The responsibility for managing the financial well-being of your business will grow as your business grows. It’s vital to select financial management tools that can grow with you; not just what will work for you today. The financial management process you adopt can be a growth breaker or a growth maker. Your process and management decisions today can set you up for continued success in the future.
The advantages financial planning software have over manual processes range from the practical — accuracy, time savings, and compliance–to the big picture, like the ability to turn data into insights you can actually use for decision-making and planning.
Today’s tools can be quite sophisticated with numerous advantages, like automation. Utilizing software to perform routine processes allows you to focus on more strategic tasks. The essence of automation is to give you back your time. Look for software that can take on the burdens of what you currently manage manually.
Scalability means that the software tool you choose can grow with you, without limiting your prospects down the road. A scalable tool will handle exponential growth without adding extra work.
Small business financial software is a significant investment that can pay benefits and provide a trackable return on investment. The software tools you choose for your business today should be scalable, easy to integrate with other software you may potentially add, and simple enough that the software doesn’t add unnecessary complexity to your day-to-day operations.
Once you choose a financial software application or suite of applications, you will want to stick with it for the long run. Consider what day-to-day tasks you need the most help with. Where could some automation help you scale? Three core operational functions are budgeting, payroll, and tax preparation. These may be the places you will get the most bang for your buck.
A budget is the backbone of your financial health. Creating goals from scratch and tracking every decision and transaction aligned with them can be time-consuming and tedious to do manually. Financial software can do the heavy lifting with automated reminders, alerts, and nudges to keep you on track.
If you’re still doing scheduling, timesheets, and payroll manually, chances are it’s not just frustrating for youl — it’s difficult for your employees, too. Cloud-based, self-service apps are convenient and can be an investment in retention — and ultimately, a better company culture. These payroll tools aren’t just easy to use and accessible from anywhere; they build accountability and trust into HR and people management by reducing discrepancies and manual errors.
Tax time comes once a year, but the tools you use year-round can keep you organized and prepared. Look for tools that set you up for success, like simple exports that make it easy to share financials with your tax preparer. The ability to import prior years’ filings each go-round means you won’t always be starting from scratch.
Finances can be tricky and sometimes feel daunting. It is worth your time to investigate options that can be both accessible and affordable.
It’s a great day in Emporia!
“Let’s Talk Business” is a weekly column of the Emporia Area Chamber of Commerce and Visit Emporia. The mission of the Chamber is to be proactive in creating an environment for business and community success, guided by the vision that positive attitudes promote positive actions. Contact us at 620-342-1600 or [email protected] and visit our website at www.emporiakschamber.org.
