Southwest Florida Small Banking

Well, I am not an expert in finance. In fact I was just discussing with a friend last week, one who graduated with an accounting and finance degree from Florida Gulf Coast University, how much I despised economics and the other finance related courses I took in college.

Okay, they weren’t that bad, and in hindsight I really wish I would have paid more attention. So, as you can tell “finance” is not really my area of expertise. But, I have picked up a few things along the way. A few years ago we contracted the services of a renowned business consultant who helped us analyze our business, particularly from a financial point of view as well as are working with a very solid accountant who makes sure we are taken care of.

Small Business Finance Advice

So, with nearly 3 years of running a small business under my belt, what kind of advice can I impart? Just the following:

Use Quickbooks

Quickbooks is practically a prerequisite for small businesses now-a-days. Whether it is the desktop version or the online one I highly recommend it. Personally, I don’t think it’s user-interface is that nice or simple, and it will take time, but using this tool will be key to tracking everything in your business.

Use Paychex

Payroll can be complicated, but paychex simplifies everything. Although they do have a monthly fee, which could be erradicated if you did it yourself, either through quickbooks, or another technique, the time it takes to do payroll is nearly eliminated saving everyone’s time and allowing your business to concentrate on what matters most - your expertise and what brings in revenue.

Hire Experts (you get what you pay for)

Early on we kept a VERY strong hold on every dollar that went out the door - and in some ways continue to do so. Our initial dealings with a local accountant involved a friend-of-a-friend who we traded services with. Bartering is a great way to start and helps leverage your expertise - something you have right now - instead of cash (something you might not have) for something you need. Although, the trade in and of itself wasn’t a bad idea, the person we selected did not live up to their claims. Fortunately not to long ago we switched and are taken care of now with nothing unexpected coming our way.

The moral of the story is hire experts and reliable services. They may be more expensive, but you get what you pay for in terms of service and in the case of things like finance or legal issues it helps avoid shocking stuff you didn’t plan for. Additionally, a great service provider can also be a fantastic referral partner.