Technology to Help Manage Cash
To help you manage your business’s cash flow most effectively, use the latest and most appropriate small business accounting software. The most popular one, QuickBooks, is available as downloadable software or as an online tool with an annual contract and monthly payments. There are several versions. You can decide which is appropriate for your business’s needs.
It’s also not the only choice, though it is highly rated and among the most popular when it comes to small business accounting software. Others include “Sage 50” (formerly Peachtree), AccountEdge, and CYMA. You can find reviews here.
Do your homework and read about the features that various products have. Get a sense of what is most appropriate for your situation and your needs––today as well as perhaps a few years from now, if you envision your needs evolving.
Whatever you choose as accounting software, it will take some time initially but once you learn the ropes, expect to have a much easier time tracking your cash flow and handling other small business accounting responsibilities.
When it comes to managing cash, easy access to accurate and up-to-date information will provide enormous benefit in helping you monitor cash inflows and outflows. It will help you target when to expect receivables and when to handle your payables. Web-based cloud accounting is becoming easier to use and more popular.
In addition, consider Software as a Service (SaaS) applications, which are free initially and less costly in monthly fees than traditional accounting software.