Financial reporting in small business – The tools (part 1)

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In order to report your business finances you’ll need a financial statement. This is a tool for financial reporting and is more formal. Often, you use statements to communicate your financial health to outside entities. Financial statements are prepared for each accounting period.  

There are financial reporting tools that make statement creation easier. Basic accounting software compiles information from your books and generates accurate statements for you. If you use an online solution, you can access your reports from anywhere with an internet connection. 

You can also use a simple spreadsheet to create financial reports. But, this could be more time consuming. And, using a spreadsheet raises the chance of errors on your financial reports. 

If you’re a small business owner then the financial side of your business can include invoices to expenses to day-to-day accounting and dealing with the IRS. Fortunately, technology has brought about a multitude of tools to save small business owners time and headaches on daily financial tasks. 

Business Credit Card 

Is for if you want to improve your business credit history, gain access to higher credit limits for business borrowing, and receive business-specific rewards and discounts. A Business Credit Card also makes it more convenient for business to cover such employees’ expenses such as petrol, meals, travels and taxi fare, which add up quickly. 

E-commerce Solutions 

E-commerce is becoming essential for businesses of all kinds. More and more customers expect to be able to pay for products and services instantly whether using credit cards or from their mobile device. PayPal is just one of the tools to help customers pay on the fly.

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