If you're like me and have started a small business in line with your passion, accounting probably isn't your forte (or passion, for that matter!) So how can you make sure that this key financial part of your business is not only efficient but done correctly?
Minimizing the effort it takes to manage your finances - as a small business owner or as an individual - is key. Why? So that you spend time on your passion and not the logistics.
Infographic: University of Alabama Birmingham
Read on to learn about 3 ways to manage your finances in your small business
manage it yourself
If you only have a few transactions, you can use free tools like Google Sheets (or make your own form for easy entry). A good starting point as you build your business, keep in mind that you'll need to expand your capacity in the future as you handle more transactions and diversify.
All you need is a Google account, and you can access Google Drive documents (like your spreadsheets) across all of your devices, and offline, too. Make your own format or start with a budget, expense report, or invoice template.
outsource your accounting
using cloud-based software
Just like all-in-one CRM platforms, cloud-based accounting software has come a long way, allowing you to use one program to not only record and analyze your finances, but to send and receive invoices. Check out the infographic at the top of the blog post for an in-depth comparison of the various cloud-based accounting tools that can meld seamlessly into your business workflow.
Comment below with your small business accounting preferences.
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