For the majority of small business owners, accounting is an essential task of running a successful company, but it’s not an enjoyable one.
In fact, except for all but the world’s biggest math geeks, it’s likely to be one of the most boring and stressful elements of their work.
The meticulous tracking of expenses can eventually wear thin, while figuring out the correct amount of taxes to pay is almost an entire career in itself. Plus, the stress of miscalculating your profits and losses and getting angry communications from the IRS can weigh heavy on the shoulders too.
Needless to say, these complicated calculations aren’t the reason most people move into entrepreneurship. In fact, in a 2015 survey of business owners by TD Bank, almost half of respondents listed bookkeeping as the most hated part of their job.
Thankfully, there are plenty of tools that have been created to make accounting more simple.
Below are three tools which can help all business owners hack their accounting duties!
1. BillingTracker Pro
There are a ton of ways to create, distribute, and store invoices. Some small businesses like to use paper invoices, but this presents a lot of fuss and the possibility of losing some documents.
Most businesses see the potential in using software to automate their invoices.
BillingTracker Pro is one of the longest-running invoice automation programs, but it remains one of the most useful on the market. This software allows you to completely automate this side of your business, preventing you from making accounting errors and allowing you to keep your cashflow moving smoothly. This software even allows you to monitor your cashflow, which can be another huge time-saver.
BillingTracker Pro is especially useful for businesses dealing with multiple currencies, as it can handle foreign currency with ease. Other services include scheduling, time tracking, and real-time reporting.
This software could easily be integrated in any small business, especially those operating within the wholesale, retail, or financial services industries.
2. Late Fee Manager
Late Fee Manager automates your invoicing even further by chasing down your overdue invoices for you. It automatically sends payment reminders to clients who haven’t paid you, adding late fees to their payment when necessary.
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Chasing debts from customers who have overdue payments is extremely time-consuming and stressful. It’s tough to think of a more mentally draining business. Imagine if you could hire a robot to take care of this part of your business. That’s essentially what Late Fee Manager is: a virtual bailiff chasing your debts for you.
The first 30 days of Late Fee Manager is free of charge, so you can see for yourself how much money this software is able to claw back for you. Many customers are likely to find it more than pays for itself after the 30-day trial is over.
You’ve got nothing to lose, except maybe some overdue invoices. Unless you love begging clients to pay the money they owe you, it’s probably worth a shot.
When it comes to organizing payroll services for your staff, WagePoint can definitely save you a lot of time and energy.
It allows you to make direct deposits, handle payroll taxes, file 1099 and W-2 forms and produce year-end reporting, regardless of whether your employees are paid a salary or by the hour. You can also deliver employee pay stubs if you wish to do this.
Any North American business will adapt to using WagePoint seamlessly. Payroll becomes a simple element of your business with this software, whether you’re paying part-time or full-time employees or contractors.
While ensuring you stick with IRS regulations, it is an ideal app for companies in a wide range of industries including retail, healthcare, distribution, and banking.
WagePoint is a popular application used by hundreds of small businesses and you’ll see why once you get started. It offers an easy-to-use interface that allows companies to set up the app in a few hours. If your business’ payroll rarely changes, there’s an ‘auto-approve’ feature that lets you set your payroll, then forget all about it. That’s a luxury that plenty of small business owners would surely enjoy.
There’s even a service called, ‘Switch It’, which allows companies with more than ten employees to switch their existing payroll system without any fuss.
If time is money, these tools essentially pay for themselves
In 2018, accounting doesn’t need to be as difficult as it seems.
Tools like these and many others can help business owners can cut the amount of time they spend accounting and free themselves up to concentrate on important things, like spending time with customers, training employees, identifying growth opportunities…the list goes on.
The reduction of stress, accounting errors, and overdue payments is reason enough to start working smarter – not harder.