Tracking spending with financial software


Time. If you own a business, it can be your most valuable resource. In fact, most business owners would say that they need more of it. There are simply not enough hours in the day to do all the necessary tasks, including servicing customers, managing employees, processing payroll and, one of your most important tasks, managing and tracking cash flow.

But it’s critical to stay on top of finances, to monitor revenues and expenses in an effort to maximize your cash flow.

Businesses that utilize financial management software are able to capitalize on a variety of benefitsSo how can a business owner conserve a resource as valuable as time? The answer could be right at your fingertips – with financial software.

A smart and efficient way to monitor and manage cash flow. Businesses that utilize financial management software are able to capitalize on a variety of benefits, including:

Time savings. Automating transactions such as accounts payable and receivable makes keeping track of finances easier. There’s no data entry required.

Account information. With financial software, you can view your cash flow and trends that help project revenues and expenses.

Greater control.You’ll always know where you stand financially.

A variety of features – right in front of you.

There’s no shortage of financial software programs for businesses. The most basic programs provide numerous capabilities:

  • Inventory management
  • Sales tracking
  • Budgeting
  • Estimates
  • Accounts payable
  • Accounts receivable
  • General ledger and order entry

If you have more sophisticated needs, you can get a program with greater capabilities, including:

  • Purchase order control
  • Shipping and receiving
  • eCommerce
  • Payroll
  • Fixed Assets
  • Customer Service Management

Determining the best program for you.

The software program that’s right for you depends on the needs of your business. Here are some questions to consider when evaluating programs:

  • What’s the size of your business?If you have a small business with less sophisticated needs, a basic financial software program may work for you.
  • Do you expect your business to grow?If so, you may want to purchase a program that allows you to add features as your business grows. For example, if you expect to hire multiple employees, you may want to purchase a payroll module.
  • What accounting software does your financial institution support?You can save time and eliminate data entry by exporting your account information from your financial institution’s online banking service. If you plan to take advantage of this, make sure the program you choose is compatible with your online banking.
  • Will you delegate financial management responsibilities to your employees? If so, you want a program that offers users different levels of access and capabilities.
  • Will you want to access your financial management software from multiple locations? If so, consider purchasing an online, web-based program that allows you to access your information from anywhere that provides Internet access.
  • Does the accounting software come with a free trial?The best way to see if a program will work for you is to try it for free.

A great way to determine the program that’s right for you is to ask your accountant or other business owners with companies similar to yours.

Remember to look for a program that makes your job easier and frees up your valuable time. You know as well as anyone that—especially in the world of business––time is money.

 

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