Managing the finances of your business can be a significant challenge, especially for those entrepreneurs who would rather focus on driving sales and nurturing client relationships than doing the books. Luckily, there is no shortage of gadgets to assist you in keeping on top of your business finances.
A smartphone is not simply a device for checking your email or browsing the internet on the go. Thanks to their advanced operating systems, smartphones have the capability to create and store files, meaning that you can access essential business finance documents anytime and anywhere you want. If a business finance decision has to be made when you are out on the office, having access to smartphone technology can be of enormous benefit. Another advantage to having a smartphone is the availability of business finance apps to enable you to better manage the money side of your business.
Encrypted credit card readers
For a business that processes payments directly, offering customers a secure payment platform is essential, because it tells a customer that the business can be trusted and is a sign of professionalism – after all, allowing your customers to use their credit cards to pay you makes it very convenient for them. From a security perspective, a plethora of customer information is stored along with card numbers, including contact information such as phone numbers and email addresses. If this information were to be compromised, it could be the ruination of a business, and the matter of merely balancing the books would suddenly seem trivial. Some gadgets can be intimidating to use, card readers are easy to use and a mobile one can be plugged right into a laptop or tablet. In addition, a card reader can be used to link into and track inventory.
In the modern age, it should go without saying that accounting processes in a business benefit from being computerized, but some business owners do need to be made aware of just how advantageous it is to computerize their accounts. Accounting software is not a gadget, per se, but it is an essential piece of kit for a business owner. Larger businesses can have a customized system made to suit their own particular needs, but smaller businesses need not miss out; there are many capable “off-the-shelf” accounting packages available. The advantages of having a computerized accounting system range from the speed and accuracy of using such systems to the ability to deliver information in real-time to better enable financial decisions.
As an entrepreneur, Mukesh Valabhji knows the value of gadgets and technology in helping him to manage his business finances. The founder and managing director of Capital Management Group in the Seychelles, he has made investments in local broadband infrastructure through the Intelvision company as a sign of his commitment to using technology to further his business.
Gadgets can be of enormous benefit in managing business finances, but they are only as good as their user, so consider what gadgets suit you best and investment the time in learning how to use them properly and to maximum effect.