Financial Literacy Meets Tech Solutions: Building a Strong Business Foundation

Financial literacy is the cornerstone of business success in today's dynamic economy. As Jamestown/Stutsman County Development Corporation (JSDC) celebrates National Financial Literacy Month, we want to empower our local entrepreneurs with the tools and knowledge to navigate the financial landscape. Running a small business is an exciting enterprise offering owners, employees, and customers significant gratification. By understanding key financial concepts and leveraging technology effectively, companies can make informed decisions, build a strong foundation for growth, and thrive in a competitive market. JSDC is committed to providing resources and guidance to help you unlock the full potential of financial technology for your business.

Jamestown/Stutsman County Development Corporation can help by offering our expertise to direct you to experts and programs that will make financial management an advantage in your business success. We recommend working with your regional Small Business Development Center (SBDC), a business management consultant entity providing links to assistance from the U.S. Small Business Administration. Financial experts can assist entrepreneurs and small businesses with business essentials, such as creating an initial budget, developing financial projects, and learning how to manage cash flow.

Technology Assistance

After starting to manage your finances, managing these plans daily and monthly is essential - which can be challenging for business owners. Hiring a full-time accountant, controller, or CFO is possible as a company grows. Technological applications have made it easier for entrepreneurs and small business owners to manage their finances. The following tools offer many advantages for solopreneurs and small business owners to manage company finances on their own:

Expensify

Keeping track of business expenses can be challenging, especially for business owners who are busy or on the road. Expensify allows for integration between the app and credit cards and debit cards. This way, expenses can be uploaded and managed without manual data entry.

FreshBooks

Service-based businesses will find FreshBooks's customizable invoicing features to offer significant advantages. Beyond invoice management, the cloud-based bookkeeping and integrations with many other financial software programs make FreshBooks a program small business owners should investigate to help streamline their daily operations.

Gusto

This app allows companies to manage their payroll, taxes, and benefits. The app reports any new hires to the government, ensuring that nothing is accidentally missed during the onboarding process. Plus, it handles state and federal taxes and even emails digital pay stubs to employees. This means a business owner can manage everything from their phone late at night or on the road. There is no need to print out paystubs or worry about tax filings. 

QuickBooks

QuickBooks is still a popular tool for small business accounting. It can sync with your bank accounts to make it easier to reconcile the books at the end of the month, manage invoices, keep track of vendor payments, and more. Most businesses can benefit from using this software daily or at least monthly. Since QuickBooks is a complete accounting software, it can take time to learn how to use it. Fortunately, we have resources who can help. 

Square

Thanks to Square, accepting payments is easier than ever. You can order a card reader that plugs into any smartphone. This means that business owners, salespeople, and employees can all take payments on the spot. Doing so can improve cash flow by providing quick access to capital rather than waiting for invoices to be mailed and paid later. 

Wave

Small businesses looking for free accounting software should investigate Wave's features. Wave's mobile app simplifies accounting, invoicing, and receipt scanning and seamlessly incorporates multiple companies into one account.

Xero

Micro-businesses are small businesses with only a few employees who often wear multiple hats to keep their operations running smoothly. These individuals will find the accounting software Xero extremely appealing. Its cloud-based platform offers flexibility with a mobile app, payroll integration with Gusto, and inventory management, all at a subscription rate that makes sense for small businesses. 

Get in-person help from the SBDC or Jamestown/Stutsman County Development Corporation

New tech is changing the business landscape by allowing business owners to do more with less time. Still, technology cannot replace the benefit of sitting down with an expert knowledgeable in your region. Find your closest SBDC or contact us at Jamestown/Stutsman County Development Corporation to discuss business finances and create a plan for financial success. We encourage you to do so today by contacting us here!