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More often than not, small business owners have to work on a relatively restricted budget. They’re new to the industry, haven’t yet begun to turn a profit, and recently had to dole out money for one-time expenses like furniture, down payments on office space, and so on. As such, these leaders sometimes have to cut corners and skimp where possible.
Few people know how to balance a budget like a mompreneur. Heads of both households and companies, they have the skills and know-how to run both successfully.
It might be tempting for these women to avoid things like accounting software, thinking that they can take care of it all themselves. However, that’s not a smart choice in terms of productivity or finances. There are so many advantages to using financial programs in the office that they simply cannot be ignored. While the belief might be that this technology is too expensive, that’s definitely not always the case.
The fact is that there are certainly expensive options on the market, but a mompreneur can very easily find a worthwhile and affordable accounting program that will fit all of her needs.
As Venturity Financial Partners founder Chris McKee explained in a Sage piece written for Forbes Magazine, overinvesting can be a problem, but it’s easy to seek out the software that will pay for itself over time. For instance, having the ability to look at data in real time and have day-to-day control over the finances of the company is virtually invaluable.
Not to mention, this can bring peace of mind to a mompreneur’s day and help her save time. According to a Sage 50/Mompreneurs survey of members of TheMompreneur.com, only 42 per cent said they’d consider managing business finances a strength.
Mompreneurs may even find accounting software more valuable and useful than they think. These women aren’t usually experts in economic matters, so many tend to outsource their fiscal duties, something that can be exceedingly expensive. As such, they should consider using the programs in tandem with an accountant, something with which Sage 50 can be of great help.
This way, the business can benefit from a professional’s expertise, allowing the company to enjoy help with hard tasks, easy preparation for year-end, consultations, strategic growth plans, and other critical information. Using a product like Sage 50 with help from experts can mean the difference between a mompreneur’s spending most of her time operating a fledgling startup and running a burgeoning powerhouse while still having the time for family.