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How the Internet has Revolutionized Small Business Finance
Revolution in Small Business Finance

Managing your small business’ finances is now incredibly easy and convenient. There are so many new web-based solutions available and they are revolutionizing the world of business and money management. The internet can assist you in managing your small business finance from the initial start-up loan to processing the final invoice and payment.

Here are a few ways the internet can be used to manage your small business finances:

Crowdsourcing

More people are now pursuing their dream of entrepreneurship because of the many online capabilities and services. It is easier than ever to find potential investors to back your business, thanks to crowdsourcing websites like Kickstarter and Indiegogo. These resources have helped launch thousands of small business who weren’t able to raise the required capital using traditional methods.

Accounting

There is no longer a need to purchase an expensive accounting program that is only accessible from one computer. There are many companies online that provide web-based accounting capabilities and some of these providers even offer basic starter packages at no charge. These programs allow you to track your income and expenses, as well as produce accurate and updated financial reports whenever the need arises.

Invoicing

In the past, a company would create an invoice in Microsoft Word, print three copies of it, mail one to the client, and then enter the invoice details into the accounting program. This process was time-consuming and costly. Fortunately, small business owners can now quickly generate an invoice using online invoice software and email it directly to the client without having to switch programs. This service will also automatically store the information from the invoice into the accounting portion of the software, so there is no need for double entry.

Sales

The internet even allows customers to make purchases directly online. Businesses can setup online purchase order forms on their website to process sales requests. This should increase sales since customers can research a product or service online and then immediately buy it without having to leave the website they are on.

Payment

Once a sale is made, the payment for it can also be done online. Google Wallet and PayPal give consumers the ability to spend money online and providers like Square offer businesses credit card processing capabilities using the internet.

 

The internet makes it easier to stay in touch with business contacts, promote your business, and manage all of the necessary financial requirements. It has truly revolutionized the way businesses find investors, manage their accounting, handle invoicing, process sales, and payment.

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