Small and medium business finance management differs greatly from that of a larger enterprise. With today’s volatile financial markets, knowing how to manage finances in a compliant way is vital to being successful.
There are many online tools available to help you manage your business finances which will enable the company to stay on track such as Mint.com, FreshBooks or Quickbooks.
Another helpful site is SB360, which has some helpful tips for small and medium business finance such as ‘The Top 10 Payroll Mistakes’ from AllBusiness.com that points to the simple mistakes that can be avoided:
· Missing deadlines
· Misclassifying workers
· Neglecting to send 1099s (All independent contractors who receive $600 or more in compensation during a given year are supposed to receive a 1099 form by January 31st of the following year)
· Poor record keeping and data entry
· Mismatching names with Social Security numbers
· Data entry mistakes
· Not properly handling garnishments, levies, or child support
· Miscalculating overtime pay
· Leaving too much responsibility to the software program
· Not saving payroll records
· Not maintaining confidentiality
· Not having adequate backup
There are many resources available to help manage finances- it’s just a matter of knowing what’s out there. What do you use to manage your business’ finances?