Running a business will be one of the hardest things you ever do. There are so many moving parts to it, and so much of it is more an art than a science. You need all the help you can get in the form of training, mentorship, expert partners, and the right software and tools.
Keeping up with your business finances and tax obligations can be especially challenging if you are not already trained in finance. Even if you are self-employed and only have your own “payroll” to worry about, managing those finances can be complex and time-consuming.
Here are a few things you can do to make it a little easier to manage your business’ finances, from ordering to taxes:
Use the Right Software
The right software can save you many hours on processing your payroll, taxes and other finances. Some software suites do it all while others are focused on one aspect of your business finances. For example, the MasterTax payroll tax software suite helps you manage your payroll taxes, which can be quite significant the larger your employee base is.
Research your software options thoroughly to find the best solutions for your particular business, such as how many employees you have, the size of your budget, and your own comfort with the technology. Read reviews to find out what other business owners in your niche have found to be useful and try out a few of those software suggestions with free trials and demos.
Using the right software can help you free up time to focus on other tasks, which will make you and other members of your team much more productive. You’ll save money in the long run and will meet your business goals faster.
Get Additional Training
Even if you have great software on your side, getting some training on issues like business taxes and financial accounting can help you manage the work a little easier.
You can attend seminars, workshops, and conferences to learn about the specific topics you would like. If you need extra help or want to get more extensive training, you can sign up for a class online or take a class at night or on the weekends at your local community college.
You don’t have to become a CPA to be able to handle your business finances, but a little extra training can make you feel more confident, cut down on the time it takes you to file paperwork, and reduce the errors you make.
Work with a Professional
You don’t have to do all the work for your business yourself, and you don’t have to have someone on staff for all the work either. You can hire a professional to come in and do your books as needed. You may have someone come in once a week or once a month. You will pay less money because you won’t have to keep a full-time staff member, and you won’t have to pay for benefits.
If you don’t have the budget to pay for a professional to come in and do the work that often, you can simply hire a consultant. The consultant can come in and review the books and make recommendations going forward. You can have a consultant come in once a quarter or once a year — whatever makes sense for your needs.
Doing your business finances doesn’t have to be overly complicated, and it doesn’t have to take up all your time. Following these tips can help you streamline the process so that you free up resources to develop other parts of your business and meet your goals.