By Vinay Pai
When operating a business, it’s easy to get absorbed into daily routines, and forget to take a step back and ask, “Is there a better way?” One of the biggest takeaways I can share from my startup experience is to encourage entrepreneurs to explore and discover new technologies that can improve how you operate your business.
With technology changing by the minute and its options seeming endless, business solutions may appear out of reach, too expensive or completely overwhelming to think about. There are, however, free or low-cost alternatives to help your business run efficiently. A recent article in Entrepreneur Magazine discusses how apps and the Cloud provide entrepreneurs a better way to run their small business. Entrepreneurs running their business on the cloud not only benefit from the mobility factor, but also benefit from the many options to integrate new tools that help improve business productivity, operations, and even access to credit.
Let’s take for example Theresa Lee, the founder of Future Glory. Theresa handcrafts socially conscious goods, and she relies on QuickBooks integrations with Shopify and PayPal so she can focus on design, and not numbers. She uses the Shopify for QuickBooks app, which automatically syncs all of her Shopify e-commerce data, sales transactions, and PayPal payments to QuickBooks, giving her back time to focus on creating amazing accessories. Other customers who don’t have an online store use the Sync with PayPal app to seamlessly import sales (including line items, fees and taxes), as well as customer information into QuickBooks. By using apps, Theresa manages all the day-to-day bookkeeping herself, spending less than 20 minutes a day on tasks such as invoicing and tracking vendor payments.
As the guy on the hair club commercials used to say, “I’m not just the owner, I’m also a customer.” Before my startup was acquired by Intuit in 2009, I used QuickBooks to track my team’s budget and expenses and an app from Bill.com to manage and approve purchase orders and bills. I didn’t know accounting, but I was actually managing my accounts payable workflow. Imagine that! Bill.com continues to be a popular app that helps accountants and small businesses save time paying their vendors. (more…)