Get Your Business Finances in Order This National Financial Wellness Month!

It’s the beginning of the year when organizing your business finances for the whole of 2023 will be crucial. It’s fitting that Financial Wellness Month occurs annually in January when everyone has finally finished spending for the holidays. Now is the time to review your own financial wellness, plus the current and expected financial situation of your company.

To assist with managing your business finances, Wall Economic Development Corporation recommends speaking with experts at your nearby Small Business Development Center. Entrepreneurs, startups, and experienced business owners can all learn a lot from financial professionals whether it be the best ways to set a company budget, how to set up financial projections, or how to efficiently manage cash flow.

Useful Apps for Managing Your Company Finances

Every month, week, and even day it is important to acknowledge and prepare your business finances. You may even want to hire a designated accountant or CFO for your company. The sheer amount of technological applications that manage business finances can lead to outstanding possibilities for your business. We encourage Wall business owners to keep up with their company finances by using the following tools.

• Stay up to date on your business expenses with the Expensify app. Your business expenses no longer have to be manually entered into a system. They can quickly be uploaded and managed by connecting the app to the appropriate credit cards and debit cards.
• FreshBooks offers customizable invoicing features, the perfect tool for service-based companies. The app features cloud-based bookkeeping and integrates other financial software programs to help businesses streamline their daily operations.
• When it comes to managing payroll, taxes, and benefits for your business, Gusto is a useful app. The app can be used to ensure that nothing is missed during the onboarding process by reporting any new hires to the government. They also handle state and federal taxes and send digital pay stubs via email to employees. With Gusto, business owners can manage important company tasks from their phones when they are away from their computers. 
• QuickBooks is still commonly used for small business accounting as it syncs with your bank accounts to make certain financial tasks much simpler such as monthly bookkeeping, invoice management, and tracking vendor payments.
• Accept payments through the Square app! Business owners, salespeople, and employees can all take advantage of this app by taking payments using a card reader that plugs into a smartphone. This process improves cash flow, as opposed to sending invoices via snail mail and waiting for payment.
• Small businesses can also look into using Wave, an app that offers free accounting software. Wave makes accounting, invoicing, and receipt scanning much easier and can include multiple businesses in just one account.
• Employees who have to wear multiple hats when working for a micro-business will enjoy the many benefits that Xero has to offer. Its cloud-based platform offers a mobile app, payroll integration with Gusto, and inventory management and cuts down the number of hours that would normally be spent working on these. 

Even though new technology has helped cut down on the time it takes to manage financial tasks for a company, it will always be beneficial to speak with a financial professional who has a strong grasp on the Wall, SD economy. That’s why Wall Economic Development Corporation continues to direct small business owners to financial professionals who can help guide them along the path to achieving their financial objectives.