Small business owners who have to manage the finances for their firms need to find efficient, practical ways that are easy to use. Let's be honest, all owners of small firms can't be finance gurus, but that doesn't mean they can't keep track of their budgets and use accurate measures for cash flow forecasting. Using innovations in technology often make it easier for firms to manage their finances. The advent of mobile apps and online and mobile banking are just a few of the things small business owners can take advantage of.

"It's easy to lose track of cash when you are under stress and juggling multiple responsibilities,” Pamela Glass, project manager and mobile and online banking expert with California Bank & Trust, told Smart Business. "Fortunately, cash flow management doesn't have to be a burden or an afterthought thanks to the availability of online and mobile banking."

Transaction management made simple
Many small business owners don't have endless cash reserves that would allow them to purchase everything they need without having to worry about going outside their budgets. This is where online and mobile banking can benefit a smaller firm. Straight from their smartphones or mobile devices, small business owners can access their most recent bank statements to keep track of their transactions. The technology also gives them the power to make deposits and verify whether invoices have went through.

Allocate funds to the right places
Banking can be handled differently by all small business owners. Some opt to have one bank account where all of the transactions stem from, while others use a number of different bank accounts to support several processes carried out by the firm. With online and mobile banking, small business owners always have access to however many accounts they have. When necessary, they can transfer money between accounts from the palms of their hands.

Apps growing in popularity
Businesses of all sizes are beginning to recognize the power of mobile apps and how they can make their workforce more efficient. According to recent research conducted by Zogby, 66 percent of small business owners said they access mobile apps from their smartphones, while 43 percent said they do so daily.

Managing finances on the go is also something small business owners said they would look into. The survey found that half of the respondents consider using accounting tools they can access from their smartphone. By making apps more dynamic, business owners may have more confidence in their own ability to stay on top of their finances when they can't afford to hire an accounting professional.

"As a small business owner, I am constantly in five places at once," said Caitlin MacGregor, cofounder of human resources software solution cream.hr, in reference to an online accounting product. "While there still is stress with operating a business, I now feel I can concentrate more on business development, staff and production."

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