Small business owners have to wear a lot of hats. Entrepreneurs are in charge of marketing, sales, HR, accounting, and more. Of those many roles, accounting is the most crucial, yet also the one that causes the most headaches. Many small business owners spend hours trying to balance the books, but with so many other demands, burning the candle at both ends can also lead to dire mistakes. Automated accounting can save a lot of time and money.
Hiring an Accountant
Hiring a CPA is one way to automate the accounting process. Accountants can be in-house specialists, or they can be professionals to meet with every few weeks. Accountants can help to create budgets, projections, and help small business owners cut down on expenses while helping them reach their goals. CPAs also stay up to date on the latest tax laws, which means they can find all of the benefits and deductions to help businesses save and even recoup money when filing taxes.
Automated Accounting Online
Perhaps one of the biggest shifts among small business owners is automated accounting through cloud-based services. Cloud-based accounting can be configured to fit the needs of your business, so you are not paying for services you don’t need. Online automated accounting is completely secure and has built-in redundancies so your information is saved in the case of an emergency. Accounting information can be accessed from your computer, tablet, or smartphone, and is much easier than manually entering every line of data. Online accounting can also be fully integrated with payroll, taxes, and much more, thus providing a one-stop hub for all your accounting needs.
Boosting Cash Flow with Automated Accounting
There is a way to automate the accounting process while simultaneously boosting cash flow. In addition to accounting, many business owners spend a lot of time tracking down payments for open customer invoices. Accounts receivable financing provides revenue for open invoices while automating the accounting procedure. As invoices are generated, they are converted to cash within 24 hours, which eliminates the staggered payment schedule. Business owners do not have to worry about receivables or sending our reminders to customers for payments. Additionally, since accounts receivable financing is so fast, no invoices age out and need to get sent to collections. Accounts receivable financing is a great way to automate the accounting process so entrepreneurs can focus on growing their businesses.
FSW Funding specializes in working capital solutions designed to boost cash flow while automating the accounting process. Contact our offices today to learn more.