Before deciding to manage your business finances online, ask the following questions:
- Does the provider offer a full array of financial management services or just a few?
- Will my data be backed up regularly?
- How secure is the platform?
- Does support come with the service or is it extra?
- Can I get my data back if I stop using the service?
Action Steps
The best contacts and resources to help you get it done
Investigate Web-based accounting systems
Online accounting platforms can handle key accounting tasks through "dashboards" that keep all your company's information right at your fingertips and can be accessed anytime and from any Internet connection.I recommend: NetSuite offers a subscription-based small business product that, for a monthly fee of $99 for each user, allows companies to manage their accounting system, including sales orders, accounts payable, accounts receivable, payroll, time, billing and other functions by simply using a browser.
Upgrading from software to online management shouldn't be difficult
If you manage your business finances via software, check to see whether the provider has an online edition — and whether you can transfer your information to the online edition without too much fuss. Also check to see whether the online edition has all the features offered via software.I recommend: QuickBooks Online edition allows users to transfer information from PC-based QuickBooks to the online edition, but doesn't have as many features.
Find an offering that is tailored to your needs
Some online products are for small businesses, others for larger organizations, and some primarily for consumers, although they have business components.I recommend: Jaya123 is designed for small to mid-sized businesses.
Some financial management products can be accessed by cell phone or PDA
For true portability, consider products that work on your Personal Digital Assistant (PDA) or cell phone.I recommend: BudgetTracker is a financial budget tracking site that allows users to access data from a cell phone with an Internet connection.
Banks of all sizes offer online financial management tools for business
Software companies aren't the only purveyors of online financial management tools. Many banks, large and small, now offer products.I recommend: Online financial management for business is offered from large banks such as Wells Fargo and Bank of America to small banks such as Community Resource Bank and Rockport National in Minnesota.
Some banks offer online business services teamed with an online software program
In a bid to grow their online banking business, some banks offer a program that interfaces with an online business software program, such as QuickBooks.I recommend: Compass Bank, with locations in six western and southern states, offers customers the ability to take control of their business banking online with QuickBooks and Compass PC for Business Banking.
Consider an online bank for business banking
If you're managing your business finances online, why not go all the way and use an online bank for your business banking? Online banks have no physical branches or ATMs, but often offer compelling fee structures.I recommend: Giant Bank is an online bank that offers business banking and financial services.
Tips & Tactics
Helpful advice for making the most of this Guide
- Advantages of online financial management for businesses: You don't have to buy servers or new computers to use it…You don't have to download software…You don't have to spend time configuring it…You don't have to build a dedicated IT network to service it
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