Online Financial Reporting

The SmartBiz Loans team works hard everyday to help small business owners get low-cost funds quickly and easily. One of the reasons SmartBiz is able to facilitate SBA loans so swiftly is through our automated online flow. Customers can easily apply for an SBA loan by uploading required documents to the SmartBiz Loans one-of-a-kind platform.

Unfortunately, not all entrepreneurs are tech-savvy. Some businesses still practice “shoebox accounting”. This no-tech way of keeping the books generally means throwing everything that might be financially important into a box or file cabinet.  Although this might work for a time, it’s important that you organize for several reasons. According to SMB Group’s 2015 study, 29 percent of all small businesses view technology as helping them to improve outcomes significantly.

Reasons to Embrace Technology

Tax Time:  Don’t find yourself surrounded by paperwork and receipts when tax time rolls around. Whether you hire a professional or DIY, organizing expenses and other required paperwork online will be a breeze compared to the old paper method.

Forecasting:  Business owners should always have their eye on the future. What will you spend in the coming months to keep your business up and running? How will sales develop over the year? Forecasting sales and cash flow can be complex but bringing it all online helps you see the big picture. When you compare creating an Excel document with an advanced online program, technology wins.

Acquiring Funding:  There’s no way to get around the financial documents that are required by a lender for preapproval and funding. You should strive to be as streamlined and organized as possible. See the SmartBiz Small Business blog for recommendations on online software that can help you organize and apply quickly and easily.

Cloud Computing is Key

Most online financial reporting programs utilize cloud computing. Cloud accounting software is a smart investment for financial reporting and collaborating with your team. According to accounting software provider Xero, online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use.

In Conclusion

Still not sure about bringing your finances online? Consult with your tax preparer or bookkeeper to discuss the best course of action. You can also check in with other small business owners to discover what works best for them. Researching is an easy way to learn about and compare various financial platforms. Here are some great resources to help you find the technology you need to run your business more efficiently:

Business Accounting Software Comparisons – Software AdviceTM

The Best Small Business Accounting Software of 2017 – PC Magazine

Top Financial Reporting Software Products – Capterra

Here’s to an organized and profitable 2017!

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Do you need extra funds for your small business? An SBA loan is the best bet for small businesses with low rates, long terms and low monthly payments. Visit SmartBiz today and discover in about five minutes if you’re qualified for an SBA loan. Use the promo code “blog” and receive $500 off of your closing costs.