When you’re running a small business, time is precious. There are usually a million things that need to be done and often only a very small number of people available to do them. This is why small businesses can benefit greatly from a number of tools to streamline and simplify a range of different processes. Here are some of those tools:
Accounting software
You don’t have to be an accountant to get on top of your finances. There are accounting software packages available that will make light work of your daily transactions. The software can track income, expenses, store digital receipts, produce financial reports and reconcile accounts, for example.
Credit cards for business
For ease and efficiency, it’s always better to keep your personal and business finances separate. By having a separate crest card for business, it’s much easier to keep track of tax deductible purchases than if your business and personal accounts are mixed together. Business credit cards often offer better rates and a higher spend limit than personal credit cards, so it is worth considering for this reason as well.
Accountant
One of the best tools for a small business is the services of a professional accountant. Whilst accounting software is good for the basics, for anything a little more complex or as your business expands, an accountant is ideally placed to provide that additional support. For busy business owners, an accountant can relieve a lot of the financial pressures involved in reporting, tax filing and forecasting. An accountant can also help prevent common mistakes that business owners make which might leave them liable for fines or legal problems. For assistance from Gloucester accountants, go to https://www.randall-payne.co.uk/services/accountancy/gloucester-accountants/
Bank account for business
As with credit cards, a separate account for business purposes is highly recommended. A business account can help to keep financial records organised, help with more accurate tax information, provide more opportunity to accept credit card payments from customers and display a more professional image to clients and investors.
Financial calendar
With so much going on for small businesses, having access to a financial calendar can be a life saver. Often, dealing with financial matters will get pushed to the bottom of the pile if you’re busy fire fighting other issues. There are options to have a hard copy visible on a desk to remind you of important dates in the financial year or a digital version that’s linked to a phone and email will provide notifications of key things that require attention.
Software for invoicing
You might find that invoicing software is built into accounting software. However, there are plenty of other invoicing packages available that will help to make light work of receiving customer payments. By being more organised in this department, you might even notice that payments are received in a more timely manner than before. Specialist invoicing software will enable businesses to set up unique templates for their invoices without the need to create a new one each time.