How to manage your small business finances smoothly
Modern-day small business owners rely heavily on their mobile devices to stay in touch when travelling to and from work sites or to check in while on the go.
It can be challenging to find time to sit down in front of a computer to perform the bookkeeping tasks necessary to keep your business finance running. Whether it's digging up information or sending out invoices on time as you're constantly on the move.
Perhaps there is a little nostalgia for the days when issuing an invoice meant accessing all the relevant data. Most of us have moved past the bygone era and forgotten the practices of our business youth, like using paper checks and physical time sheets, performing long-hand calculations, and even hand-addressing letters.
These weren't only time-consuming; they also served as a diversion from tasks that promoted growth.
Mobile financial management applications allow you to access and manage your small business accounts from anywhere, at any time. It's a fantastic way to save time to concentrate on tasks promoting growth.
Data and document capture
You are bombarded with supply receipts sent to you or shipped directly to your desk or away from the workplace. These must be recorded and accounted for, whether paper-based or computerized.
Find an app that enables you to instantly save and manage paper receipts by taking a snapshot of them automatically. The same should be possible when importing documents from your device's photo album or emailed receipts.
Once imported, an app should be able to search up your most recent supplier costs, instantly retrieve the receipts for mobile invoicing, and link them to bank or credit card payments. Find an app to extract the data from these financial records and load it into a cloud-based, all-in-one financial management system. This is even better and simpler.
If the software has vendor mapping capabilities, it will recognise what you've taken a photo of, arrange it, and save it before categorising it without putting in the time-consuming effort. Automatic reconciliation significantly reduces the time required to sort all of the emails and papers you've gathered.
Invoicing feature
It should be possible to manage invoices using the mobile app. Your company's name, logo, and contact details will be automatically populated in an invoice template through the mobile app. The app should then allow you to add and access client contact details, define the goods and services offered by the business, and set prices.
When you're ready to make a new invoice, the system will automatically generate a unique invoice number and allow you to choose from the clients, goods, and services you've already set up using drop-down menus.
Choose a system that allows you to add the correct, applicable sales tax and change prices by offering a discount or introducing a fee. As long as you have access to your phone, you should be able to choose your invoice's issuing date, payment conditions, and due date and add any other remarks or attachments that are necessary.
The app should have a design and feel that matches the desktop version to ensure seamless access.
Background and real-time data management
Look for an app that allows you to evaluate your transactions in myriad ways, such as by category, supplier, time, and status. You should be able to choose the correct date range if you're looking for a specific transaction from the previous month.
Additionally, you should be able to perform a look-up by category, such as searching for all transactions involving travel or filtering by whether the deal has been evaluated yet.
This should be done automatically through apps linked to your bank and credit card accounts, giving you accurate, up-to-date information. Thus, reducing the need for you to be confined to your workstation.
Mobile adaptability
As a small business finance owner, you definitely value your time. You need to maximise every minute you have to gain more of it and find ways to perform things more effectively.
You can seize such moments to solve crucial bookkeeping activities if you have access to an all-in-one financial management mobile app anytime you are away from your desk. The best thing is that you will have more time to expand your business.
Final thoughts
You can swiftly complete several tasks while away from your computer with the help of a powerful mobile app. Therefore, managing a small business will be seamless. The appropriate app can associate documents with a specific client and assign them to an account or category based on the mapping you establish during setup.
This should do away with the tedious procedure that accounts for around 75% of common consolidations. For a small business owner, the adaptability of mobile access to financial documents is vital.
Your imported data should match your physical documents if you've used the most exemplary data capture. With a dependable device, you can handle it all on the spot, wherever you are.
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