Small business accounting tools to streamline your finances
- Simplify your accounts with an easy-to-use app
- Get paid on the spot with a portable eftpos machine
- Ideal if you’re a tradie, café owner, retailer or sole trader
When it comes to tax time, most small businesses are focused on getting their books in order. And unless you’re an accountant, you might need a helping hand. That’s where a purpose-built accounting tool comes in – to help you manage finances and take the hassle out of that pesky paperwork.
Finances made easy
Like many of today’s apps, you simply plug in the details and the program sorts everything for you. In a few simple steps, you can set up your invoices, expenses, payments and more. Some apps can calculate your GST which can be invaluable at BAS time.
So how do they work?
Let’s say you’re a tradie who needs to quote for a job, buy supplies to complete it, and invoice a customer when the work is done. A simple tool like OnlineInvoices can help manage it all for you, right from your laptop or phone. Just add the customer, pop in the quote and once the job’s done you can convert the quote into an invoice that you can email from your phone.
There are plenty of programs available, from a free app with the basics, through to all-bells-and-whistles software that scales up as you grow your business. See the article below for a few ideas.
Related article: Small business accounting tools
Accept tap and go card payments
Want to get paid on the spot? A portable eftpos machine such as Square lets you receive payments on the go, with a tap of a card on your pocket-sized device.
These devices are small enough to take anywhere, so if you have a food truck for instance, you can accept card payments as well as cash. If you run a café, customers can pay from the comfort of their table.
Perhaps you have a retail business and want to hit the markets or open a pop-up store? With a portable eftpos machine, you can accept payments there too. All you need is an internet connection through Wi-Fi or your phone.
Related article: How to choose a portable card payment machine
Do you have public liability insurance?
While we’re focused on paperwork, it’s a good idea to ensure your public liability insurance is up to date. If you’re looking for public liability – also known as business liability insurance – QBE’s Small Business Insurance has been designed with tradies, cafés and retail stores in mind. Start with business liability cover and add any extra covers to suit your business needs.
It’s a must-have for most small businesses, to cover personal injury or property damage caused in connection with your business, which could help if your business was faced with a lawsuit.
