Financial functions like invoicing customers and paying suppliers are vital to new businesses. Take these steps to get your small business financial systems in place:
1. Select financial software
Financial software for small businesses:
· Helps you track, organize and manage finances
· Minimizes mistakes and eliminates tedious manual calculations
· Provides reports to watch cash flow and profitability
· Connects to online banking for banking information downloads
· Organizes data for tax preparation
2. Decide between purchased software and Software as a Service
With purchased software:
· You pay upfront, but use the software for its lifecycle
· You install it on a limited number of devices
· You are responsible for maintaining the software with free or paid updates
Using Software as a Service:
· Allows you to spread payments via a monthly subscription
· Keeps you on the latest software version with automatic updates
· Can be used on a variety of devices
3. Take advantage of cloud storage
Decide where your data and its backups reside:
· Save on hardware and maintenance costs by eliminating in-house servers
· Back up data for secure, offsite storage
· Get instant access to important data, wherever you have Internet access
Visit suntrust.com/bizbestpractices to see how our Small Business Best Practices Guides can help you and
Learn more about getting started with financial software using our Small Business Best Practices Guide.
This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
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