There are several types of tax deductions that small business owners can use to save money. Unfortunately, many people are unaware of these deductions and typically end up paying more. As a small business owner, are you aware of all the tax deductions you can use to lower your taxable income and save money? Here are some tax deductions you might not be aware exist:
Startup Costs:Typically, new businesses incur large costs before they are even able to fully operate. These costs are referred to as start-up costs. You are eligible to deduct up to $5,0000 of your start-up costs in the year your business begins. These costs vary by business type and industry. However, some common expenses to consider are insurance, equipment, permits, and employee training.
Car and Truck Expenses:Do you use a vehicle such as a van, truck, or car for your business? You are able to deduct the operating costs of that vehicle. You must, however, be able to prove that the vehicle was used for business purposes. In order to be able to provide evidence in case needed, be sure you keep a dated record of how many miles you drove for business purposes.
Home office:If you run your business out of a proper home office, you could be eligible for a home office tax deduction. In order to qualify for this deduction. part of your home must be used exclusively for business. Your home office must be used on a regular basis, using it only a few times a month disqualifies you from this deduction. It is also common to have the IRS visit your home to investigate whether the use tests are met. In addition, you may be eligible to deduct expenses such as utilities, rent, or property taxes, but there are some requirements you must meet. For the latest most up-to-date information we suggest visiting the IRS website.
Marketing:The IRS allows you to deduct several types of expenses related to sales and marketing. Money spent on advertising, email marketing, public relations, and printed marketing material qualifies for a tax deduction. These expenses are related to helping you bring in new customers and retain existing customers. On the other hand, there are certain marketing expenses you are unable to deduct, such as, expenses associated with research and development activities, cars with advertisements, or advertising on websites used by or for a political party. Tax rules undergo constant change. This tax season, check the IRS guidelines for small business tax deductions before you file your taxes for the latest information and you might even save more. Need assistance filing your taxes? FINSYNC connects you with the right accountant for your business. We match based on proximity, industry, and experience. Get matched for free, it only takes 5 minutes to get started.
Creating a thriving business can be a tough task. That’s why it is important to add efficiency within your operations to make you and your employees' jobs easier. One way to create efficiency is by automating your back office. When you automate your back office, you cut down on processes that require a “man in the middle,” so to speak. It can also remove any human error that employees might introduce. Most importantly, it frees up your employees to focus on what matters most: growing the business. When thinking about financial automation software, there are many advantages such as storing and organizing data, having a single from which to interact with customers and vendors and streamlining cash flow management. Let’s consider some of the many benefits to implementing back-office automation:
Increase EfficiencyTime is one of your greatest assets when running a business. Managing paper documents and tedious processes can slow down your overall operations. When you automate processes like record-keeping and customer relationship management, it can tremendously reduce the time and steps spent on administrative tasks.
Reduce Operating CostsOnce you’ve reduced the overall time on mundane tasks, you also want to make sure you are factoring in all the costs associated with automation. When you automate your back-office, you are able to empower your employees with the right tools, and maximize their output without having to over-hire. For example, when you implement invoicing software, your employees can maximize the number of invoices they produce during their shift. More invoices equals more revenue, while also minimizing the total payroll hours needed to create them. You’ll also save money on software expenses. By migrating from a cloud ecosystem to an integrated platform, you’ll be able to turn off expensive, excess software subscriptions.
Receive Revenue FasterWhen thinking about customer invoicing, a manual process can delay revenue you have coming in the door. Not only that, but it can minimize the overall profitability of your business because of labor costs. By automating your invoicing and accounts receivable, you will make it easier for customers to work with you. For example, automating your payment processing will allow for your customers to pay how they prefer and create a stronger relationship with your customer.
Automate Your Back Office TodayStart improving your business efficiency by automating your back-office with FINSYNC and its full suite of financial automation software. FINSYNC can help you save time, money, and help you offer your customers multiple forms of payments. If you’re ready to reduce inefficient processes and grow your business, start a free trial or schedule a demo with one of our team members today!
Learn the basic steps of small business bank reconciliation, and why it’s more important than ever right now. By FINSYNC The bank reconciliation process may sound both boring and intimidating, but in times of disruption, it’s more important than ever. In reality, reconciliation consists of two fairly simple steps: comparing your business’s accounting and bank records, and making any necessary adjustments to align the two. In big companies, full-time bookkeepers usually do the bank reconciliations. For small businesses, however, the task often falls on you, the owner, who already has a packed to-do list. To make your life easier, we’ve put together the basic steps you can follow to reconcile your bank account. But first, let’s go over the benefits of bank reconciliation.
Why Bank Reconciliation Is ImportantReconciling your bank accounts on a regular basis has a lot of benefits that go beyond keeping your books in order, identifying fraud, and being on top of accounts payable. Properly reconciled bank accounts are also important for your cash flow management. The longer you put off reconciling your bank accounts, the more likely are you to have the wrong picture of your cash balance. Not understanding your cash flow can result in bounced checks, overdraft fees, and even a cash flow projection that’s based on the wrong assumptions. Keeping an eye on your cash flow should already be a priority, but it’s especially important in times of crisis. COVID-19 has changed the business landscape drastically. While you may have many other concerns right now, reconciling your bank accounts on a regular basis can bring you peace of mind, and provide clarity that’s crucial in times of disruption. Reconciling your bank accounts can help you detect things like missing and double payments, as well as any calculation mistakes. It can also help you see what customers are consistently paying late, and address that issue. Ultimately, bank reconciliation lets you see when and how money enters your business (and your bank account), and plan accordingly for the future.
How to Reconcile Your Bank AccountHere is the step-by-step process of how to reconcile your bank account.
Step 1: Gather Your Bank Statement and Accounting StatementThis one is pretty straightforward. Get the statements for your bank account and your accounting for the time period that you want to reconcile. The norm is to reconcile each time you receive a new statement, but if you have a lot of transactions or you want to keep a closer eye on your cash flow, you can do it as often as you like. You can print out both statements and reconcile with pen and paper, or use Excel. The latter will make the process easier and faster, but it’s really up to you.
Step 2: Compare the StatementsStart the process by comparing the ending balances of both statements. Doing that first will give you an idea of how many discrepancies there are between your books and your bank account. If the balances are the same, congratulations! You don’t need to do reconciliation for that period. Chances are, however, the balances will be different, if only by a little. In that case, you have to methodically go through both the bank statement and the accounting statement and make sure all items appear in both records. Depending on what type of accounting software you use, this step will look different for you. Some accounting platforms make bank reconciliation easier by connecting your bank and credit card accounts, which reduces manual data entry and can provide an archive of all financial transactions including receipts and pending checks. Without the help of financial software, bank reconciliation will probably be more of a manual task for you.
Step 3: Address Any DiscrepanciesAfter you’ve gone through both statements, you will inevitably end up with some transactions that don’t have a match. Don’t be alarmed. Sometimes you will record a payment in your accounting software but the check for that transaction will take some time to clear. Other times, you may have recorded an expense twice by accident. You may also identify bank errors, such as an incorrect account (category) recorded for an invoice or an omitted transaction. Or, you may discover fraudulent transactions. Catching and addressing these errors is the whole reason for reconciling your accounts. After identifying all discrepancies, record the missing bank transactions in your accounting software and contact your bank to correct any errors.
Step 4: Compare the Statements AgainYou may be able to skip this step. It simply involves double-checking that any adjustments you made to your books are correct. If the ending balance is the same on both statements, you are done!
Bank Reconciliation Doesn’t Have to Be DifficultIf you still find that bank reconciliation is more stressful than helpful, you can either invest in accounting software that makes reconciliation easier, hire a bookkeeper to help you out — or both. FINSYNC offers an all-in-one platform that connects your bank and credit card accounts. Yes, they need to be reconciled, too, but FINSYNC also eliminates the need for manual entries. Click here to learn how to reconcile a bank account in FINSYNC. Additionally, you can take advantage of our network of vetted professionals and get matched with a bookkeeper that fits your situation.
Your general ledger provides valuable insights to help you get to know your business better. It’s like the forensics of how your business is doing, and it’s there to help you. By FINSYNC A general ledger is an accounting record that’s instrumental in evaluating your business’ overall financial health. It organizes all of the financial transactions made over your company’s lifetime into trackable categories. While allowing you to keep a consolidated, thorough record of your finances. The general ledger provides a clear foundation to prepare key financial statements. Including your balance sheet, income statement and other reports. Creating and understanding your general ledger can take some time. It may require you to navigate a bit of a learning curve. However, the insights you’ll unlock are well worth the effort.
Why Use a General Ledger?Keeping an accurate general ledger ensures that all of your financial information is up-to-date. Leading to greater efficiency in handling a variety of otherwise time-consuming financial tasks. Being able to quickly parse and identify information provides numerous advantages:
- Immediately detect and stop unusual or fraudulent transactions, and fix discrepancies.
- Solve out-of-balance statements. Use bank statements in tandem to validate data.
- Stay on top of spending.
- Take greater control of internal and external audits and tax filing.
- Apply for loans or secure other capital more efficiently.
How to Make a General LedgerA general ledger is broadly structured into two sections: Balance Sheet and Income Statement. These are categorized further into five main accounts or categories. Assets, liabilities and owner’s equity are covered on the Balance Sheet. Meanwhile, income and expenses are recorded in the Income Statement. Each primary account contains subledgers specific to that particular account. For example, fixed assets and cash are subledgers within assets. While loans and credit card debt are subledgers within liabilities. You’ll need to identify all that apply to your business. Online templates and general ledger guides can help you get started.
1. Balance SheetThe Balance Sheet consists of three main categories: assets, liabilities, and owner’s equity.
AssetsA resource owned by your company used to bring positive economic value is an asset. An asset may be either tangible or intangible, current or long-term. Some examples include cash, supplies, patents and equipment. An increase in this numeric value means value is coming into the company. As a result, increasing the value of the business. Accounts receivable (AR) is one of the most common subledgers of a company’s general ledger. It records money owed to you. This is when your goods or services have been delivered or used, but your customers have not paid you yet. That balance is input within the AR subledger.
LiabilitiesA liability refers to obligations to other parties that sacrifice future economic gains. This is not limited to paying back debt in cash. As it can include transferring your assets or providing your goods or services to resolve past transactions. An increase in this numeric value means value is going out of the company. As a result, decreasing the value retained within the business. Within the liabilities account of your general ledger, accounts payable (AP) is a common subledger. It specifically records what you owe. For example, to your suppliers. Its balance reflects the bills you have received but not paid yet.
Owner’s EquityEquity is a broad reference to what you own. This subledger reflects the net value of all the assets that belong to you. Also includes any debts or other liabilities that detract from that amount. For example, if you own a building worth $100,000 and owe $40,000 on the loan, the difference of $60,000 is your equity. Although you are the property owner, you only officially "own" 60% of its value. Equity can be a more nuanced category as it relates to an entire business entity. Keeping track of this account will help you understand the real value of your business. Making it easier when it comes time to think about selling or offering equity to acquire funds for expansion 2. Income Statement The Income Statement consists of two main accounts: income and expenses. The income statement keeps track of both revenues and expenses. You can monitor the performance and fitness of your company over select segments of time. Keeping an accurate general ledger is an excellent way to determine areas where your business is either over or under budget.
IncomeThe income subledger records the amount of money earned by your business. Including the various accounts for categorizing how your company makes money.
ExpensesExpenses are the cost of doing business — paying rent and employees, advertising and other variable spending. This subledger tracks these various expenses. Categorizing them in a way that makes the costs of running a business, or creating a product easy to understand.
How to Use a General LedgerThe accounting used in the general ledger is double-entry bookkeeping. Double-entry accounting means a debit entry to one account requires an opposite credit entry to another. Debits increase asset and expense accounts and decrease liabilities and owner’s equity accounts. A “credit” does the inverse. [caption id="attachment_9097" align="aligncenter" width="1456"] Basic Accounting Equation source: https://www.double-entry-bookkeeping.com/accounting-equation/basic-accounting-equation/[/caption] As a result of every entry offsetting each other, this will always keep the basic accounting equation in balance. If at any point the total debits for all accounts does not equal the total credits, the equation will not balance. You’ll know you have an error to fix. After you’ve gone through the initial work to set up a general ledger, you’ll still need to update it periodically. All small business owners should have a working knowledge of their general ledger. Similarly, it can be helpful to outsource day-to-day bookkeeping to a freelance accountant or bookkeeper. Depending on your unique needs and the requirements of your schedule. FINSYNC’s services network matches small businesses with vetted financial professionals. Including accountants and bookkeepers, so busy owners and managers can stay focused on mission-critical tasks.
Accountant Juan Llantin offers year-end planning advice for businesses looking to make strong financial decisions now that will help reduce taxes later. By FINSYNC You probably put plenty of effort into winning new clients, increasing income, and reducing costs, but there’s another area that can directly impact your business capital that often gets overlooked. Minimizing tax liability is one of the most significant things you can do to affect the bottom line of your business. Unfortunately, too many business owners wait until tax season to start looking for ways to reduce their taxes. Most of the steps you can take to minimize taxes should be done before year-end. We talked with Juan Llantin, an accountant in the FINSYNC Network, for the most important steps you can take now to reduce your taxes.
Keep Good RecordsWhen it comes to taxes, the most important factor is knowing your business expenses and income. This comes through strong record keeping. According to Juan, “About half of the businesses we work with don’t keep records. At year-end they run into problems because they don’t have the records necessary to find possible deductions.” It’s important to regularly monitor your financial statements, identify income sources and keep track of your expenses so you have a complete record of your business to share with your accountant. If you plan on deducting your vehicles, you need to keep records for fuel, mileage, and every associated cost. Your financial information should tell the story of your business in a way that gets your accountant up to speed and helps them identify possible tax exemptions. Work with your accountant to make sure you’re keeping records throughout the year. Maintain them in a way that makes it clear what expenses are and what the reasoning behind them was. “Don’t wait until the end of the year to start tracking expenses,” says Juan.
Validate All of Your InformationBeyond helping you identify potential deductions, keeping strong records helps you validate those deductions. If the IRS requests validation of specific expenses, the burden of proof is on you and it could end up costing your business. “Most of the businesses we talk to try to deduct expenses that they can’t validate.” says Juan, “If we take those deductions and are then in a situation where you’re audited by the IRS, you will end up with the burden and will need to pay.”
Look for Potential DeductionsYour accountant does not work in your business every day. This can make it difficult for them to identify potential deductions based on activities or expenses throughout the year. Help your accountant learn about your business so they can help make deduction decisions for you. If possible, work with an accountant that has experience in your area and industry. Some deductions are industry or location specific. Here are a few ways you can save on deductions.
- Open a 401(k) A 401(k) or IRA is a great way to increase employee loyalty while saving money on taxes. A SIMPLE IRA is a strong option for owners of small businesses looking to provide retirement benefits for employees and for themselves. They are generally less expensive and less complicated than a 401(k). Whatever plan you choose, it must be open before December 31st to save on this year’s taxes.
- Donate to Charity Donations to charity are an easy way to generate deductions. Before donating, check if the organization you are donating to is on the IRS donation list to make sure you can deduct those expenses.
- Defer Income or Accelerate Expenses The end of the year is a good time to manage your cash flow in a way that maximizes your tax savings. Deferring income to the following year or making vendor payments before year-end can impact your annual income and help improve your tax liability.
- Accountable Plan An accountable plan helps you reimburse employees for business expenses which aren’t counted as income. This IRS regulated plan allows you to take a tax write-off from these expenses. In addition, you can save money on federal taxes through these reimbursements.
How FINSYNC Helps with End-of-Year PlanningIn addition to saving money by limiting your tax liability, you should also look to save money on the preparation side. Working with an accountant, bookkeeper, and good accounting software can make your record-keeping much more efficient. Ensuring you’re in the best position to reduce your taxes. FINSYNC is an all-in-one bookkeeping, payroll, and cash management solution that makes it easy to manage cash flow, track expenses, and produce clear reports. According to Juan, “The best thing about FINSYNC is the reporting. We can track everything in there and ensure all our client’s information is up-to-date. It’s the best tool on the market to keep customers updated on all of their financial information. If you have your books updated, filing your taxes is much quicker and easier.” If you’re interested in learning more about reducing your taxes or how an accountant can use FINSYNC to improve year-end planning, connect to FINSYNC’s Network.
Learn how bank reconciliation works, why it’s important and how you can make it easier to identify mistakes in your small business bookkeeping. By FINSYNC Bank reconciliation is the process of comparing your internal financial records to those provided by your bank. Bank recs are an incredibly important part of small business bookkeeping. They can help you identify, alleviate and prevent the inconsistencies that impact your bank account. For example, accounting errors and fraudulent transactions.
How Does Bank Reconciliation Work?Bank reconciliation involves periodically making sure that the transactions you have assigned to a particular bank or credit card account in your accounting software match your statements. You’ll want to make sure there are no:
- Date errors
- Amount errors
Why is Bank Reconciliation Important?Bank reconciliations are an important step in safeguarding your business because they help you identify discrepancies in accounting before they grow into a serious problem. The longer a business goes without a bank reconciliation, the more likely it is to discover that cash balances are much lower than projected. Resulting in bounced checks and overdraft fees.
Spot Fraud Before It's Too LateBank reconciliation should be an important priority for every small business. It enables you to spot signs of fraud before it’s too late. Unlike consumer accounts, small business accounts are not federally protected. Meaning banks are under no obligation to cover fraud or errors in the account. When reconciling your accounts, look for the following red flags:
- Were any checks duplicated, changed, or issued without authorization?
- Were there any unauthorized transfers or withdrawals from the business account?
- Are you missing any deposits?
Disadvantages of Manual BookkeepingThe process of bank reconciliation is straightforward and simple, but also tedious and labor intensive. The majority of small businesses spend hours identifying individual transaction records to spot inconsistencies that can be alleviated. Manual bookkeeping and bank reconciliation involve the use of paper ledgers and financial journals to record transactions. These tools are not only inefficient, they’re susceptible to human error.
Streamline Bank Recs with an All-in-One Accounting ToolUsing a consolidated, all-in-one accounting platform is far superior to manual bookkeeping for many reasons, but primarily because it enables small businesses to:
- Reduce the time spent on manual data entry.
- Minimize the number of mistakes attributed to human error.
- Increase the accuracy of profit and loss statements.
- Provide an archive of all financial transactions including receipts and pending checks.
- Maximize data security with regular backups.
FINSYNC’s Network of Virtual BookkeepersWhen your accounts are synced up on FINSYNC’s platform, the manual data entry that bank reconciliation often requires disappears entirely. A tool like FINSYNC drastically cuts down on the time and labor required for a bank reconciliation. However, it is helpful to have an expert manage your books and help solve any problems that may arise. Fortunately, it’s simple to find an affordable, well-qualified bookkeeper. With FINSYNC's network of independent financial professionals, you can hire a vetted bookkeeper to manage your books for you. If your errors are causing blind spots in your business, it may be time to take a look at FINSYNC’s Virtual Assistance Network.
From saving time to getting paid faster, your business can benefit in many ways from automating your back office. By FINSYNC There are many factors that can determine the success of a business. The three most important considerations are: how well you serve your customers, the quality of the goods or services you produce, and how you differentiate your business from your competitors. The best way to excel in all three of these areas is to focus on them. Back office automation improves the efficiency of your operations. Efficiency is improved by eliminating redundant tasks. Generally, this makes it easier for your employees to do their jobs. In this article, you’ll learn about back office automation. The benefits and five reasons why you should automate your back office as soon as possible.
What is Back Office Automation?Automating your back office is a simple way to eliminate antiquated, inefficient, paper-driven or man-in-the-middle processes. This is done with financial software that can store and organize customer data for use in tasks like invoicing, accounting and managing cash flow. Automating your back office not only eliminates paper-driven processes, it minimizes human error and enables company employees to complete their work with greater ease. It can also greatly improve the efficiency of your back-office operations, and the speed at which your employees respond to customer demands. Put simply, back office automation frees up your employees to do what you hired them to do — grow your business.
1. Save TimeA back office with zero automation is a back office that is inundated with paper documents and handicapped by tedious physical processes that slow down your internal operations. Automated work processes like electronic record keeping reduces the time your administrative employees spend on unnecessary tasks or steps.
2. Save Money and Reduce CostIn the world of business, time is one of your most valuable resources. It’s best to work as quickly and efficiently as possible without sacrificing quality. We learned how much time back office automation can save your business, but how does that factor into cost savings? The answer is simple. Back office software does more than automate repetitive tasks. It provides your employees with tools that increase the speed and ease at which they can do their jobs. While minimizing the number of employees that you need to hire to run your business. For example, if you pay an employee $35/hour to create invoices and it takes them three hours to complete that task, you owe that employee $105. However, if that same employee has access to invoicing software that enables them to create twice as many invoices in half the time, they can get twice as much done for half the cost.
3. Get Paid FasterManual invoicing is more than a tedious task, it’s a barrier to profitability. A business that manually creates invoices is driving up its labor costs, slowing down the invoicing process and increasing the amount of time it takes to get paid. By automating your invoicing or accounts receivable process you make it easier for your customers to do business with you. When you make it easier for your customers to pay you, you can focus on how to deliver better service, speed up the payment process, increase your bottom line and add value to your customer relationship.
4. Manage Cash Flow BetterGood decision making is critical to whether your company succeeds or fails, which is why cash-flow management is so important. To make sound decisions, your employees need accurate and reliable financial information. Automating your back office helps you understand your cash flow with powerful tools. For example, heat maps of daily cash balances and forecasting models that show cash flow shortfalls. Your employees can use this information to understand your current and future cash flow situation in order to make sound decisions that benefit your business.
5. Simplify and Consolidate Your Back OfficeWhen a business implements financial software with automation capabilities, it immediately simplifies and consolidates many tedious yet important processes like storing and accessing data. In fact, most back office automation software includes cloud storage and backup. Making it easier for employees to search and find what they need from a central repository. By making it easier for employees to find and access the data they need, back office automation software makes it easier for your team to answer queries and respond to customers quickly and efficiently. Intuitive software can also connect your team members with chat tools and comment sections, which can help them quickly communicate and make decisions. This eliminates bottlenecks and generally makes it easier for your team to work together to further your business goals.
The Best Back Office Automation SoftwareBesides saving time and money, automating your back office improves the efficiency of your business and enables your employees to effectively do their jobs with maximum speed and ease. FINSYNC’s suite of financial software streamlines your back-office operations to help you manage your business better and with less effort. It's a convenient solution for the antiquated, inefficient processes that are dragging down your business. If you’re ready to automate your back office and grow your business, get in touch with us today.
From cash flow analysis to automating back-office tasks, adopting these three financial practices will keep small business owners on the road to success. By FINSYNC Successful businesses may get their start by coming up with a great idea for a product or delivering a service in a new way. However, innovative ideas and a welcoming market aren't enough to keep a business growing. That takes effective management. Especially when it comes to the bevy of key financial tasks that have to be handled to operate a business. How you handle your company's cash flow, meet your payroll needs and set up your back-office operations to run efficiently can make a huge difference in whether your business will thrive or just get by, dogged by problems borne of ineffective financial management. Here are three financial practices that will keep your business on the road to success.
Focus on Your Cash FlowCash flow is a key factor to keeping your business running smoothly, and managing it effectively is crucial to success. Some 82% of U.S. businesses fail because of cash flow problems, according to online business trends portal Visual Capitalist. 29% of those businesses fail because they run out of cash altogether. If you're still cutting checks by hand or using limited financial software that doesn't provide a real-time, future-facing snapshot of how much money will flow in and out, there’s a better way to operate. That's where an online cash flow management system like FINSYNC's can help. The software can send out invoices to your customers immediately after you've fulfilled your end of the transaction, as well as manage and forecast cash flow, among various other accounting tasks. Such systems optimize your accounts receivable and accounts payable processes in order to ensure that your bank balance is sufficient to fund payroll or other large expenses. Let's say you're a retailer. Effective cash flow analysis can help you plan ahead and seek extra financing to avert a projected shortfall or get access to the funds needed to add seasonal workers ahead of the holiday shopping season.
Sync Up Your Financial AccountsStaying on top of your company's finances can be a challenge. Especially when you're busy handling everything else that your business needs to function. Often the task is left to a bookkeeper or, in the case of a small business startup, the owner — when they can find the time to spare. Armed with off-the-shelf accounting or spreadsheet software, you do your best, but it's often a scramble to keep track of receipts you'll need when it comes time to file your business tax return, or invoices that have yet to go out, or even your own utility bills. Inaccurate financial tracking ultimately costs your business money and undermines your ability to plan for next month and beyond. Avoid this pitfall by syncing up your business' financial accounts. Software like FINSYNC links up all of your financial transaction-related functions. Including paying bills, tracking bank deposits and withdrawals, invoicing clients, and cutting paychecks. That way all of your transactions are tracked automatically. How does this help? In addition to streamlining your financial data tracking, integrating your accounts will give you a comprehensive view of your costs. That's essential in gauging the health and profitability of your business and are simple financial practices to adopt.
Automate Back-Office TasksThe technology that allows for the integration of financial transactions and other data can also be leveraged to optimize your back-office tasks. This can save you significant time and money. Intuitive software goes beyond just connecting various transaction data. It is used to automate various back-office tasks. For example, paying bills, invoicing clients electronically and processing payroll. Automating your invoicing process will also help your business stay on the path to growth by making it easier to collect payments. Overburdened business owners often struggle with this simple task. Especially when they still rely on paper invoices that must be mailed. In addition, an online invoicing system can help you set up a recurring invoicing schedule. Along with automatic reminders and alerts to notify customers when payments are due or past due. The automation approach simplifies the payroll process as well because it can be used to track the hours that employees work every week. That data makes it possible to consistently generate paychecks that are in compliance with tax withholding requirements. Wondering if your contractor should actually be classified as an employee? Have a question about calculating benefits? Payroll can be complicated on a lot of different levels. The best payroll software is backed by live support in the form of a dedicated, U.S.-based representative. When you set up your payroll within an accounting platform like FINSYNC, which syncs up all of your small business finances in one place, taxes are calculated automatically. This automated bookkeeping saves you a significant amount of time. It can also dramatically improve the accuracy of your payroll. So what are you waiting for? Implement a few changes and get back to what got you in business in by adopting these financial practices.
Free up time to focus on mission critical areas by putting administrative tasks on autopilot with intuitive online tools that can do the heavy lifting for you. By FINSYNC Running a small business can make you feel like you’re stuck in a circus-juggling act. It’s difficult enough to keep the doors open and make sure your employees get paid without the added pressure of tracking your cash flow and keeping your books. It can seem near impossible to find the time or energy to harness the passion that got you into business in the first place. Much less focus on sales, customer service and other areas that require your immediate attention. Financial management shouldn’t feel like a full-time job. There’s no better time than right now to get a handle on overwhelming administrative tasks so you can get back to the heart of your business. FINSYNC is here to help! We’ve got three intuitive tools to help you win the battle against runaway financial management once and for all.
Automate Your AccountingAre you tired of spending endless hours filling in spreadsheets? Is your budget a little too tight to hire a full-time bookkeeper? We hear you. Fortunately, there’s an easier — and less expensive — way to get a handle on your accounting. In a word: automate. It’s never been easier to sync up your finances with a sophisticated online tool that can take care of your accounting automatically. Simply import your bank transactions, and they’ll be automatically categorized for you on a complete general ledger. Easily track your expenses, tackle month-end reconciliation, and prepare your taxes in a fraction of the time. You can also generate reports that make it simple to drill down to the details you need. Bottom line? Automating your accounting is a shortcut to actionable insights that can help you make better business decisions. Invoice on Autopilot Are you still spending time writing checks, preparing invoices and mailing all of the above? What if you could pay vendors or collect payment for your goods and services with the click of a button? It’s that easy with invoicing software that can save you hours on administrative tasks. Set up recurring invoice schedules and auto payments to shrink your to-do list. Skip those excruciating calls to overdue clients with alerts that automatically remind customers when payments are due — or past due. Invoicing on autopilot saves ample time and makes it easier for you to both collect and make payments. The benefits extend to your clients by making it easier for them to pay you, which can help you get paid faster and keep your cash flow solidly in the green.
Simplify Cash Flow ManagementYou know how important it is to monitor your cash flow, but somehow keeping track of the money that flows in and out of your business can seem like an overwhelming task. What if we told you that cash flow management doesn’t have to be difficult? Beyond helping you get a handle on your current cash flow, intuitive online tools can make it easy to spot trends and plan for the future with automatic projections based on your history. Once you can see where your cash flow is going, it’s easy to make adjustments and schedule payments to avoid a dreaded shortfall that can put you in the red. Visualize your past, present and future with the help of automatically generated charts and graphs that give you a picture of your cash flow that’s easy to comprehend — and act upon.
The Power of ConsolidationHow many different apps, passwords and software systems does it take to run your business? If you’re still keeping track of a slew of disparate systems to handle various financial management tasks, consider improving your efficiency by consolidating your efforts onto one system. When you sync your finances on FINSYNC’s platform, you get access to all of the tools you need to automate your accounting, invoice on autopilot and easily analyze your cash flow. In other words, you can automate your back office from a single platform with one password. Simplify your financial management to save time, get more mileage out of your resources, and maybe even get back to all of those things that inspired you to build your business in the first place.
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