Managing finances is not only imperative for individuals, but businesses. Thankfully, there are technologies and resources to assist with the latter — whether small businesses and start-ups, or a larger and more-established firm. Here are a few of the best resources and technology that can help you keep your company’s finances in tip top shape:
Selecting the Right Accounting Software
One thing is clear: every for-profit entity has to pay tax. With dozens of software options, however, finding the right tax filing software can be difficult. Fortunately, websites like Free Accounting Software and TaxSites help by providing a list—in Accounting Software’s case, a curated list—of the best accounting software. After all, saving on taxes will ultimately help your finances and bottom line.
Accepting Online and Alternative Payments
Although it may seem obvious, accepting payments online will make it easier to transact with customers in an increasingly technological age. Popular options such as PayPal make this easier. Many businesses have taken this increase in technological options to a new level by accepting virtual currencies, such as Bitcoin. Obviously, this is to a business’ discretion: the benefit is the potential for more customers, but many of these currencies experience great volatility.
Some other electronic payment options include Apple Pay, and mobile credit card readers like Square. Accepting these alternative forms of payment allows a business to make the most money it can, which ultimately translates into better finances. It is a misconception that these types of payments will sreplace more traditional methods, such as cash and charge cards, but they can bite into these more-established methods of payment.
If you are a business owner with bad credit, it may be difficult to gain access to a merchant account to accept credit cards. If this is the case for you, you may need to contact a bad credit merchant account business that will help you work through your credit issues.
Although this method of enhancing a company’s finances mostly applies to start-ups, it is too popular and effective to ultimately leave off of a list. Crowdfunding, a relatively novel development, involves raising money through an online platform—such as Kickstarter—by providing an incentive to those who support the firm or project. Sometimes a company will give equity in the form of stocks, but usually the firm will simply give a product or service in return.
The statistics show that these platforms can be good for startup firms or products. They don’t always raise a lot of money, but a handful of projects raise millions of dollars.
It is only natural for financial institutions to play a big role in the finances of a business. While financial institutions such as banks and credit unions are not new, they play a big role in safekeeping a firm’s assets. Make sure you choose a business account carefully. Do your research, a task made easier by the wealth of information on the Internet, and you should be fine.