5 of the Latest and Greatest Accounting Tools

Small business owners sometimes need to wear all the hats in their business, and they have many different tasks to handle. Worse yet, accounting is the task that most business people will tell you is their least favorite thing to do. Obviously, tracking expenses, figuring out payroll and taxes, and every bookkeeping task in between can be pretty boring, and even frustrating. Most entrepreneurs would rather be in front of customers than behind a computer. Luckily, technology is constantly changing, and new tools are being created daily that can make accounting easier for small or midsized businesses. Upgraded software and mobile applications are the wave of the future, are simpler to use and understand, allow access from anywhere, and automate lots of tedious work.

  1. QuickBooks Online: When discussing the best accounting tools, no list is complete without talking about QuickBooks, which is now available as QuickBooks Online. This software as a service (SaaS) is affordable and versatile, without lots of data you don’t need, but with everything that you do. The platform offers classic accounting tools and a range of add-ons depending on what financial data and records you want to track. The basic service gives you customizable financial reports, an invoice generator, payroll processing, online payment receipts and the ability to capture business expenses from pictures of receipts. It also syncs with your business credit cards and online bank account information, so your financial data is at your fingertips and always updated. Plus, you can easily share your QuickBooks Online so your accountant can take over to create financials and tax returns.
  2. Xero: Xero is a great accounting tool for small businesses, and it allows you to add as many users as you need for free. This can be helpful for larger businesses, and as your business grows. It’s also easy to switch between Xero and QuickBooks if you ever feel the need for an even more robust accounting package. With a lot of overlapping features, Xero is similar to QuickBooks but more affordable for most business owners. You’ll get financial overviews, intuitive dashboards, reports, payroll processing, and business expense tracking, along with syncing of bank account information.
  3. Late Fee Manager: An add-on application for both QuickBooks and Xero, Late Fee Manager is a great boost to your automated accounts receivables process. From sending automatic payment reminders to adding auto-generated late fees, it is the no-hassle way to get your invoices paid quickly. It also allows you to avoid those tense conversations with your customers trying to collect money that is owed to you. This software has had some amazing results for clients. Some are reducing overdue invoices by 78 percent and also generating added late fee revenue of $50,000 and more.
  4. Sighted: Sighted is a great accounting package for freelancers or solopreneurs. Simple to use, but powerful enough to customize quotes and invoices, it helps you track expenses, integrate online payments, and manage all of your client information. No need to spend a lot to get just what you need for your micro-business, including a full suite of accounting tools.
  5. Gusto: Previously called ZenPayroll, this payroll tool also gives you some added features like automatic tax processing and filing, paystubs, and employee onboarding platforms, along with easy integration to QuickBooks Online and FreshBooks! This platform is also available on your smartphone, so you can use it from anywhere. Gusto also adds the ability to administer health benefits plans and 401(k)s and other retirement programs.

Making your business work harder does not mean that you have to, if you automate some of your processes. Take advantage of some of the tools available to make your life easier for you, and you’ll be more profitable and happier.

5 Essential Strategies for Improving Your Business Cash Flow

Keeping clients happy is an important part of helping a company thrive. Another key element is properly managing your cash flow.
When you provide products or services to clients and customers, they should pay your company in a timely and efficient manner. Otherwise, you’ll spend precious time chasing invoices, sending reminders, calculating late fees and more.
Did you know that QuickBooks stats say that the average payment time for an invoice is 60 days?
Struggling with cash flow isn’t only a headache. It can have a slew of other implications for your business, including a decreased credit score, stunted growth or even the inability to operate.
If you feel like your company is struggling with cash flow, or you want to improve the process of bringing money in, here are some helpful steps you can take.

Require Down Payments

Maybe you don’t expect clients to pay you in full right away. But start getting the cash flow process going by requiring down payments on products. Down payments can help finance the work you do, so you don’t have to use money from your own pockets.

Set Up a Line of Credit

In case you’re short on cash, ensure you have a line of credit set up with a bank. That way, you can still operate when you’re short on cash, then cover your debt with cash once it comes in.

Offer Incentives for Early Payment

Encourage customers to pay in a timely manner by offering them incentives. You could consider offering them free goods, or even a small discount on your products or services.

Accept Many Payment Types

If you want your clients to pay in a timely manner, make sure you accept multiple payment types. This includes cash, check, credit card, debit card, Peer to Peer payment platforms such as Venmo, Squarecash, Paypal and more. By accepting a variety of payment types, you can make paying convenient for customers, upping the chances they’ll do it as quickly as possible.

Use Late Fee Manager to Automate the Process

Let your clients know that there is a late fee if they don’t pay you on time. Late Fee Manager is a software solution that automates payment reminders and then charges late fees on its own. That way, you don’t have to do extra calculating or uncomfortable communicating.
If you want to improve your company’s cash flow, consider using Late Fee Manager. Not only will you help ensure that you don’t have to spend extra time doing unnecessary administrative chores, you can also be certain that you get paid on time — and that you get paid more, so your business can continue to thrive.

How to Get Rid of Start and Stop Cash Flow

Running a business is not for the faint of heart, with a third of small businesses failing in their first two years. The reason for that failure? The vast majority have cash flow problems that are too much to overcome. When you’re a small business, even one late payment can have a major effect and make it impossible to pay your own bills. The time you have to focus on tracking payments and contacting people to get invoices paid means less time for marketing and production.

If you find yourself chasing payments and trying to get those invoices paid up on time, you’re wasting time that could be otherwise spent on increasing sales and building your business. Unfortunately, if you don’t pay attention to those late invoices, your cash flow will suffer and you can’t build your business without money. So, what’s the solution?

The best way to ensure that your clients pay up on time is to charge a late fee. Set up a basic template that gives customers the option of paying on time or paying more if they exceed the maximum time requirements. For example, you may have a 7-day payment policy, where clients must pay within 7 days of receiving the invoice. If they pay after that, a late fee is added, which means you make money for getting a late payment.

Automation is the key to getting your money while freeing yourself up to work on other areas of your business. A system like Late Fee Manager can help you automatically send out payment reminders to your customers and, if they don’t pay on time, it will automatically add on the late fee for them to pay.

Having a steady flow of incoming money is key to keeping your business afloat. It’s tough to stay ahead of bills yourself if no one else has paid up, so it’s time to take matters into your own hands. Late Fee Manager is the perfect option, taking over the dirty work for you.

Automate as much of your business as possible so you can free up hours of your time each week. When it’s all set up, you can rest easy knowing that the money will come in while you work on other areas, such as marketing and branding or production. Then sit back and watch your business grow.

Keep Business Cash Flowing Smoothly With No Extra Effort

Nearly all businesses rely on smooth cash flow to keep things running. However, we know that the average number of days for payment of business invoices sent out by QuickBooks is 60 days. That is totally unacceptable and these slow payments cause a bottleneck in most company’s finances. In fact, this cash flow issue can stop your business from growing and thriving, leaving you without the funds for payroll or supplies. It can also keep you from adding personnel, equipment, or even additional branches. Instead of getting financially strapped, consider using Late Fee Manager for automated accounts receivable that shorten the length of time until you get paid.

When customers are late it’s not only inconvenient but extremely awkward to make collection calls to your clients that you want to continue doing business with for the long term. On top of the awkwardness, it takes time and effort to connect with your customers to make collection calls or to spend the time adding further charges manually. How much time does it take to handle these things every month? We’d expect at least 20 hours or so, time that could be better spent on many other tasks. Luckily, there is a better way to handle late payments and late fee management.

Automating the process of adding late fees and sending payment reminders gets your invoices paid fast!If your business uses Xero or QuickBooks, Late Fee Manager is an easy to use solution that will get you paid more seamlessly and much more quickly. The system will automatically send late notices and add late fees to invoices. Even better, it will continue adding more late charges until the invoice is paid, encouraging your customers to prioritize payments to your business. Of course, if they still choose to pay slowly, you will earn more in late fees.

Most customers just need a gentle nudge in the form of automatic payment reminders to spur them to take action and handle their outstanding bills. Payment reminders give them that encouragement without any embarrassment or hassle.

So, get rid of that stack of overdue invoices without spending an afternoon making uncomfortable collection calls. Instead, stabilize your cash flow with the automated Late Fee Manager software that helps you get paid on time! Or, get paid more if they don’t pay quickly!