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Technology has transformed the modern world, from the way we find love to the way we operate our businesses. Smart tech tools are even helping business owners better manage their money. Here are four ways technology can help you take control of your business finances. Apps Can Help You Bank on the Go Gone are […]
Technology has transformed the modern world, from the way we find love to the way we operate our businesses. Smart tech tools are even helping business owners better manage their money. Here are four ways technology can help you take control of your business finances.
Gone are the days when you needed to visit a branch in person to conduct your business banking. Today, you don’t even need to be in the office. Most banks offer free apps which allow you to perform simple tasks like transferring funds, making payments, and checking your account balances from your mobile device. This is much quicker and more convenient than visiting a branch. Not only do you save time that would otherwise be spent traveling to a branch and completing your banking activities, you can also bank outside of business hours, at a time that suits you.
Most banks understand the risks of managing money online, so they implement sophisticated security measures to keep your sensitive data safe. Passwords, encryption, and Secured Socket Layer technology all typically work together on bank apps to protect your banking details.
Regular meetings with an accountant can quickly deplete your business’s finances. Their fees are often steep and your catch-ups take you away from other company duties. And there’s the anxiety between meetings as you wonder whether you’re really managing your money the way you need to.
Online accounting software from Sage One puts control of your finances in your hands, helping you understand what’s happening with your business funds from day to day. This intuitive software is simple to use and understand, so you needn’t hold an accounting degree to make the most of it. Cash management and invoicing tools help you take care of your money so you only need to see your accountant at tax time. Your accountant can also pull the information they need directly from Sage One for far fewer headaches.
Sage One is cloud accounting software, so your files can be accessed from any browser and via the mobile app. Bank-grade security protection for all files provides essential peace of mind.
Savvy business owners know that while what’s happening now is important, what the future brings will determine whether their company sinks or swims. Large business owners have financial analysts to predict their company’s future financial performance, but the budgets of most small and mid-sized businesses can’t stretch that far.
That doesn’t mean you need to fly blind. Many of the best accounting programs also have forecasting features which give users a glimpse into the company’s expected financial performance. These programs will help you decide whether it’s a good time to hire new staff or whether you’re better off cutting your expenditures to weather tough times ahead.
According to a U.S. Bank study, poor cash flow management is responsible for up to 82 percent of start-up and small business failures. Setting up your own online payment system is a great way to improve this financial area.
Online shoppers are used to reaching for their credit cards when they want to make a payment, so if you’re not receiving online payments you’re probably missing out on valuable dollars. Online payments are also better for your business. When a customer pays online, their transaction is immediately authorized and the money is placed in your account. There’s no need to wait for checks to clear, and no need to worry about additional fees and frustration for payments bouncing. It’s also easier to set up recurring payments to encourage repeat business through online channels.
Providing online payment services can also help new customers feel confident shopping with you. Developers like Stripe use two-factor authentication to help protect your customers’ sensitive data. You’ll meet PCI-DSS requirements for payments just by properly applying Stripe’s client libraries.
Use these ideas for applying technology wisely to manage your business’s money.
