Accounting applications for small business.
Just about every small business has an accounting system. Here are some applications that your firm might find useful.
Budgeting and forecasting - Nothing is more important than planning for your business’ future. Preparing a buisness plan is essential. Preparing a business plan helps you to better understand your business. One application, BizFilings’ Ultimate Business Planner, guides you through each business-planning step quickly and easily. Developed for entrepreneurs by small-business experts and small-business owners, Ultimate Business Planner simplifies the process of writing a business plan and gives you expert advice, tips, and hints based on proven business practices.
Cash account reconciliations – Match the information in your general ledger and your other accounting records to external sources. Reconciling your bank accounts each month is a task you should not put off. Reconcile the account balances in the general ledger to the statements received from the bank. Account reconciliation software improves overall efficiency, in that it automates a labor-intensive process, and many companies are becoming more productive with applications built expressly for that purpose.
Accounts receivable – Small businesses need to keep a sharp eye on their customers receivables balances due. “Keep your friends close, but keep your customers even closer.” There is no better return on investment that reducing the collections cycle, especially in the current tight-money environment. John Brian Fast, CPA, has tools for monitoring your customers’ accounts and measuring receivable ratios and comparing them to others in the same industry.
Accounts payable automation- One of the most exciting new technologies is Electronic Invoice Presentment and Processing (EIPP.) In addition to the “green” benefits of paper elimination, the automated matching of invoices with purchasing authorization and the workflow processes for reconciling unmatched items is a big benefit to small businesses with limited staff.
Data mining for customers – Revenues can be significantly increased when using data mining tools searching data bases for customers. Contact information with phone numbers and e-mail addresses can be stored within economical and easy to use databases.
Expense reporting – This technology offered by John Brian Fast, CPA, is especially valuable when integrated with spending and travel management processes. Our firm can help you do this. Greater benefits are available to users that seek reduction of travel expenditures by strict adherence to policies and integration with travel booking solutions.
Internal controls monitoring- The payback here is in error reductions, efficiency, and risk avoidance. It is cheaper to have the proper controls up front than doing a fraud investigation after the fact. Internal controls monitoring is important because of Sarbanes-Oxley and other compliance directives, but the most important benefit is protecting your business from external risks.
Financial reporting and consolidation- Small businesses often need an easy to use financial package to meet the financial reporting requirements of their lenders. John Brian Fast, CPA, can format your financial reports to fulfill your banker’s requirements.