BUILD-A-BROKER
How To Hit The Books
Brokers have good options in choosing the right small business accounting software
M
anaging a business’s financial accounts is uncharted territory for many small business owners. Many potential mortgage brokers and entrepreneurs see handling their own accounting needs as too difficult or even downright scary. Today, more than ever, there are a number of easy, intuitive accounting software options that allow businesses to successfully manage their finances— no accounting degree required.
ACCOUNTING 101: WHAT TO KNOW BEFORE YOU BUY Before you start down the path of researching accounting software platforms, take the time to brush up on the basics. The list below is a good place to start as you work to gain an understanding of the key accounting functions you’ll likely need when running your business. Accounts Receivable and Invoices Track incoming revenue, generate invoices, print shipping labels and track shipments Accounts Payable Track payments due, create checks, pay vendors and generate purchase orders Payroll and Timekeeping Track employee hours, create checks, process direct deposits
Project Tracking Track project timelines, deliverables and budgets Inventory Management Monitor inventory levels, track stock volumes, forecast product reorders Reports Automatically generate a variety of standard and custom reports to track company financials Beyond these basics, many accounting software solutions offer additional features such as: • Time Tracking and Billing • Banking and Reconciliation • Credit Card Processing • 24/7 Mobile Access • Tax Services and Support • Remote Back-up • and more As you sift through accounting software options looking for the right one for your business, know that there’s no single, perfect solution. Just as every startup, brokerage or small business is unique, so too are accounting software platforms. Each has its strengths and weaknesses. The question then becomes which features do you absolutely need to run your business and which are less critical to your success. As you start your search, here are a few important questions to ask: Which accounting features are ‘musthaves’?
Determine which accounting features are the most critical for your business. This is the simplest way to quickly weed out inadequate solutions. If you employ a staff, payroll services with direct deposit that also save you from calculating timecards may belong on the list. If you’re a retailer, having features like inventory management and credit card processing could save you significant time and money. Do you need industry-specific software or accounting capabilities? Different industries have different requirements when it comes to reporting financials. You can find accounting software solutions tailored to the specific needs of construction companies, healthcare organizations, manufacturers, and many others. Knowing your industry’s requirements and best practices should help you determine which accounting functions are ‘must-haves’. If you’re not sure, this is an area worth researching. Industry trade associations and talking with colleagues are great places to start. Another helpful resource is Accounting Software 411, which provides information about niche software options developed for industries with specialized accounting needs. What type of user interface is the best fit for how you work? If the sight of a spreadsheet makes you break out into a nervous sweat, steer clear of software that relies on Excel
PEOPLE ON THE MOVE //
> Home Point
Financial appointed Kristin Supancich the newly introduced role of chief people officer.
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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
> LRES
Corporation hired Molly Skipper as the national director of commercial valuation strategy.
> Eastern Union promoted Estie Rotstein to director of recruitment.
> Mortgage
Connect named Kevin McCrea as vice president of PR and Marketing.
