Implement intuitive Fintech tools to optimize your business for the new year, so you can reach the highest potential for your business success.
Talk of New Year’s resolutions starts gaining traction around this time of year as people look ahead to the next 12 months with renewed motivation to achieve important life goals. It’s a process that savvy business owners and executives engage in more than once a year — when they can tear themselves away from the time-consuming demands of running their business day to day.
With 2020 mere weeks away, now is a great time to think about the business goals you’d like to accomplish next year. What would help take your company to the next level? Signing up more clients than in 2019? Lowering your company’s debt load and operating expenses? Adding new products or services that will help put you on the path for higher profitability?
Regardless of your specific goals for next year, you can always do more to improve your chances of success by optimizing your company’s accounting and various other finance-related operations. These operations are the backbone of any business, and eliminating any inefficiencies and needless costs in both time and money can have a profound impact on how fast your company grows in 2020.
These four goals are certain to help your business improve in 2020 and beyond:
Goal 1: Master Cash Flow Management
Perhaps the biggest key to achieving any of your goals for growth next year is doing a better job of managing cash flow. This is especially important for small businesses, as some 82% of US businesses fail because of cash flow problems.
Using FINSYNC’s platform of integrated financial software and services can help you avoid ending up short of funds when you need them the most. The platform automates functions like sending invoices to your customers on a schedule that will support your cash flow needs.
Sending out invoices automatically not only increases the likelihood that you’ll be paid sooner, it also creates a data trail that you can use to more efficiently assess and predict your cash flow, ensuring you won’t end up coming up short on funds to cover payroll or other essential business expenses.
Using FINSYNC’s all-in-one payments platform can also help you manage your cash flow by making it possible for you to make payments on a credit card, even if the recipient doesn’t have a merchant account. This frees up funds to cover costs that you would ordinarily only be able to pay with cash or a check drawn from your bank account.
With FINSYNC Pay, you can set up payments via email, without the need to share credit card account numbers or other information, which minimizes identity theft risk.
Goal 2: Automate Your Back Office
Some goals are ongoing, with success measured in how you improve year after year. Making your business more efficient is one such goal, and tackling it starts with your back-office operations.
The marriage of technology and financial services has made it possible to automate how a business handles everything from tracking bank deposits and withdrawals to employee hours worked and the various facets of payroll processing.
By integrating your business’ bank and credit card accounts with online bookkeeping software and other applications, FINSYNC can significantly streamline your back-office functions, saving you time and money.
Additional time savings are available through other integrated capabilities such as using FINSYNC’s synced payroll and employee time tracking. When you adopt an integrated approach, you can reduce processing time when calculating and cutting payroll.
Time-tracking software eliminates the data entry associated with physical methods of keeping tabs on employee work hours. The system also ensures that your payroll is in compliance with employee tax withholding requirements.
Goal 3: Embrace Data Analysis
Guiding your business to greater success in the next quarter or year is harder without the real-time insights that integrated data analytics can provide. Because all your financial transactions are digitized and synced within FINSYNC’s platform, it is possible to mine that data for trends and opportunities that you might not otherwise be able to glean as quickly, if at all.
Analyzing your past sales data, for example, can help you determine which of your products or services are most profitable, or the percentage of your existing customer base that will be there on the first day to snap up a new product or service.
Data analytics can also be invaluable for managing other aspects of your business, like whether you need to ramp up hiring to keep up with an anticipated surge in demand or cut back on hours during periods when it looks like sales are likely to ebb.
The insights from analyzing your data can help you make more long-term, strategic decisions, such as how to best plan a break with a long-term supplier in order to transition to a more efficient source without causing any significant disruptions to your business.
Having access to financial insights can make your business more efficient and support all of your other 2020 goals.
Goal 4: Expand Your Financing Options
How you manage debt and financing needs is key to having the financial means to hire more employees, purchase equipment and many other initiatives.
Sometimes cash flow isn’t enough to cover costs, so you have to consider debt. Small businesses have traditionally relied on credit cards and personal savings, or sought a loan from a bank, often only to be turned down. If that’s held you back from pursuing your business growth initiatives, perhaps it’s time to explore new options in 2020.
Online lenders have emerged in recent years as a key source of financing for small businesses. These alternative lenders’ loan application process is typically far less onerous and lengthy than a traditional bank. Alternative lenders are also more likely to offer financing to small businesses with higher risk profiles
Not surprisingly, online lending companies handled roughly 32% of all business loan applications in 2018, up from 24% in the previous year, according to data from the Federal Reserve.
Businesses can easily apply for a loan free of charge and immediately receive offers from alternative lenders that are ready to extend them financing, and use FINSYNC’s cash flow management tools to get access to lower cost capital over time.
FINSYNC can help you make good on your ambitious business goals for next year without too much effort on your part — even if you’ve had a tough time sticking with your personal New Year’s resolutions. Optimize your business success with these tips, so 2020 can be your best year yet.