Hey there BGB’ers… this is a guest contribution regarding something highly important to the success of your biz.
In a word?
OK so that’s two words. Sue me, maybe you’ll get some. 😉
Actually this post is more about the MANAGE-ment of money which we all know is just as important as making it.
If you don’t learn to manage it properly you can make money all day long and never get ahead.
So ’tis important to learn to manage it properly and luckily there are plenty of handy dandy tools in the world to help make it a little easier. Read on “mon” and suss out a few of the tools for yourself.
And if you have a fave money management tool not talked about here, do spill in the comments below.
For any business wishing to experience success, proper money management is crucial –if not the predominant pillar on the road to success. Even a company with a great and in-demand product or service can fail should its money not be handled properly.
Fortunately, there are a variety of money management systems that can help any business owner better manage their company’s bills, invoices, payroll, and additional operating costs.
Each of them has different pros and cons, making them best suited to different businesses. The three main types of money management systems are listed below.
A financial advisor at a traditional bank is a great money management resource, and one that nearly every business owner should consider having – regardless of their confidence in their own abilities.
Most major banks, like Bank of America and Suntrust, have business financial advisors on hand to help you handle any monetary needs, or questions related to your business.
The advantages of this system include the fact that your finances are being handled by a financial professional and you are able to more easily secure low interest business credit card and credit union checking accounts.
Not only does working with a financial advisor allow you to more easily apply and be approved for needed business credit cards, it gives you the following perks as well:
- Proven plans for financial success personally customized to fit your business’ needs.
- Professional help with maintaining your business’ long-term financial plan.
- Alerts to any discrepancies in your accounts.
BGB’s Note: Make sure you do your due diligence if you go this route and find a reputable financial advisor that knows their shite.
There are plenty out there just eager to make a buck off of your lack of knowledge, so bone up on some finance basics before you let any banking personnel influence your decisions regarding your money.
However, a bank is only available during the bank’s normal operating hours. What are you to do if you need service after hours?
While a business owner shouldn’t need a banker 24/7, having access to financial assistance is important. So to actually maintain full 24/7 support, it is always a good idea for a business to consider using a personal advisor, as well as a financial software or app to help them with their daily bookkeeping.
Computer Software Programs
There are several money management software products available; however, none is more trusted or more widely used than Quickbooks. Quickbooks can help any business owner quickly and easily organize all of your company’s finances, and allows you to do so in very easy and visual ways such as through graphs, tables, charts, and other items. The software even guarantees that it will pay for itself within the first ninety days, or you will get your money back.
A few of the other benefits associated with using this software include:
- Allows you to know your company’s financial situation at any given time.
- Reduces excessive need of an accountant during tax season.
- Allows you to see projections and create milestones based on current numbers.
Also, it is currently acknowledged to be one of the most popular accounting and money management tools for small businesses. While this clearly means that the product is likely to be sound, it also means that the customer support behind Quickbooks will also be high.
So if you should have a problem with the program or don’t understand how to use certain features, you will easily be able to get ahold of someone or find the right forum with the answer to your question.
Although Quickbooks is incredibly accurate, it may be you don’t want to limit yourself to a service that you can only use on your laptop or desktop. In today’s mobile world, many business owners want to be able to check and review every aspect of their business regardless of where they are.
For this reason, some owners may want to also download the Quickbooks mobile app or consider one of the following:
This is a great mobile bookkeeping app available for iOS. It is absolutely free, and lets you manage your company’s money from the ease of your iPhone, iPod, or iPad.
Easy Books is like a very simplified version of Quickbooks that has been designed for iOS mobile devices, and you can try it at no risk, as it is 100% free of charge.
This was actually intended to be a personal finance app, but it works just as well as a finance management app for a small business. The app can be synced with all accounts, and will let you know where you are within your budget and alert you to areas where you may be spending too much money – allowing you to make your company more cost effective.
This option is great for any business owner used to dealing with a lot of paper. If you’ve got numerous invoices out on a regular basis, have a stack of bills to keep on top of, or have payroll that you manage yourself, Invoice2go can help alert you to due dates or payments received, and can even let you interact with customers.
When it comes to easy business management, mobile apps definitely provide a wide array of tools to make that task easier. Any business owner looking to keep their finances in order (as well as other aspects of their business) should check out the variety of apps available for both Android and iOS as they will find they can make their business life much easier while on the go.
Money Management for a New Era
Now that you know the most popular forms of both traditional and more innovative bookkeeping and money management methods, start trying them out with your business to see which one you like the best. All of these methods work well; different people and businesses just have different preferences and needs.
As they say… different strokes for different folks! Ultimately how you manage your money and your business is up to you. And I’m sure there are a myriad of other equally useful tools out there to help you do it!
There’s no one size fits all solution so don’t be afraid to try out different things and nail down what works best for you. And if you found this post useful a’tall please consider sharing it with your pals. Their money will thank you.