How consolidating control of payments, invoicing, payroll and other financial tasks can optimize your business to save you time and money.
One of the first realizations that strike entrepreneurs when they set out on their own is just how much multitasking is required to operate their small business day to day.
You have to explore ways to grow your revenue, maintain existing customer relationships, and ensure you’re managing costs. All while staying on top of payments, invoicing and myriad other key accounting tasks.
That’s a tall order, especially when you’re running the show alone or with a handful of employees. Often the technology businesses rely upon to help streamline their accounting tasks end up complicating matters.
It can be time consuming enough to learn how to navigate a typical bookkeeping program, never mind when you add on other software for making payments, managing payroll and invoicing. Pretty soon, the time it takes to switch between multiple interfaces just to get a handle on whether you have enough cash flow to cover expenses at the end of the month begins to add up.
Even the most skilled multitaskers will be hard-pressed to keep up with that approach. Of course, there’s a far better option. Consolidating all of your financial accounts and tasks within a single software operating system. That’s what you get with FINSYNC’s integrated accounting and cash flow management platform.
Centralizing control of your financial tasks within a single platform will optimize a large swath of your responsibilities. It will save you time and money. All while providing you with insights into how you can grow your business that would be far harder to come by with a decentralized accounting approach.
One-Stop Accounts Management
Streamlining financial tasks begins with consolidating your various accounts under one software platform. Once all your accounts are linked, essentially talking to each other, you can automate a variety of back-office tasks, including making payments, sending out and tracking invoices, and even processing payroll.
This means you can quickly confirm whether a bill was paid or a customer received an invoice. A system like FINSYNC also automatically sends out invoices and email reminders to customers whenever their payment is past due.
Every transaction, regardless of which bank or credit card account, is easily accessible. No more bouncing around from one application to the next and struggling to keep passwords straight.
More importantly, the integration of your accounts makes it possible to set your bills to be paid automatically. This consolidated approach also generates an accurate, electronic data trail of all your payouts and accounts receivable.
Payroll is another area that can be greatly optimized by linking it to your other accounts within a platform like FINSYNC. An employee time-tracking feature can slash your processing time and minimize mistakes when calculating payroll.
A time-tracking application can also eliminate the data entry associated with physical methods of keeping tabs on employee work hours, and ensures that your payroll is in compliance with employee tax withholding requirements.
This not only saves you time — and stress — it saves you money. Consider that FINSYNC customers, on average, save 30% on payroll alone. Read more about the benefits of doing payroll from an integrative system.
A Consolidated, Comprehensive View
Perhaps the most important benefit of combining all your back-office tasks under a single platform is that you gain a real-time, accurate view of your business’ financial condition. This enables you to optimize how you manage your cash flow. You can spot potential funding shortfalls well in advance.
Need to make sure you have enough cash coming in to cover a big expense later in the quarter? FINSYNC enables you to set the time schedule for your customer invoices. This is so that you can allow enough time to increase the likelihood that revenue will be coming in on time to help cover your costs.
Consolidating your accounts within FINSYNC’s platform also helps make it easier to keep your company in the black. With built-in time and expense monitoring and tools that can more accurately deliver project cost estimates. You can even track expenses and profitability on a task, phase and project basis.
More Payment Options
A platform like FINSYNC can also help you manage your cash flow. By giving you the option of using credit cards to cover costs for goods or services even if the recipient doesn’t have a merchant account.
The platform allows you to send and receive payments with full remittance details with an email address alone. That means you can send anyone a payment using a credit card. Your customers or vendors won’t ever see your credit card details. If you use a credit card that offers cash back or other rewards, you’ll accrue rewards any time you send a payment using the card.
The ability to use credit for all types of payments can come in handy. Especially when you’re trying to preserve cash.
You have a lot of important tasks to juggle as a small business owner. Why struggle with tasks that can be handled more efficiently with a simplified, all-in-one approach? See how FINSYNC can help you consolidate your efforts with a free 7-day trial.