Must-Have Financial Tools for Business Owners
January 2019
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Must-Have Financial Tools for Business Owners
Does your business need these financial operation systems?

Every job has equipment requirements, and owning a small business is no different. While your business needs the tools of its trade to keep operating, there is a core set of organization and management resources you should have. Not only will they make your job easier, they will also light the way to success.

Accounting software

No matter what your business’ services or products are, its operations rely on money. Keeping track of cash flow is important, and there are several accounting software options to help you do that. While you can use paper bookkeeping, the U.S. Small Business Administration recommends using computer programs to make organization much quicker and easier. Many software options, like Intuit QuickBooks, can automate processes like invoicing and have features that make tax season simpler to navigate.

Payroll systems

You know where your business’ money is, but now you need to make sure your employees get what they’re due. Accounting in general is difficult, but Don Q. Dao of Tech Funnel points out that managing payroll is especially tedious and prone to errors. There are several programs on the market, like ZenPayroll and Zenefits, which guide users through payroll operations. This includes tracking hours worked, overtime owed and what taxes go to the federal, state and local levels.

Credit card processing systems

Whether your business works with other enterprises or directly with consumers, chances are you’ll need to accept credit card payments. Suitable systems vary depending on the size of your company and your accessibility needs.  For example, Julianna Lopez of Business News Daily recommends mobile credit card processors if you plan to accept credit cards on the go at trade shows or job sites. Each platform comes with its own types of processing equipment, fees and restrictions, so do your research to find what works best for you. 

Business plan software

You probably spent a lot of time and effort on your business plan when you were preparing to open shop. From there on, your business plan should change and evolve with your enterprise to accurately reflect your current position and where you want to go. The U.S. SBA recommends using business plan software to streamline your updates, because an up-to-date document prepares you to present to potential investors. The SBA Business Plan Tool is a good place to start until you know more about what you want from an app or program.

Inventory management

No matter what industry your business is in, you should consider inventory management software. Your company needs a system to manage its assets and merchandise, and a computer tool puts all of your records in one place and can track items through their life within your company. Like credit card processing tools, inventory management is highly specialized depending on the industry, so you should do your research before making the leap.

These financial tools will take research and planning to implement, but these systems up will save you a lot of time down the road.

Published by Heritage Bank of Nevada
Copyright © 2019 Heritage Bank of Nevada All rights reserved.
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.
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