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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