Integrating Finance Technology With Existing Small Business Systems

By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team
Published on January 11, 2024

Small business leaders are harnessing the power of finance technology to revolutionize their operations. From automating billing to integrating timekeeping for transparent billing, we’ve gathered firsthand experiences and insights from five founders and CEOs. Discover how these savvy professionals have successfully integrated finance technology into their businesses, reaping the benefits of streamlined processes and enhanced analytics.

  • Automate Billing and Streamline Cash Flow
  • Transform Transactions with Advanced Analytics
  • Embrace Finance-Tech for Time Savings
  • Revolutionize Financial Management with FreshBooks
  • Integrate Timekeeping for Transparent Billing

Automate Billing and Streamline Cash Flow

For customer billing and payments, online invoicing software synced with bank accounts has proven invaluable. Features like automated late-payment reminders and reconciliation tools minimize manual management while providing transparency on cash flow.

On the operational side, budgeting and reporting software unifies expenses, sales, and accounting on dynamic dashboards for near real-time P&L awareness. Built-in analysis of burn rate, outflows, and runway provides financial guardrails as we expand.

And for payroll and contractor payouts, having reliable apps tailored for global teams has optimized a mammoth headache. Handling complex taxation across borders was a massive pain before modern solutions automated the entire process.

The efficiency dividends from integrating these tools have been immense for my small leadership team. Rather than juggling manually intensive finance duties, we regain capacity to focus on clients and talent.

lukas Berezowiec Lukas Berezowiec
Founder CEO, NoTriangle Studio

Transform Transactions with Advanced Analytics

Integrating finance technology into Zoop has been transformative for our online food-in-train business.

By implementing a streamlined payment processing system and utilizing advanced analytics tools, we have significantly improved transaction efficiency and gained valuable insights into customer behavior. The automated invoicing and reconciliation processes have reduced manual errors and enhanced financial accuracy. Additionally, integrating finance technology has enabled us to optimize pricing strategies based on real-time data, ultimately boosting revenue.

One notable benefit is the enhanced customer experience through secure and seamless transactions. However, an area for improvement lies in exploring blockchain for transparent supply chain transactions, ensuring food safety, and building trust with our customers.

Puneet SharmaPuneet Sharma
Founder, Zoop

Embrace Finance-Tech for Time Savings

Hey there! So, at Marygrove Awnings, we jazzed up our game by hitching a ride on the finance-tech train. We plugged in this slick tool that linked up with our small-business systems like peanut butter and jelly.

The coolest part? It made the money stuff a breeze. Invoices, expenses, all that jazz—it’s like a digital symphony. No more drowning in paperwork! Plus, it crunched numbers faster than I can finish a coffee. The real win? Time. We saved loads of it, giving us more room to focus on making awesome awnings and less on wrestling with spreadsheets. It’s tech magic, really.

Mike FalaheeMike Falahee
Owner, Marygrove Awnings

Revolutionize Financial Management with FreshBooks

Incorporating FreshBooks into our digital marketing agency significantly improved our financial management. Before FreshBooks, our accounting processes were cumbersome, relying heavily on spreadsheets and manual entries. This often led to inefficiencies and a higher risk of errors.

FreshBooks revolutionized how we handle these tasks. Its user-friendly interface and automation capabilities streamlined invoicing, expense tracking, and time management. The transition to this cloud-based accounting software meant we could access financial data anytime, anywhere, enhancing our decision-making agility.

The standout benefit of FreshBooks has been its impact on client relations and cash flow management. With features like customized invoicing and automated payment reminders, we’ve seen a decrease in late payments, positively affecting our cash flow.

Moreover, the detailed financial reports generated by FreshBooks provide us with invaluable insights, aiding in strategic planning and budgeting. This integration has not only optimized our financial operations but also contributed to a more robust, data-driven approach in managing our agency’s finances.

Shane McEvoyShane McEvoy
MD, Flycast Media

Integrate Timekeeping for Transparent Billing

The key to finance technology for my small business is sharing data across organizational units so we can have transparency into the number of hours we spend on each project we undertake for a client.

As a software development agency owner, our primary billing method is for development and design hours—meaning everyone in the organization should understand the amount of hours a specific scope of work takes to complete, ensuring transparency to both us and the client. This powers simplified invoicing and cash flow collection. We’ve done this by integrating our timekeeping software with our invoicing software and creating internal policies for new project creation and tracking that ensures our internal organization.

I’d recommend any small business owner try to boil your revenue stream down to a single KPI (if possible) and urge you to somehow track that data and directly use it for sales operations.

For example, if you’re reliant on selling a product online through paid ads, your #1 KPI might be Return on Ad Spend (ROAS). Find a way to track this cost of ad spend diligently in a detailed manner and integrate it back into your accounting software so you can see that line on your Profit and Loss statement very clearly.

Ari LewAri Lew
CEO, Asymm

Related Articles

By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team

Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.

Read more

More GD News