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Blog Post- Track Your Dollars Using Digital Accounting Tools
City of Burlington
Economic Development Department
February 7, 2022
Track Your Dollars Using Digital Accounting Tools
The United States Black Chamber of Commerce hosted an event for business owners to learn how to track their dollars with automated tools. Erik Zhou and Brandon Sidney of Brex, a company that strives to empower business owners to reach their full potential by handling processes and procedures of financial planning, presented on the various tools and resources to track revenue. Automating bookkeeping with technology is an efficient and effective way to ensure you keep proper records in the digital age.
The proper use of accounting in business improves the process of money management to make projections for future growth and expansion, maximize profit, and eliminate nonessential spending. With the right system in place, entrepreneurs will be ready for tax season with a greater awareness of their financial standing to make more informed business decisions.
The five-step process to enhance your accounting measures are listed below:
1 – Define Your Process
You can find a technology solution for almost anything related to your books and record, but make sure they work for you and your specific business.
2 - Revenue and receipts
Receipt capture for revenue is essential. It’s critical to track sales and cash flow daily. Leverage general or industry specific software to do the heavy lifting. Listed below are the most popular software applications for tracking expenses and revenues.
- Quick books: lots of integrations for collecting payments
- Bill.com: great for virtual businesses, input invoices
3 – Expenses and Payments
Reduce manual entry by automating invoice capture and payments.
- Brex provides two financial services, making or receiving payments: tracking cash flow
- Cash that goes out the door quick books can track, and you can specify the charge
Seek out systems and solutions that integrate with each other. Find a corporate card solution that allows for automatic receipt match and accounting entry into your record keeping system of choice. Look at the integrations page for the bookkeeping solutions. “Cash is king.” Understand every dollar!
4 - Consider outsourcing your accounting to a cost effective remote service.
Here are some online services that can do books and records remotely.
- My start up
- Courtesy accounting services, PLLC
5 – Bookkeeping Rule: Solve for the 80/20
- 20% of their work (bookkeepers), will solve for 80% of your business needs
Not all small businesses need a CPA for everyday transaction tracking, although they are needed for regulatory and tax compliance.
For many, the financial aspect of running a business is the most daunting. However, it doesn’t have to be ridiculously hard and confusing. It’s matter of building the systems and gathering support from those that can fill the gaps in your understanding. Save this blog and share it with others who may benefit from viewing the resources and companies available to help them scale their business!
Chandler Vaughan, Project Manager, EYOS Fellow
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