When business leaders want to make improvements, one good place to start is by revamping financial operations. For these important processes to help a company instead of hinder it, managers need to be armed with the right tools for properly recording and monitoring expenses, revenues and more. Without these solutions, it's possible for accounting compliance issues to stand between a firm and its potential to be successful.
One of the simplest and most important ways that implementing small business management software makes an impact on an organization is by reducing the amount of effort employees need to put into keeping records. Advanced solutions help in more than one way: By minimizing the amount of information workers need to input by hand, the chance that errors will occur is greatly lessened. With a smaller chance of incorrect data entry, staff members will spend less time fixing accounting issues, freeing them to focus their efforts on other projects that can help their business grow. As a result, executives will soon begin seeing stronger bottom lines.
According to several economic indicators, Americans may be in the midst of a healthier economic climate, which is excellent news for small business owners. For instance, the Department of Labor (DOL) recently released its unemployment data for the week ending May 18, and the agency found that many people may be in better financial situations. Compared to the previous week, seasonally adjusted initial claims were down by 23,000 to 340,000. In the unadjusted data, initial claims still fell significantly, dropping by 19,767 to total 301,056.
The DOL also revealed that during the week ending May 4, the number of people claiming benefits across all programs was 4,745,266, which was not only 98,540 less than the prior week, but was also much fewer than the comparable week in 2012. At the same time last year, 6,168,434 individuals were receiving benefits.
One reason that a lower number of Americans are filing unemployment claims is that job prospects are also on the mend. Insperity recently revealed that in a Business Confidence Survey of 5,500 small business owners, 40 percent said they plan to add new workers to their payrolls, which is a vast improvement from the 28 percent who claimed the same last quarter. Nearly three-quarters of respondents - 74 percent - noted that they are currently meeting or exceeding their 2013 performance goals.
To continue experiencing business success, small firm owners should implement the accounting technology they need to both streamline operations and support new workers.