When running a business, you want to consider what the best business financial services are. This may not always be the most “fun” part of running a business. But it is crucial that you know your company’s financial situation.
It is imperative that you use the best financial services to grow and manage your business.
Let’s have a look at what the best options are.
The Best Business Financial Services
You need to choose the best financial services for your business. Being able to manage your company’s finances is the best way to ensure your continued growth.
Here’s what we suggest you choose for your business:
One of the basic tenets for a successful small business is bookkeeping. Bookkeeping is the basic record of your company’s finances. This includes keeping track of accounts payable and accounts receivable.
You will be surprised at how many companies may not give importance to bookkeeping. But we encourage you to find a great bookkeeper or bookkeeping software. This will ensure that you keep track of every earning and every expense, no matter how small or trivial it may feel.
Without the foundation of basic bookkeeping, you can have grave consequences toward your company’s financial success.
Accounting is, of course, more than bookkeeping. It also helps you prepare for filing taxes, fulfill other financial obligations, and observe how your company is faring.
You will have to consider many things when running your company. If you wanted to purchase a new gadget you want to make sure it fits your budget. You may also wish to give your employees a raise or see if you can hire more staff.
All of these are financial decisions and you can only know if it is the right time to take them by looking at the accounting. Whether you opt for a software program or hire an accountant, it is imperative that you look at your accounts thoroughly before making any financial decision.
3. Financial Reports
Next, you want to move onto financial reports. These will be reports that display your latest financial information. This will include your revenue for the month, any profit and losses, any expenses, etc.
These financial reports are a simpler way of making financial decisions. It is easier to look at financial reports than to look at a balance sheet. You are able to look at your company’s financial progress month-by-month. You can review your financial reports at the end of the year to evaluate your company’s progress.
4. Invoices and Pay Stubs
Two of the most overlooked financial services include invoices and pay stubs. You should create an invoice template that can be shared with your own contractors.
If you need to hire a contractor to complete a task, you can provide them with an invoice template to prepare their invoices for their work. This template makes it uniform for everyone to understand.
You can also create pay stubs when paying your staff. This will provide a breakdown of how much money they have earned, how many hours they have worked, as well as the pay period. You can also use pay stubs to break down any taxes that have been withheld. This is an important record for both the company and the staff.
5. A Small Business Bank
You should not sign up for any old bank! You need to find a great small business bank to suit your company’s needs.
A small business bank can help your company’s finances grow, be safe, and be invested. Small business banks are suited to give the best experience to a startup or any small company that wishes to grow.
As they offer a boutique service, you will be able to find a small business banker who can speak to your company’s needs directly. This makes the banking experience more personal and your business will flourish because of it.
6. Payment Services
Your company should have multiple ways of receiving payments. The more you have, the more accessible you make your products and services available to your customers.
For more traditional buyers, you should have an option for them to send you a check via mail. Or you can let them call over the phone and provide their credit card information securely.
If you sell your products and services online, you have a plethora of options. You should consider well-known payment authorization services such as PayPal and Stripe. To really branch out, you can accept different types of cryptocurrencies such as Bitcoin as a payment option.
When choosing a payment service, make sure you see how many fees (if any) the payment authorization service takes. Make sure you choose one that is efficient and is used by many small businesses.
7. Cash Account
You will need an account where you (or any authorized representative) can take out cash for the company’s regular expenses.
You should also consider a company credit card or debit card that you can use for spending money from the cash account. For the cash account, you want to use a service that does not have expensive fees – or preferably none at all.
You may also consider a separate accountant or bookkeeper who specifically keeps track of money taken out and put into your company’s cash account.
While checking accounts do not traditionally have interest rates, you should consider if one does. Having an interest rate means that that you can earn on your cash stored – giving you an option to spend more money than needed.
8. Offshore Account
Finally, consider having some of your company’s funds in a bank account overseas. Banks are not always stable and it is always wise to have banks in multiple jurisdictions.
You may wish to do research on offshore banks to see which ones are the best for a small business. If you run into trouble with your local bank, you will automatically have at least one backup with an offshore bank account.
Grow Your Business
Now that you know the best business financial services, you are ready to grow your business.
Check out our other great content on the economy.