Top Menu

5 Benefits of Handling Your Small Business Finances Online

SHARE

Business money management has come a long way since the days of balancing handwritten books. Today, online tools are making it even easier and more efficient for small business owners to handle their finances. Following are just some of the benefits of taking your money management online.

Good Online Finance Tools Are User-Friendly

Business-Finances-Online

Many small businesses don’t have the budgets for dedicated finance teams. These businesses look for finance tools which are intuitive and easy to use, and online applications fit the brief. Some online programs are so user-friendly their creators insist you can master them within minutes with a minimal understanding of financial matters.

When you buy software offline, once you lay your money down you’re stuck with it. However, online delivery allows many finance providers to offer product trials. For example, online payroll program Gusto offers a two-month free trial. This allows plenty of time for you to use the product, risk-free, before deciding whether it will work for your business.

Good Online Finance Tools Are Accurate

If you don’t have a mathematical or accounting background, it’s easy to come up with the wrong results. Online finance tools remove the guesswork. They guide you through the money management process, asking simple questions to obtain the information required to provide an accurate assessment of your business finances. If math isn’t your strong suit, the accuracy that online finance tools provide offers real peace of mind.

Advanced online applications won’t only tell you what’s happening with your money now, they’ll also analyze your financial situation and predict how your business’s finances will look in the future. This sort of accurate analysis requires a more detailed understanding of finance than many small business owners possess.

Good Online Finance Tools Are Efficient

Time is money is the business world, so solutions that streamline your processes are always welcome. Many online finance products automate processes like paying bills or generating reports, leaving you free to focus on more important matters.

A number of online finance products also integrate with one another for further efficiency. When your payroll program works with your expense tracker and your accounting software, for example, you only need to enter transactions once.

The programs sync up so the right information is in all the places it needs to be, without any extra work from you. When you’re using integrated programs, corrections are also updated across them. Don’t worry about creating a brand new report if you find you’ve entered an expense incorrectly; your online software can handle it.

Good Online Finance Tools Are Secure

Many people don’t adopt online finance tools because they’re worried about security. However, they don’t realize online finance programs and apps typically have some of the best security you’ll find on the Internet. The creators of this software understand that their customers share sensitive information with them, so keeping it safe is their utmost concern.

For example, many cloud accounting tools use high-grade 256-bit encryption, the industry standard used in Internet banking, as well as password protection and SSL certificates. Credible finance tools, like online bookkeeping software from Sage, are simple to use but have numerous security measures they take to keep your sensitive financial details away from prying eyes.

Good Online Finance Tools are Accessible Anywhere

As a modern small business owner, you’re not confined to the office. You may be working from home, having off-site meetings, or traveling to spread the word of your business endeavors. Since you’re not always near your desk, it makes sense to choose finance tools that are accessible on more devices than just your computer.

Many online finance tools offer companion apps so you can access up-to-date information about your money from your smartphone or tablet. This gives you the freedom to stay abreast of your business’s finances anywhere there’s a Wi-Fi connection.

Online software and apps have a number of key advantages for small business owners. For all these reasons, it’s worth modernizing your business practices and taking your money management online.

Designed by Vishal Gaikar