you up to speed with daily to-dos and upcoming events. Add important financial dates into your calendar or planner today!
And don’t forget to add prompts prior to the deadline on your calendar to give you time to get your finances in order.
This tip is an essential part of streamlining your company’s finances and will help you prepare for major financial deadlines on the horizon.
Looking through your account to find transactions for your newly set up e-commerce store can take up a significant amount of time in your day that could be spent tending to other important company tasks.
So, create a separate business account with online access to ensure your company income and outgoings are viewable in one place.
Having a different account for all of your company transactions will make it much easier to calculate profits and taxes ahead of financial deadlines too.
Business Invoice Templates
Rather than creating invoices from scratch, spend a section of your time creating or downloading an invoice template and input common details submitted with every invoice, such as your business address, payment process, and terms and conditions.
This will save you a lot of time creating and filling out new invoices from scratch.
How the finances for your business are managed will largely determine its success.
While it may seem necessary to spend as much time as possible manually laboring over figures and expenses to calculate accurate profits and taxes to pay the IRS. With an abundance of advanced bookkeeping and accounting software available today coupled with the tips above, the opposite is true.
Accounting software enables business owners to effectively streamline their finances by;
- Reducing administration tasks
- Automating processes
- Organizing financial documents
- and calculating important figures based on your transactions so that you don’t have to.
In turn, freeing up a large chunk of each day for the company founder and director to invest in making other areas of the company better!