Want to Manage Finances Better? Tap Into the Latest Technological Solutions

The following is a guest post from Paul Trevino and Synaptic.co.uk.

Business technology is a niche that’s constantly expanding and evolving. As companies and entrepreneurs are challenged to strive harder and do more with little assistance, increasingly more businesses are welcoming tech-enabled tools that can help them understand ‘big data.’

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In the recent years, mobile technology has transformed (and improved) the way startups interact with customers as well as the way they process and manage data. That being said, it goes without saying that mobile software and mobile devices are offering companies new tools to use, access and view. Whether we like it or not, technology is changing the way people run a business, which is good thing because when used right, technology can render the best results.

How to Streamline Finances

A lot of business today is searching for new ways to boost and streamline finances; from budgeting, reporting and planning to process business transactions. The main solution for automating all these processes is via technology. Recent discoveries in top-tier business solutions persuade companies to use of technology to make complex processes become a lot simpler to handle.

As startups increase in popularity, the demand for new and improved technology is boosting as well. Depending on manual processes and still using Excel spreadsheets is no longer enough to thrive. Businesses that want to streamline planning and budgeting must implement tools that have better workflow and control capabilities. These won’t just make better planning and budgeting processes; they’ll also render better management when handling real-time information.

The Great Importance of Accounting Software

Quickbooks for example, has been an excellent financial tool for many years now. Many new startups up should give it a try. A second option – highly preferred by medium-sized companies – is Xero, which is an online accounting software with lots of cool features you should be implementing in your business mantra. Among some of the best, we should mention: real-time cash-flow view, third party app implementation, invoicing & quotes, and managing bills & expenses among numerous others.

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Experts in the field recommend entrepreneurs and HR departments to pay close attention to the following features before deciding on an account finance software: expense tracking, billing automation, recurring payments, tax preparation, payroll processing, credit card processing, mobile access, and client contact management.

Budgeting Tools

Crafting a realistic budget – and adhering to that budget – is fundamental to the success of your small business. A suitable accounting software for your needs is capable of creating budgets without using any additional tools to gather data.

In case you do require a separate budgeting tool, an excellent option is PlanGuru. Forget all about spreadsheets and turn your attention to your business goals. PlanGuru is an innovative app for cashflow forecasting; it is user-friendly and very easy to implement.

Payroll Management System

Managing payrolls can be time consuming. Nonetheless, there are many HR systems that can help. Zenbenefits and ZenPayroll are two of the best. They help with streamlining payroll processes as well as eliminating inefficient costs. The systems can be easily integrated with additional storefront and accounting tools. SurePayroll for instance, can also pay and calculate automatically.

Agile Billing

The easier and smoother the billing process, the faster the payments are made and processed. This also leads to speedier cash flow; a great system that companies ought to try is Bill.com, where you can boost customer satisfaction and shorten billing processes. When implementing processes and agile billing tools, you visibly improve customer experiences as well as prevent account delays.

Cash Flow Analytics

Cash flow analytics tools such as Float, are paramount for the success of your business. This sort of tracking tool measures cash flow accurately and regularly, thus keeping your startup all set for financial eventualities. Cash flow analytics are excellent at helping companies measure cash balance fluctuations by making use of data patterns to forecast financial scenarios.

Final Thoughts

Last but not least, companies must not overlook the great power of e-commerce solutions. Increasingly more customers today want to be able to pay for services and products instantly.

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PayPal, Skrill, Apple Pay and Square are just a few of a myriad of tools that can help customers pay on the go. Invest more into the financial part of your business and use tech tools to help you stay afloat. The best ones available are extremely efficient, user-friendly and conveniently priced.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

2 Comments

  1. Nice guest post! And thanks for the great recap of the key points. In my opinion, I think the cash flow analytics are particularly important for any new or rapidly changing business. That precious cash is like oxygen for these businesses and without careful cash flow management you can find yourself in a tough spot.

    • Indeed, cash flow is paramount. Thanks for stopping by and sharing your thoughts, my friend.

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