With a plethora of concerns to consider when setting up a small business, entrepreneurs must attempt to deal with the simplest problems first. The potential overload of worrying about a hundred different things can slowly but surely exhaust small business owners and create the conditions for failure if left untreated.
Many of the most fundamental yet simple solutions to address – like payment processing and financial accounting – have to be handled before the doors even open. For any small business preparing to open its doors to the public, dealing with these concerns will help clear the way for handling other, bigger challenges in the coming months.
Let’s take a look at which areas and services any small business must consider for optimal payment processing and accounting success.
Setting Up an Online Banking Solution
Any small business likely already has one or more bank accounts set up before their doors open. However, configuring these bank accounts to work in conjunction with one another and be accessible from anywhere is a different story.
Online banking platforms are offered as a standard feature by many banks, but solutions that can incorporate all your business accounts under one login can make accounting and business transactions easier. As outlined by moneyplate.com, these all-in-one solutions can be used to transfer funds between accounts, easily track expenditures, and deal with any other financial needs.
Obtaining a Simple Payment Processor
For small businesses, historically speaking, obtaining a payment processor with competitive rates, no minimums, and ample flexibility was practically out of the question. As technology continues to reshape the face of business, however, plenty of new options have emerged.
Payment processors such as PayPal and Square now offer free card readers that can be used with any mobile or desktop device. Simply swipe a debit or credit card and you can accept payments directly to any desired bank account. Best of all, these highly-mobile solutions also offer rates comparable to that of major payment processors – but without the huge monthly fees and expensive equipment.
Finding Accounting Services
While some small business owners handle all of the accounting and day-to-day itemizing for their businesses, it is ideal to procure professional assistance for these tasks. Thankfully, small businesses now have an unprecedented number of low-cost accounting options available that can make the process stress-free.
Services such as Xendoo, Xero, Bookkeeper and Bookly all provide various levels of accounting assistance depending on your exact needs and price range. With such a service, you’ll be able to track profits, keep receipts organized and be prepared for tax time each year without any stress on your part. If this sounds like a service your small business could use, then click here to learn more about these services.
Ultimately, many small businesses fail. In most cases, it comes down to whether finances are managed and organized properly. Through the use and simplification of bank accounts, payment processing services and accounting options, your small business can ensure its financial options are streamlined. This, in turn, will give you the ability to more effectively focus on growing and promoting your small business.