Efficiently Manage Your Company Finances This January During Financial Wellness Month

2023 has just begun, the best time to take charge of your company finances for the year ahead of you. That’s why January is Financial Wellness Month, taking place directly after individuals have emptied their pockets for the holidays. Prepare for the year by taking stock of your own and your company’s financial wellness situation. 

The team at WKREDA recommends getting in touch with financial experts at your local Small Business Development Center. Whether you have a new startup or you are a well-established business owner, you can discover all there is to know from financial professionals regarding company budget development, financial projections, cash flow, and more. 

Apps That Help Manage Your Business Finances 

After you’ve begun managing your business finances, staying up-to-date on them each month, week, and day will be necessary. Your company may eventually need to bring in a full-time accountant. Technological applications that are designed to assist with managing company finances can help keep your business on track. Western Kansas entrepreneurs and business owners can keep their company finances organized with the following apps. 

● 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. 

The hours spent working on financial tasks for a business are significantly reduced with the help of new technology, but it is still worthwhile to request advice from a financial professional who can provide expertise on the Western Kansas economy. At WKREDA, we can direct business owners throughout Western Kansas to their closest regional financial advisors!