Business Accounting: 3 Ways To Make It Easier
Entrepreneurs are always looking for ways to make business accounting easier. For startups, the business owners may also be the full-time accountant. In larger organizations accounting can cause strains on cash flow, which could end up preventing growth and meeting regular financial obligations. For these reasons, we have put together a few tips and tricks to make business accounting easier, so your business can flourish.
Online Business Accounting Services
Almost everyone is familiar with business accounting programs, but online and cloud-based accounting services take things to a new level. Instead of risking the possibility of a hard drive crash which will corrupt all accounting data, businesses are moving everything online, where there is actually more security and less risk. Online accounting services are usually available through a monthly subscription, and offer very robust services, such as payroll integration and the most up-to-date changes in the tax codes.
Keep Receipts Organized
Whether a new piece of equipment was purchased or someone paid for coffee on the company credit card, it is important to keep receipts organized. Receipts should be kept in chronological order, and separated by payment method (for example, receipts from one credit card should not be mixed in with receipts from another). Periodically check those receipts against the books to make certain nothing is missing, and file them away on a monthly or quarterly basis.
Do Not Use Collection Services
When customers have outstanding balances, a strain on cash flow occurs which can cause chaos for business accounting. Many businesses use collection services, which sometimes works for high-volume businesses. For smaller business, it simply delays getting the money owed by customers. In order to streamline business accounting, some entrepreneurs are monetizing receivables to get paid quickly, without having to use collections. Monetizing receivables gives a 24 hour turnaround on submitted invoices. Additionally, business accounting only has to track revenue from one centralized source, instead of multiple customer accounts. No waiting for payments, no strain on cash flow, and easier business accounting – plus the ability to accumulate growth capital in the process.
If you would like to streamline your business accounting practices by monetizing receivables, call Biz Com Loans at 1-844-85-LOANS (1-844-855-6267). We specialize in accounts receivable financing and solution to improve cash flow. Our team of experts will work with you directly to understand your funding needs, and help you reach your business goals.