This is a list of resources that can help small business owners get the financial side of their business set up. I will be continually updating and adding to this list as time goes on.
All small businesses need a handful of items and software to help keep things in order:
- Separate bank account(s) – Doesn’t have to be an actual business account, but you should have a separate account for JUST business transactions.
- Point of Sale software – A way to accept payments from customers/clients. Most of these charge nominal fees depending on the payment type (ACH, credit card swipe, manual credit card entry).
- Expense tracking – A way to track all business-related expense transactions. These will show up on your bank account, but you need a way to categorize them based on tax expense categories. This could be done with something as simple as a spreadsheet, it just needs to categorize all the money leaving your business checking account.
- Budgeting – This is to help you stay on track financially. Make sure that you always have enough money to cover monthly expenses as well as to pay yourself.
Software Suggestions:
For Services and Appointment Based Businesses
Vagaro – Salon, Spa & Fitness Softare
Includes Calendar, online booking, notifications, customer tracking, marketing, reports and payroll, website builder (small additional monthly fee), payment processing, and mobile apps.
https://sales.vagaro.com/pricing
At the date of this post, one employee/user starts at $25/month.
Wave Apps – Free Accounting software
Send invoices, connect your bank/financial account(s), track expenses, produce financial reports. There is a fee for accepting payments. Not as robust as Quickbooks Online but more budget friendly especially for businesses just getting started.
Quickbooks Online – Accounting software that we use in our firm
Full accounting system software, easy to add your accountant as a user, does have a monthly fee depending on your subscription type.
Sign up for Quickbooks Online.
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