“There’s an app for everything” is a comment you’ll often hear nowadays. This statement holds when it comes to the business world. There are hundreds of companies that cater to just about every need that a business may have. And there’s an excellent reason why there are so many business apps. The reason is that they can help your business be significantly more efficient, which will, in the long run, save you time and money.
When it comes to business finances, apps have made a massive impact on increasing efficiency and minimizing errors in your financial transactions. The problem today is the overwhelming amount of options you have to sort through. This article will give you a high-level view that you can use to guide how you put together the ultimate financial tech stack for your business.
Accounting Software: QuickBooks
Believe it or not, QuickBooks has been around since the late ’80s. For over 30 years, it has been the financial software of choice for countless businesses worldwide. The most significant difference from the ’80s to today was that back then unless you were a big company, you didn’t have the infrastructure to implement it.
Today, you can even run it from your phone or a tablet. Here are some excellent reasons to consider Quickbooks.
- Great for small businesses: It has an online version that gives you everything you need at an entry-level price.
- Helps manage income and expenses: This way, you can easily keep your books in order.
- Provides an overall view of the health of your business: It has automated dashboards that give you a quick view of your cash flow and other key financial metrics.
- It’s expandable: Because it’s so popular, most accounting tools integrate with QB.
Managing Documents and Data: Hubdoc or Dext (formally Receipt Bank)
If going through crumpled receipts is a painfully consistent practice for you, then you need to know there’s a better way. A much better way. With document management apps, you can streamline the whole process of digitally archiving receipts, invoices, statements, and any other important financial documents. Hubdoc and Dext are two great options and:
- Can integrate with your accounting software so that you can streamline the data entering the process.
- Keep all your documents organized in one place.
- Help you avoid manual data entering errors.
Payroll Software: Wagepoint
Payroll is one of the most time-consuming and critical areas of running a business. Also, due to the many different details involved, it is the most error-prone. Payroll software can help you make a big dent in how much time you invest processing payroll while simultaneously decreasing the number of mistakes. All this adds up to every one of your employees being happier.
Wagepoint is our pick for small businesses since it has all the features you need to run payroll at an affordable price:
- It features an intuitive interface that is easy to learn.
- It integrates seamlessly with Quickbooks.
- It helps businesses pay their employees and ensures they are compliant with IRS standards.
Accounts Receivable and Payable: Plooto
Keeping tabs on your cash flow is critical for every business. Knowing exactly where you stand regarding your accounts receivable and payable empowers you to make strategic decisions quicker and with more certainty. Anything you can that helps you increase the reliability of your accounts receivable and payable will directly impact your business.
Plooto is a great option for managing accounts receivable and payable because it:
- Automatically syncs bills, invoices, and payments and reconciles bookkeeping records, so you don’t have to.
- Integrates with QuickBooks.
- Essentially automates the accounts receivable and payable process.
Other Helpful Tools
The four previous tools are a great starting point, but many more can complement these to make your financial tech stack even more powerful.
- This is a great accounting automation software for businesses that have high volumes of transactions. It is suitable for mass deleting and mass entering data in QuickBooks Online.
- If your business relies on PDF files for many of its financial transactions, Autoentry is very helpful. It specializes in creating QuickBooks Online banking feeds from PDF files.
- This tool helps you automate recurring payments from customers and save on fees. Also, it syncs with QuickBooks online.
Work With an Experienced Accounting Partner
Having the right tech stack to fit your business’s individual needs is the best way to streamline and minimize costly errors in your finances. But admittedly, it can be a significant change in how you run your business. Transitioning from your previous proven way of doing things can be a challenge for a variety of reasons, and with something as critical to your business as your finances, you can’t leave anything to chance.
Click here to schedule a free consultation with our small business financial experts. We can help guide your choices and make sure you get the tech stack that’s right for your business from the get-go.