Financial Wellness Month: Are You Taking Advantage of What Evanston, WY, Offers?
25 Jan 2022
The new year means fresh starts! If you are a small business owner, take the time to review your finances because January is also “Financial Wellness Month.”
What exactly does financial wellness mean? It boils down to the ability to confidently manage your financial resources to meet your needs and business goals. Start by considering if you are using all of the advantages and help available to you in Evanston, Wyoming.
Evanston, Wyoming, Advantages for Financial Wellness
Evanston, Wyoming, is the definition of business-friendly featuring:
- No corporate state income tax.
- No personal state income tax.
- No inventory tax.
- Local sales tax rate of 5%
- Sales tax exemption for manufacturing and data centers.
- Property tax exemption.
Evanston Economic Development can help business owners determine what assistance is available by directing them to the information and resources that can help with fiscal management including available grants and loans.
Useful Software and Apps for Finance Management
Managing business finances is complex, but it is a deciding factor in your ultimate success. Factors to consider include:
- Do you have enough reserves to handle most financial emergencies?
- Have you planned for responsible debt management?
- Have you set and followed retirement goals?
Luckily, technological applications have made it easier than ever for entrepreneurs and small business owners to have control over day-to-day finances. The following tools offer many advantages for solopreneurs and small business owners managing them on their own.
Keeping track of business expenses is not always easy, especially for business owners who are busy with daily operations or on the road a lot. Expensify allows for integration between the app and credit cards and debit cards. This way, expenses can be uploaded and managed without manual data entry.
Service-based businesses will find the customizable invoicing features of FreshBooks offer significant advantages. Beyond invoice management, the cloud-based bookkeeping integrates with many other financial software programs to make FreshBooks a program worth investigating to help streamline daily operations.
This app allows companies to manage their payroll, tax, and benefits. The app reports any new hires to the government, ensuring that nothing is accidentally missed during the onboarding process. Plus, they handle state and federal taxes and even email digital pay stubs to employees. This allows a business owner to manage everything from their phone late at night or on the road. The need to print out paystubs or worry about tax filings is eliminated.
QuickBooks is still a popular tool for small business accounting. It can sync with your bank accounts to make it easier to reconcile the books at the end of the month, manage invoices, keep track of vendor payments, and more. Many businesses can benefit from using this software daily, or at least monthly. Since QuickBooks is comprehensive accounting software, it can take time to learn how to use it. Fortunately, QuickBooks offers support through articles, community discussions, video tutorials, and more.
Accepting payments is easier than ever thanks to Square. They offer a card reader that plugs into any smartphone so that business owners, salespeople, and employees can all take payments on the spot. This can improve cash flow by providing quick access to capital, rather than waiting for invoices to be mailed and paid at a later date.
Small businesses looking for free accounting software can investigate the features offered by Wave. Accounting, invoicing, and receipt scanning are made simple with its mobile app that can seamlessly incorporate multiple businesses into one account.
Micro-businesses are defined as those small businesses with only a few employees who often wear multiple hats to keep operations running smoothly. Xero accounting software can work well for these circumstances at a subscription rate that makes sense for small businesses. Its cloud-based platform offers flexibility with a mobile app, payroll integration with Gusto, and inventory management.
Make an Appointment with the Wyoming SBDC or Evanston Economic Development
New tech is changing the business landscape by making it possible for business owners to do more with less time. Still, technology cannot replace the benefits of sitting down with an expert knowledgeable in your region. The Wyoming Small Business Development Center Network (SBDC) offers business expertise and technical assistance to help you start, grow, or reinvent your business through no-cost and confidential business advising, training, and market research. Or reach out to us at Evanston Economic Development to go over business finances and to create a plan for success. Evanston is “The Next Frontier;” take advantage of all it has to offer.