3 Tips For Streamlining Business Accounting

For small businesses, keeping track of expenses, securing payments from customers, and ensuring a healthy cash flow can make for very long hours. Missing a few hundred dollars or so can cause a much bigger financial strain on small businesses than larger companies. Fortunately, there are a few things entrepreneurs can do to make business accounting more streamlined and efficient.

Hire A CPA

Many new and small businesses try to keep accounting in-house. Some entrepreneurs – already wearing quite a few hats in the beginning stages – take it upon themselves to manage business accounting. This increases the hours spent handling finances, and decreases the amount of time business owners should be spending on running and growing the business. Then there is the human factor. Entrepreneurs are not infallible, nor are they machines. If someone without a business accounting is managing the minutiae of finances while juggling responsibilities, mistakes are bound to occur. Outsourcing business accounting to a CPA frees up resources that can go toward business development. Many small businesses meet work with accountants on a weekly and monthly basis to keep books balanced, and to maintain a steady cash flow. While accountants do cost money, it is a much better solution than trying to handle everything yourself.

Business Accounting In The Cloud

Cloud based business accounting is safe and secure, and offers affordable plans which are scaled and customized to your business. Cloud based accounting is mobile-friendly, and can be integrated with everything from payroll to filling taxes, which gives businesses an all-in-one solution for managing finances. Most cloud based accounting services use monthly subscriptions, and all information is backed up, so nothing is ever lost.

Invoice Factoring

Invoice factoring centralizes payments from multiple customer accounts. On top of that, instead of experiencing a lag in staggered payments, invoice factoring converts open customer invoices to working capital within 24 hours. Invoice factoring allows entrepreneurs to stay on top of business accounting, and accumulate capital for growth and expansion in a short period of time. Factoring does not place any debt on the balance sheets or compromise credit ratings, because it is a transaction based on receivables, and not a traditional loan.

Get Receivables Under Control

Biz Com Loans provides accounts receivable financing to ensure a steady and healthy cash flow for your business. Our team will work with you to create a customized solution to help you reach your goals.

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