There are small business financing resources to help you start your business but if you don’t know where to go start here with these resources.

Government Small Business Loans – Visit or call your local business library or government agency. You can apply on a local, state, and federal level to get the money you need to commence and grow your business.

You could get a small micro loan, disaster relief loan to rebuild your business from a natural disaster or a simple short term lending loan. You might even be able to get a loan based on your geography!

Veteran Loans – For those who have served in the armed forces, you may be eligible for a veteran loan to use on your small business. Check with your local veteran’s chapter to apply and see if you qualify for a loan and how much you might be able to get to use on your business.

Small Business Loans – The Small Business Administration is a nationwide operation. They are located in all states and offers small business loans and resources to those who qualify. The Small business administration deals through private financial institutions, to help you get low interest loans. In addition they have all types of resources you can tap into and you should. They have available online resources you can tap into to help you with your business, live training, free consulting, etccc You definitely have to go pay them a visit online or in person.

USDA – For those involved in produce and working the land for food purposes to be resold, in the agricultural industry, then you may qualify for a small business loan. Check out the USDA website to find all of the information you need about their small business loans and what information they need when you apply.

Women – Being a women in business or trying to start a business does not mean you have to do it alone, in fact women are responsible for a large percentage of small businesses that are in operation. There are many small business loans that cater to owners who are women. Some are offered through your state while others are offered through small business corporations, organizations and non-profits.

Minorities – For those whom are considered a minority, there are all types of programs to help you start your business. There are some small business loans provided to qualifying minority groups. The MBDA works with minority groups and evaluates their situation to determine if they can apply for a small business loan. They also offer many tips and resources to help you get started with your business venture.

Grants – The business library in your local area is an excellent area to start to tap into the grants available through the government, corporations, non-profits, and other organizations. This type of money is called free money to some. This is money that doesn’t have to be paid back, but with some grants, there are specific regulations on how the funds can be spent.

Research thoroughly all the various many small financing business financing resources available for almost any situation. Make sure you check out all of your options to see which resource will work best for your business needs.

[email protected]

Read the rest of this entry »


There is both good news and bad news when it comes to the level of small business financial literacy possessed by the average Canadian small business owner. The results of a recent small business financial literacy quiz conducted by Intuit Canada show that more than 8 out of 10 respondents failed to achieve a score of “good or basic knowledge” or better. Nearly half of these respondents revealed “well below basic knowledge.”

Put another way, only 17 percent of respondents achieved a score of “very good knowledge” or better, and only 2% said they have “great knowledge.” The quiz consisted of 10 questions about business financial fundamentals, such as what is the role of the balance sheet and how can short-term cash flow be improved?

What’s the Good News?

That’s the bad news. The good news is that a majority of the respondents said they understand that financial management is important to the success of their business and they need to start closing the “knowledge gap.” Specifically:

  • 42 percent said they wanted to spend more time with an accountant.
  • 24 percent said they would benefit from information sessions with other small business owners.
  • 22 percent said they would benefit from online tutorials.

The study indicates that small business owners’ use of financial literacy tools and resources increases their financial management confidence. Three-quarters of respondents who use financial software are confident that they have a good knowledge of accounting principles. Only 16 percent of respondents who rely on their own financial knowledge expressed this same level of confidence.

Up Close and Personal

In our position as small business financial consultants, we see the reality of these statistics up close and personal every day. Most entrepreneurs start businesses because they have particular talents or skills when it comes to manufacturing and delivering a product or providing a professional service – not because they are financial experts. However, they quickly learn that a good level of financial knowledge is very important to achieving success.

It’s not uncommon for an entrepreneur to have a great business idea or product, a strong distribution system and/or sales force, a crack customer service team and raving customer reviews – only to fail because it suffered from poor cash flow.

You’ve probably heard it said before that “cash flow is the lifeblood of a business” and it’s true. Companies can often withstand short-term periods of slow sales, and even unprofitability, but a lack of cash flow can prove fatal – even to companies with strong sales and high profits.

Cash Flow Solutions

If your company is suffering from poor cash flow, you owe it to yourself to speak with a small business financial consultant willing to sit down with you and help analyze your situation and suggest solutions. Often, these involve asset-based lending (ABL) solutions like factoring and accounts receivable (A/R) financing.

A full-service factoring company will purchase selected receivables on an ongoing basis for a small discount to provide immediate cash flow for your business. This form of financing is widely used around the world – credit card companies are essentially doing the same thing. The elimination of a “receivables lag” can mean the difference between success and failure for businesses with a lack of working capital, or those that are operating with long or unreliable cash conversion cycles.

An A/R financing company will lend to a business based on the total value of its eligible receivables. There is a subtle but important difference between this and factoring receivables outright: With A/R financing, the receivables become the primary collateral, a workable advance rate is established, and the company is able to call upon funds based on the “borrowing base” of eligible receivables.

Many business owners fail to seriously consider these two options because they are unaware of how they work. They don’t realize how quick and easy it is to qualify, or the many advantages of these options over traditional financing. And many think they are simply too expensive but fail to ask themselves, “Compared to what?” The result of doing nothing is sometimes the loss of the business or bankruptcy.

Don’t Be a Statistic

Statistics indicate how hard it is to be a successful Canadian small business: While 85 percent of Canadian small businesses make it through the first year, only 51 percent are still around after five years. How many of these failures could have been prevented with a bit of knowledge and a stronger grasp of business financial management?

If you own a business or know someone who does, you are in a position to alter the statistics directly. Start by learning about or improving your knowledge of alternative financing solutions. The success or failure of many Canadian small businesses may depend on it.

Read the rest of this entry »


Looking for business financing generally refers to entrepreneurs searching for funding resources for a business. Businesses need capital for start-up and operating expenses, and many financial institutions provide loan programs to fulfill that need.

When looking for business financing, most entrepreneurs go to the Small Business Administration (SBA) first. This government agency supplies funding to business that employ fewer than one hundred workers and that have been denied by traditional lenders, such as banks. Their most common loan program is the 7(a) loan, which guarantees a certain percentage of a loan provided by a traditional lender. The loan requirements for start-up and existing businesses differ somewhat, but both require applicants to supply personal and business financial documents along with a written business plan. If a business meets the criteria for a 7(a) loan, it can download and print the application available on the SBA’s website to give to a lender who participates in the SBA’s guaranty program.

Existing businesses looking for immediate business financing usually turn to factoring. With factoring, a business sells its accounts receivables to another company, known as a factor. Most factors require businesses to process credit cards and to have been doing so for a certain length of time, usually three to twelve months. Once approved, the factor collects the payments on the accounts from the business’s clients until the funds are repaid. Factoring is not considered a loan; therefore, no debt is incurred on the balance sheet.

Looking for business funding refers to entrepreneurs who are searching for ways to fund a small business. Funding is needed for start-up and operating expenses. Many lenders provide specialized loan programs to assist small business owners in starting and maintaining their business.

A majority of entrepreneurs go to the Small Business Administration (SBA) when looking for business funding. This government agency provides loans to small businesses that employ fewer than one hundred workers and that have been denied by traditional lenders, such as commercial banks. Their most common loan is the 7(a) loan. The application requirements for start-up and existing business differ, but both require certain financial documents and a business plan. Certain variations of this loan may require additional documentation. To apply for the 7(a) loan, applicants should collect all needed documents and take them to a lender who participates in the SBA guaranty program. With this program, the SBA will guaranty a certain percentage of a small business loan in order to alleviate the lender from unnecessary risk.

Another source to consider when looking for business funding is a private investor. A private investor will contribute large sums of capital to a business in exchange for a portion of the profits. The best way to attract potential investors is to have a well-written, feasible business plan. Before an investor contributes any capital, it’s best to make sure that he or she is providing equity, not debt. Debt means the investor expects the business to repay all or part of the given capital.

Read the rest of this entry »


The  business  model for  financial  advisors serving individuals and families has evolved over the past 35 years but clients have now made it clear what they prefer and a definitive  business  model has now emerged. When most “ financial  advisors” first entered this  business  in the 1980s, and prior, as an advisor to individual clients, what we call “retail clients,” the role was more or less a sales position. For many  financial  advisors it still is a sales position, but a superior client-driven  business  model now exists. Back in the 1980s many “ financial  advisors sold investment securities for commissions. Others in may have sold insurance products or various services such as tax preparation or estate planning legal services, but things were very fragmented for the client. An affluent client typically had to build their own team.

By the 1990s many  financial  advisors become interested in  financial  planning as a service. So we saw many advisors pulling their clients  financial  affairs together through  financial  planning, but most were still compensated by commissions. What most advisors didn’t realize was that charging a client a percentage of their “assets under management” (AUM) was actually a form of “commission.” Charging for AUM implied that you would only advise, or were only compensated to care about, those assets for which you were charging your fee. Often left out of the conversation were local bank accounts, which were frequently quite large, as well as investment accounts managed by others, real estate investments as well as variable insurance products which other advisors had put in place for a client. Seldom did these disparate advisors for a client speak to each other or coordinate issues.

By the year 2000, a select category of high-end fiancial advisor recognized this coordination problem and began insisting upon establishing a comprehensive written lifetime  financial  strategy for every client. These select  financial  advisors realized that to begin comprehensively coordinating a client’s personal  financial  affairs there was significantly more time and work involved. To many advisors it became clear that “if we are going to offer a whole lot more value to each client we will only be able to serve a few clients.” To do it right, we came to believe that one advisor could properly serve a community of less than 100 Ideal Clients. The obvious solution was, and is, for an advisor to establish an exacting Ideal Client Profile, along with a substantially increased fee for service. A fee completely disconnected from any form of product sales, and no longer selling “Assets Under Management” money management services. As we observed these select advisors’ revenues rapidly soar so we began researching what the affluent really wanted from a  financial  advisor relationship. By 2010 the definitive model became quite clear and it’s a paradigm shift from the past models.

Today,  financial  advisors can still select the  business  model they prefer and not every client wants the same thing, but for affluent Potential Ideal Clients a preferred business model is now evident. As the number of affluent Potential Ideal Clients is growing every day and you contemplate your future  business  model consider what “the affluent” are hoping for today in their relationship with a  financial  advisor.

Simply stated, the new paradigm is an advisor who is “on top of everything all the time.” A highly proactive advisor who seems to be “ahead” of every issue, and fully understands each client’s perspective. An Advisor who can, and does, represent a client before others and attends every  financial  meeting with other  financial  professionals. An advisor who has no ulterior motives, earns nothing from products, and discloses every potential “conflict of interest.” Proffers a culture of complete transparency when it comes to how everyone involved with a client is being paid. Finally, the affluent of today value a  financial  advisor who is willing to coordinate everything. Rather than coordinating pieces & parts, this is an advisor who coordinates all personal  financial  affairs, including, and especially, the other  financial  people (accountants, lawyers,  financial  planner, money managers, insurance people, etc., etc.). An advisor who recognizes that the greatest value provided is the time being saved for an Ideal Client who has other things to attend to which matter more than money.

Be prepared, many affluent do not even believe advisors like this exist and have a hard time believing they could ever find an advisor who is both able & willing to effectively provide this type of relationship at any price. So you’ll have some convincing to do. Unfortunately many Potential Ideal Clients have likely encountered advisors in the past who have offered (promised) many of these things, but in the end, did not deliver. So if you jump into this river be prepared to fully deliver or perish. Affluent clients are smart and quickly discover the truth; but in the end this model is quite simple and elegant. Luckily, this new paradigm-shifting model is as much an attitude as it is a process. There’s no software required for your client to know and feel you’re protecting them, paying attention, coordinating everything and are exposing every potential conflict.

Potential Ideal Clients are willing to pay a substantial flat fee for this Comprehensive  Financial  Service if, and this is a big ‘if,” they are convinced all of these elements are in place and you can “deliver.” What if you had 75 Ideal Clients each compensating you $50,000 per year for you to coordinate their personal  financial  affairs, to get their “ financial  house” in perfect order, and keep it that way forever? If that appeals to you, then you should consider this “category killing” paradigm-shifting  business  model since, at present, most  financial  advisors are neither able nor willing to enter into a client relationship like this. The opportunity is enormous

Read the rest of this entry »


A thorough review and analysis of your  business  will allow you to optimize your current  financial  situation as well as prepare for the future. Below are some tips to help you take a closer look at your overall  business ,  financial  and tax situation.

1. Bank Accounts

Review your outstanding cheques and write off any cheques that have not been cashed for 6 months, as they are no longer valid (unfortunately banks often tend to screw this up, but chances are that somebody who has not cashed a cheque has either lost it or is dead). Assuming your bank accounts have been reconciled, this will add to your available cash balance (sort of like a Christmas bonus).

2. Accounts Receivable

This is a good time to thoroughly review customer receivables and write off uncollectible amounts. In addition to cleaning up your list (who doesn’t like cleaning?), this will help reduce your taxes payable as the write off is reflected as a bad debt expense. Amounts should be submitted to a collection agency and in the event that you ultimately collect the amounts you can show it as a bad debt recovery. This is also reduces stress levels as you don’t have to see the names of the deadbeats when you are reviewing the list in the new year.

3. Inventory

Similarly all items in inventory should be reviewed and older and/or obsolescent items should either be written off or reduced to the amount that you think they are worth. If you have a bunch of VHS tapes lying around, you can probably safely write these down to $0. By reflecting a loss on your inventory you will reduce your tax liability.

4. Fixed Assets

Take a cold hard look at your business fixed assets i.e. computers, furniture, equipment etc and get rid of anything that is reflected on your books but you are no longer using (do you really need that 5 year old laptop?). This will allow you claim a terminal loss as long as the proceeds do not exceed the net book value. And less clutter can go a long way to improving productivity.

5. Credit Cards/Line of Credit:

If cash flow allows this is the perfect time to pay down all your credit cards (in all honesty any time is a perfect time to pay down credit cards). This will help reduce interest paid on outstanding balances which is often excessive due to ridiculous interest rates. If you are not able to pay down your credit cards, you should consider speaking to your bank about getting a line of credit. Interest rates are usually significantly lower and can lead to substantial savings.

6. Bonuses

If the net income of your business exceeds $500,000, you should consider paying yourself or family members (who are of course employees) a bonus for the excess amount. This will allow you to take advantage of the small business deduction that applies to Canadian Corporations with net income less than $500,000. It is also a good time to pay other bonuses to reduce your taxable income rather than deferring them to the New Year. And it makes for happy employees.

7. Computer Hardware

If you have excess cash and are just itching to use it, you should consider purchasing a new computer or electronic data processing system. Since this is 100% deductible to the end of February, 2011 it can greatly reduce your taxes payable.

8. Accounting/Filing:

This is the fun time of year where you get to put all your receipts, bills, invoices and expenses in order. If you receive electronic documents you should either print them or save them in an organized fashion in an accounting folder. Organize all your receipts by category eg. telephone, insurance, gas, food etc. Also ensure that you have all your business bank statements for the year. If you do not use an accounting software for your sales, your accountant will greatly appreciate a sales summary, preferably in excel.

9.  Financial  Statement Analysis

Your  financial  statements are your report card for your  business  and let you know how you have done. Take a look at how much you sold, and how much it cost you to sell it. Assess if you are spending too much or not enough, and if you are you charging your clients or customers enough (or possibly too much?). The same goes for suppliers. You can also take this time to see if another cell phone provider will gouge you less or if you can get a better deal with your insurance provider. Service providers will often reduce rates with a simple phone call and a mild threat. As an aside, if you do threaten to leave, however, always makes sure you have a backup.

10. Budget

Once everything is order, you should start planning for next year by preparing a budget which will allow you to assess your cash flow requirements and estimate your profitability.

As we (and our mothers) invariably wonder where the year went, and gear up for the holidays, this is a great time to organize your business finances, reflect upon (and pat yourself on the back for) your accomplishments, learn from your mistakes and prepare for next year.

Read the rest of this entry »


Balance Sheet

A balance sheet is simply a list of all the balance of the assets and

the liabilities and the investments of the business. In a traditional

way the assets are shown on the left-hand side of the page and

liabilities on the right-hand side of the page. There are always two

aspects to every event, which enable the balance sheet to balance;

this is because the balance sheet is actually constructed from the

accounting equation.

There are numerous problems inherent in the balance sheet presentation

and may cause difficulty in analysis. First, most assets are valued at

cost; thus, one cannot determine the market value or replacement cost

of many assets and should not assume that their balance sheet value

approximates this current valuation. Secondly, varying methods are

used for valuation of assets both in short and long-term asset

valuation. A third and different type of problems exists in that not

all items of value to the firm are included as assets. For example,

such characteristics as good employees, outstanding management, and a

well-chosen location do not appear on the balance sheet. In the same

vein, liabilities relate to pensions and contingencies may also appear

on the balance sheet. These problems do not make statement analysis

impossible. They merely imply that qualitative judgement must be

applied to quantitative ratio and trend analyses, in order to

incorporate the impact of these problem areas.

Profit & Loss statement

This is a statement that records the income of the business (whether

all received or not), as well as the expenses of the business (whether

all paid or not). It determines what the profit or the loss of the

operation is for a particular period, by deducting all costs from


The problem with the P&L is that at the end of the year the profit is

not actually cash. This is because parts of the profit & loss account

are made up by assumptions.

Cash-flow statement

Unlike the P&L the cashflow statement has nothing to do with income

and expenses, but has everything to do with cash flowing in and out of

the business. Cashflow has nothing to do with profit; they are two

different types of concepts. Cashflow is mainly concerned with cash

balance at the end of a particular period, for example every month.

There is an argument that cashflow statements are more useful then the

other two  financial  statements (Balance sheet and Profit & Loss). I

can understand why a person may argue that; this is due to numerous

reasons, such as:

A P&L statement may show a positive figure at the end of a

particular period, but that does not mean the business has made a

profit in terms of cash due to the fact that parts of the P&L account

is made up by assumptions. For example, the business is assuming that

they have paid insurance, when they haven’t. But in the P&L account it

will show that the business has paid the insurance, hence the profit

figure will be different. Where as in the cashflow statement, the

transaction is recorded after the event has taken place. The bottom

line is that, regardless of the transaction taking place or not the

P&L statement will state that the transaction has or will take place.

Like the P&L statement, the balance sheet also makes assumptions.

For example, as discussed earlier, assets are valued at cost, and one

may not be able to determine the value of the assets in the future,

hence assumptions are made for valuation of assets.

Unlike the P&L and balance sheet, the cashflow statement intended’s

to include information that represent an adequate picture of the

 business’s  liquidity and  financial  adaptability.

The balance sheet and the P&L are used to assess the  financial 

situation of the  business  but this may be misleading due to only parts

of the  financial  activities are recorded, where as the cashflow

statement presents the reader with additional information that can be


As both balance sheet and P&L statements use the accruals concept it

is difficult for the user of the accounts to investigate whether a

business has a good cash management system, which is very important to

the success of the entity.

It may be that the cashflow statement presents transactions that have

occurred, compared with the P&L and the balance sheet where

transactions are assumed to take place. It is better to use all

statements together to present a fuller picture of the business to the

user of the accounts. Like the P&L and balance sheet, the cashflow

statement has few deficiencies. For example, cash can be manipulated,

as a business you are bound to juggle around with payments if there is

a problem in order to make the cashflow available, and therefore

manipulation can take place. Also the technical side of cashflow

statements has room for improvement. The requirements to include both

receipts and payments under the same heading frequently results in a

statement which is riddled with brackets and therefore difficult to


Read the rest of this entry »

Business Finance Software


  Business  finance software is fast gaining popularity, especially in computerized  financial  planning systems. At the heart of a computerized  financial  planning system is a model that specifies the relationships relevant to the firm. A computerized  financial  planning system helps in preparing proforma  financial  statements, estimating the requirement of external funds, and calculating a variety of ratios. Such a system naturally offers a number of advantages. Once the model has been developed, the tedium of manual computations is eliminated with the help of business finance software. The circularity problem is easily tackled as the computer can quickly perform the required iterations. Finally, business finance software can be employed very conveniently to perform sensitivity analysis.

Thanks to the above advantages, the computerized  financial  planning system strengthens the firm’s planning ability. However, there is a potential disadvantage associated with it that may be overlooked. The ease that computations can be performed with the help of business finance software and forecasts generated may result in misdirected efforts. A large quantity of low-quality predictions may be churned out creating confusion and on the part of management. Quality may be sacrificed to quantity. To guard against this danger, greater thought should be given to the scenarios evaluated and the quality of analysis when using business finance software.

With electronic data processing, it is possible to handle large amounts of data and to make information available to a large number of people. Thus, one can obtain, analyze and organize timely data quite inexpensively by using business finance software. But it must never be forgotten that data is not necessarily information. Information must inform someone. With the help of business finance software, you can use computer graphics. It can inform visually, displaying important company information. Managers can now quickly display a colored map showing their competitive picture instead of computer printouts for information.

Read the rest of this entry »

International Business Finance


Many firms are interested in investing and seeking finance from foreign sources and exporting goods and services to foreign countries. Overseas involvement of firms is increasing, and this trend is expected to continue. This has been stimulated by a variety of forces. First is the change in the international monetary system from a fairly predictable system of exchange to a flexible and volatile system of exchange. Second is, emergence of new institutions and markets, particularly the Eurocurrency markets, and a greater need for international financial intermediation.

In 1971, the US dollar was unlinked from gold or allowed to “float”. This brought about a dramatic change in the international monetary system. The system of fixed exchange rates where devaluations and revaluations occurred only very rarely, gave way to a system of floating exchange rates.

The distinguishing characteristics of international business finance are multiple currencies, differential taxation and barriers to financial flows. Of these, the multiple currency factor and the attendant issue of exchange rates has received considerable attention, particularly in recent years. An exchange rate represents the relationship between two currencies.

The procedure for evaluating a foreign investment in international business finance consists of identification of cash flows, choice of an appropriate discount rate and determination of net present value. Foreign investments generally involve higher risk, which arises from factor like changes in currency value, discriminatory treatment of a foreign company and threat of expropriation. Risk stemming from fluctuations in exchange rate looms constantly on the horizon of foreign investment. In addition, a foreign investment is subject to discriminatory treatment and selective control in various forms motivated mainly by political considerations. Finally, the threat of expropriation without adequate compensation may exist, particularly in countries where radical nationalistic sentiments are strong. In view of the higher risk associated with foreign investment, a firm contemplating foreign investment would naturally expect a higher rate of return.

Read the rest of this entry »

Are You Looking For Business Finance?


Looking for business finance usually refers to entrepreneurs searching for funding sources for their business. Funding is needed for the start-up and operating expenses of a business, and there are many financial institutions that provide capital to small businesses.

The first place many business owners consider when looking for business finance is the Small Business Administration (SBA). This government agency provides loans to business that employ fewer than one hundred employees and that have been denied by traditional lenders. The requirements for start-up and existing businesses differ, but both require a business plan in order to apply. While the SBA does not provide loans itself, it does have a guaranty program that secures a certain percentage of small business loans to reduce a lender’s risk. To apply for an SBA loan, qualified applicants must take the needed documents to a participating lender. The loan terms may vary by lender, type of loan, and the applicant’s financial history.

When existing companies are looking for business finance for short-term working capital, they can opt for factoring. Factoring allows a business to sell its accounts receivables to another company to receive immediate funding. In order to factor, a business must process credit card orders. Once approved, the factoring company will collect payments from the accounts until the funds are replenished. Because factoring is not considered a loan, businesses do not incur any debt on the balance sheet.

Individuals looking for business financial are usually referring to information related to the finances of a business. There are many print and online resources available to entrepreneurs related to funding information and financial management advice.

Most entrepreneurs looking for business financial information are searching for ways to fund their businesses. Commercial banks, the Small Business Administration, and non-traditional financial companies offer loans and other funding options. Most lenders require applicants to supply personal and business financial documents, credit reports, and a written business plan in order to be considered for funding. The funding amounts and any interest rates or fees related to a financing option vary by provider, type of funding, and by the applicant’s credit history.

Many financial companies also provide information on business financial management. Lenders may provide online websites that allow individuals to track loan payments and learn about other relevant financial options that may be available. These lenders may also offer financial counseling for business owners with poor credit histories. Other websites allow entrepreneurs to access up-to-date business news, management tips and strategies, glossaries, and business laws. Individuals may be able to access stock reports, buy and sell shares, and learn about the latest stock exchange news. Some websites also offer forums that let business owners connect to others for opinions, advice, and experience dealing with a specific business matter or industry.

Read the rest of this entry »

What Is Small Business Finance Software?


One of the best ways of staying organized and being ahead of the game in your business is the ability to track your books. Small business finance software can help you do just that!   Financial  software is a term used for a collection of programs that help you to manage the  financial  records of your  business . These programs aid in managing the flow of transactions such as inventory, accounting, payroll, taxes, etc. In addition, to keeping tabs on your  business   financials ,  financial  software for small  business  ensures that you comply with IRS regulations. It also helps to simplify your life by making those “daunting” accounting tasks less stressful. Additionally, you as the  business  owner are able to always have  financial  information at your fingertips in real time. This means that you ‘re constantly in the know of what’s happening in your business by staying abreast of the money that’s flowing in and out of your business.

The types of  financial  management software at your disposal are plentiful. Below is a list of the most common  financial  programs used in smaller enterprises:

Small business accounting software – a business management tool which keeps record of all accounting transactions. Provides the ability to manage invoices, bookkeeping, accounts receivables, accounts payables, inventory, payroll,  financial  reporting, all in one program. Some even have the capability of business budgeting and cash flow management as well.

Small  business  bookkeeping software – is software that helps you to effectively manage the  financial  tasks that you would perform in your  business  every day. This includes data entry of cash receipts, invoices to pay, sales and expenses tracking, banking and credit card transactions. Some provide the functionality of integration with your current accounting software.

Small business payroll software – provides the ability to manage employee payroll services. You can manage hours, taxes, tax compliance, direct deposit of employees’ pay and much more. Many can be integrated with your accounting programs.

Online Accounting Programs – provides the same functionality as other accounting programs, but in a secured web-based environment.

Small business tax software – software used for preparing and filing small business taxes. The more updated tax programs have step by step instructions and ask appropriate questions to ensure that you take advantage of every business tax deduction. Some also provide the functionality to incorporate your personal taxes.

 Financial  Software downloads – download software from the internet that will help in managing the finances of your  business . Some are free and some are reasonably priced.

Consider simplifying your business finance and your life with small business finance software. You can save money, time, and frustration by moving to an automated  financial  management process utilizing software.

Read the rest of this entry »