Putting up a business is all about making money and handling your finances efficiently. Without such concepts, your business could collapse before you even realize it. For that reason, keeping track of the money flow within your facilities is one of the most crucial tasks of all. If you want to know how to keep track of
business expenses the following tips could come in handy
Hire a software developer to address your specific needs
One of the best decisions you can ever make in tracking your business expenses is by hiring a software development company like Redwerk, a global spanning software company that can craft a specific application system tailored to suit your needs.
By stating the exact details about how your envisioned software should look and how it should function as an aid to your day-to-day transactions, your chosen app creator can come up with the appropriate software framework. By then, that custom-designed software should be truly capable of addressing the financial flow of your business.
One of the features that you could explicitly demand from the developer is a function that can connect your bank account to the custom software you want to be built. In this way, the process of moving your income to the bank will be quick and seamless. This would, of course, require a thorough discussion with your chosen bank. Thankfully, it is almost impossible to find a bank today that doesn’t allow online connectivity for its clients.
Hire a spreadsheet-proficient staff
It is said that peopleware is more important than any software. As a smart business owner, you can’t dispute this. That’s why you must hire employees that are proficient with accounting software such as spreadsheet programs. They are present on any computer you could come across. It would be unwise not to utilize them.
Since apps like Excel and Google Sheets are among the most important business apps of all, a selected group of staff must be present within your business to handle and operate them. If hiring new suitable employees that could handle the task is too costly for you, training your existing staff would be a cheaper alternative. Thankfully, spreadsheet programs today are so user-friendly that a few days of training should be good enough already.
Keep a digitized version of all receipts and financial statements
We now live in a fully digital environment. And since paper documents could consume huge physical spaces and not to mention too troublesome to sort and work at, digitizing them would be a very smart move. Using a scanner, or even by photographing them with a standard smartphone, could be converted entirely into computer images that you can store conveniently by the thousands.
Once they are digitized, you can then store and index them in a database where they can be retrieved by just typing in a few keywords. When you do need hard copies for them, you can just print them out for documentary purposes. To make them even more manageable, you can store them as archives by using data compression software that could make them even smaller in file size.
Store your financial records on a cloud storage
In relevance to connecting your financial systems online, here is another imperative tip that you must consider: you should make backup copies of all your finances on a cloud server. Fortunately, this is not a very difficult thing to do since there are online portals that you can freely sign up for to make it happen.
Google Drive is the most famous option for this. Anyone owning a Google account can enjoy up to 15 GB worth of free storage. As your business grows, you will surely need to upgrade to a higher storage capacity. For a small amount of $6 per month, you can avail of a 30 GB capacity. Even if you raise your storage needs further, the ongoing fees will still be very affordable.
Cloud storage truly makes it very convenient for your business to store your financial records because you can retrieve them from literally anywhere as long as web connectivity is available.
Also Read: How To Boost Productivity In Remote Business?
