Starting a business can be exciting and stressful at the same time. You’ll be thrilled about the prospect of being your own boss and making more money, and at same time worried about all the things that you need to take care of to ensure that you don’t fail. One of the biggest things that you will need to get squared away is finances. To give you a better idea of what is available to work with, here are three financial tools for you to consider:
- Keep it simple with Paypal- If you are just starting a small business you probably don’t need to invest too much money into financial software. One of the cheapest solutions is just to use Paypal until you need something better. With Paypal you can send invoices, see your payments sent and received, transfer to a bank account and more. You can even setup a debit account with them so that you can spend the funds in your account without having to transfer them to your bank.
- Move up to QuickBooks- As your company grows you’ll start to need a more powerful solution for handling the finances. One of the most trusted names in the software game is QuickBooks. This software will allow you to do all kinds of specialized things and can really keep your books in order. There is a bit of a learning curve with this product, however, so if you are thinking about purchasing you should set aside some time to learn your away around all of the features. As you get more and more comfortable with the software you’ll see just how powerful it is.
- Hire a professional bookkeeper– One of the best solutions for handling business finances is to hire a professional bookkeeper. When it comes to hiring a bookkeeper you can either get someone to work in house or get a third party company to do it for you. Generally you can save a lot of money if you outsource the work to a company that handles accounting services. They’ll be able to do things for you like setup your payroll, prepare your taxes, and keep track of your billing. A lot of business owners really enjoy this option because it is completely hands-off. They are able to focus on the things that they love to do and that help grow their business, without getting bogged down by the minor details.
Every business is different and will need an individualized solution when it comes to finances. Make sure that you thoroughly consider all of your needs and options before you make a choice as to which route you are going to go.