Best Accounting Tools for Small Businesses
Every small business owner constantly searches for new and innovative ways to cut costs and improve the efficiency of a company. There are numerous strategies for improving front-line services, but some business basics are often put on the back burner. Top business advisors encourage small business owners too look at available options for reducing accounting costs as an option for enhancing an organization's bottom line.
Too many smaller companies are forced to hire accounting firms or staff members to deal with routine accounting requirements. While it's true, those functions must be dealt with, the cost for doing so are frequently staggering. That's why small business owners are now exploring ways to automate some accounting functions.
Payroll Shortcuts
Keeping up with payroll has always been a time-consuming process for small businesses. New software that’s designed for smaller organizations easily automates the majority of payroll chores and does so accurately and smoothly.
Tracking benefits is easy with the right software solutions. Employees then don’t have to worry about errors computing sick days or paid time off. Automated programs will even send out surveys to employees to determine if changes or improvements would make the system function better.
Payroll taxes have always vexed employers, but new software automates the process and minimizes the potential for errors.
Track Accounts Receivable
Again, software options automate the process, cutting costs and making the process easier for clients. As with other forms of accounting automation, human error and staffing expenses will be a thing of the past.
Payment options make it simple for small businesses to incorporate online payment strategies, including credit cards and ACH payments. POS solutions and mobile device applications go a long way toward moving a company forward in a competitive market.
Sales Tax Compliance Has Never Been Easier
Sales taxes are a reality for the majority of businesses. Because of this complying with local regulations can be costly for a smaller business. Emerging software solutions are designed to comply with virtually all sales tax regulations companies face.
Currently available software solutions easily integrate with typical accounting software organizations are already using, meaning the costs of adopting a sales tax software package is not complicated.
Tracking Expenses
When tracking employee expenses is an issue, traditional strategies called for an employee to monitor each employee’s expenses and enter them in the company’s accounting system. While new software automates the process, solving another costly issue employers typically have to deal with.
What’s the Downside?
There really are no downsides here, and the software is constantly evolving as new needs are assessed or issues develop. While none of the software is free, the costs are minimal in comparison to keeping extra employees on staff or contracting an outside service provider.
Business systems are always changing, and it pays to explore emerging options carefully before making any changes in the way a company operates. However, automated accounting functions are simple solutions for cutting costs while, at the same time, enhancing a company’s overall efficiency.
Derrick Taylor, President of Global 1 Solutions, is the premier provider of credit and debit card processing along with related merchant solutions for independent business owners located in Madison, WI and regionally. They guarantee customer satisfaction with the lowest rates offered on credit card processing. If you need help getting your Retail and/or E-commerce business going, contact Global 1 today.
