There are several steps you can take to make sure your small business finances stay on track. A good place to start is to hire a part-time CFO, use an automated invoicing system, or find an online expense management solution. You can also consider using term loans to cover some of your costs.
Term loans are a good choice
Term loans are a great way for small businesses to get the cash they need. This type of funding can provide businesses with the money they need to purchase expensive equipment, build a new building, or pay off existing debt.
While it is possible to apply for a term loan from a bank, it is a good idea to consider an online lender. These lenders may have a looser qualification process, and can sometimes offer faster approval times than traditional banks. Moreover, they can often provide multiple offers on a single application.
The best way to determine if a term loan is a good fit is to compare the benefits and the costs of borrowing. While interest rates can tell you a lot about a loan, the total cost can be just as important.
The benefits of borrowing a term loan are the ability to manage your cash flow more easily, and the flexibility to pay off the loan over time. In addition, it can help your business gain valuable business credit.
Automated invoicing system
A good automated invoicing system for small businesses can save time, reduce costs, and improve cash flow. It also ensures that data is gathered and entered accurately. Invoices can be sent in seconds, and payment reminders can be set up to remind customers to make payments.
Automated invoicing systems for small businesses can store invoices in the cloud. This allows users to access and update information from anywhere. The software can also generate early payment discounts. They can even offer an online payment portal for customers to pay through.
Invoices can be scheduled to be sent on a weekly, monthly, or quarterly basis. This helps avoid late invoices that interrupt incoming supplies and services. PaySimple also features automatic receipts for outstanding invoices. These can be sent as a PDF or a link.
Payments can be automatically credited to the account, and recurring invoices are often automatically generated for flat fee projects. Customers can even sign up for a branded customer portal, which provides a secure payment experience.
Online expense management system
Online expense management systems can help small businesses manage their finances. In addition to helping reduce costs, they can increase profits. Expense management software can help streamline and simplify the process, and can also help identify and mitigate rules and policy violations.
With an effective expense management system, your employees will know how their expenses are allocated. This will ensure that employees get the proper reimbursement for their activities. Furthermore, you can monitor your employees’ expenditures and improve workforce management.
If you aren’t already using an online expense management system, you may want to consider switching. You can choose from a variety of applications, and you will need to do your research before deciding which one to choose.
FreshBooks is an excellent example of a cloud-based, small business-friendly accounting solution. It provides a user-friendly dashboard that makes collection of and submitting expenses simple. They even provide a free version to try. The company also makes it easy to customize their look.
Hire a part-time CFO
Hiring a part-time CFO is a great way to help your small business grow. You can also use this professional to help you set up your financial system, keep your cash flow in check, and monitor key performance indicators. With this experience, you can make your company’s finances work for you.
Small businesses often lack the resources to hire a full-time CFO. However, they don’t necessarily need to. A part-time controller can provide the same benefits at a fraction of the cost. These professionals can take the time to train your accounting team and ensure that your financial operations are in order.
When you decide to use a part-time CFO, it is important to be sure that you are hiring someone who is passionate about working. You want a professional who can be trusted to provide reliable financial advice. In addition, you need to hire a person who can communicate well in an emergency. If you hire a CFO who doesn’t care, it’s not going to benefit your company.