Small business owners know that in order to grow, you have to keep an eye on your finances. It is easy to focus on tangible items like keeping to a budget or cutting back on spending, but there are also abstract factors that contribute to economic success.
Using the Latest Software
A company’s financial state is affected by many elements that initially seem to have nothing to do with money. Poor time management, stress, and subsequent errors can be costly items that hurt businesses and undermine other efforts made to strengthen their financial standing. This is why it is important to understand what integration is and how to best leverage it for your small business.
Technology has simplified the way small businesses operate and has made it possible for more people to become entrepreneurs on a shoestring budget. But, as your business grows, so do the complexities of running it. Inefficient time management is costly because many owners spend time on administrative duties that can best be spent actually bringing in money.
Saving Time and Money
Most of the software and apps commonly used for marketing, operations, and bookkeeping all offer seamless integrations that simplify these processes and drastically reduce the time spent on these tasks and increase productivity.
Integration and automation also contribute to success by reducing stress. Running a small business often demands multitasking which leaves owners feeling burned out. While this may not seem like a monetary issue, stressed and overworked people are less efficient and more likely to make mistakes or poor decisions. This can negatively affect your finances regardless of your industry.
What the Surveys Say
Intuit’s 2016 Appification of Small Business Study found that 82% of small businesses are using at least 1 app to run their business. Still, nearly half of the businesses surveyed felt overwhelmed by the flood of apps to choose from as well as their cost. Almost a quarter of businesses that responded to the survey also felt that the apps were too complex and feared they would not have time to learn to use them effectively.
These growing pains are common as technology continues to evolve, but there are ways to avoid the common issues. Choose user friendly apps specifically designed to work with the software you use. For example, if you already use G Suite for your business email and office solution, take advantage of their integrations with Intuit QuickBooks.
What it Costs
As far as cost, there are a few things to consider. While there are many free apps out there, the best ones will usually require a small investment. This is a necessary business expense that will ultimately lead to increased revenue and higher productivity. The benefits far outweigh the cost. To minimize your risk, understand your needs and do research to ensure any apps you purchase are going to help your business succeed.
While there is a bit of a learning curve, app integration is one trend that is definitely worth the effort. Take advantage of tutorials and tech support offered. Remember, once the initial processes are put in place, associated tasks take less time and effort. This means more time spent actually growing your business.
So, where should you start? At a minimum, consider apps that lead to better accounting and bookkeeping, which are two areas that many small business owners consider the most challenging. Integrating these areas will lead to effective invoicing and better cash flow management.
Are you looking to integrate your accounting and bookkeeping, but not sure where to start? Contact Fusion CPA to guide you through the process.
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