5 Tools Every Business Should Start With (411 x 600 px)

5 Tools Every Business Should Start With

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This article was written by our partner, Square.

If you’ve recently started a business, you’ve become accustomed to making decisions every day that affect your business. And with every decision, you’re trying to make it as successful as possible.

You may feel like most of your major decisions have already been made. You’ve picked your industry, identified your specialty, named your business, and chosen a business structure. Maybe you’re starting to plan the details of your space, whether that’s at home, in an office, or a storefront.

Those are all important aspects of your business, but now it’s time to choose what technology and tools to put in place. Deciding on those tools may seem like small decisions, but they can affect how smoothly your business runs and, thus, your success in the long run.

Tools and technology can help you manage cash flow, make better decisions, create better customer experiences, and save time and money. The most important rule of choosing technology is to identify tools that will grow with you and your business.

If you don’t consider yourself tech-savvy and you’re not even sure where to start or need a little guidance, we’ve got you. Here are five tools you should consider implementing to help you grow your business.

  1. TurboTax and TurboTax Live Assisted Tax Software

As a self-employed business owner, your taxes may look a little different than they would as a normal taxpayer…and that’s okay!

Even if the tax season is only four months out of the year (with the exception of Quarterly Taxes) as an entrepreneur, staying on top of business expenses that translate into tax deductions is important. For example, you may be able to write off those training classes that you devoted your weekends to. You may also qualify for 20% Qualified Business Income (QBI) deduction if you meet certain requirements under the new tax law.

When it comes time to file, you don’t need to know anything about tax laws and forms, TurboTax Premium will walk you through the filing process and ask simple questions about your business as well as give you the deductions and credits you may be eligible for based on your entries. It can also find industry-specific tax deductions that you may not have even known applied to you. Wi-Fi for you and your customers

It may seem like a no-brainer, but your business may need Wi-Fi. Almost everything connects to the internet now. You’ll likely need it to run a lot of the tools you use every day. For example, your point of sale (POS) may use an internet connection. But for those times when your internet goes out unexpectedly, Square has Offline Mode to make sure you don’t miss out on any sales.

If you have a storefront, offering Wi-Fi can also improve your customers’ experience. In fact, it could even be a way to draw customers in. And if you’re starting a cafe or a coffee shop, your customers will likely expect you to offer free Wi-Fi.

Woman enjoying breakfast at a cafe while working.
  1. A well-rounded POS

Having a point of sale (POS) software system, at the most basic level, lets you record sales, accept payments, and route funds to your bank. But, you should be looking for more, like built-in functionality and software integrations that make it easier to run your business.

Square’s POS, for example, also provides you with the ability to track sales and inventory so you can know what’s working and where you can improve (which helps you make better-informed decisions). It also allows you to create customer profiles and receive feedback so you can make each interaction better than the last.

Whatever POS you choose, make sure it isn’t a headache to learn, is easy to train employees on, and works to help you build your business and enhance customer experience.

  1. Options for payments

With fewer people carrying cash in their pocket, you want to have a few different ways to take payments. To stay competitive, make sure your system accepts mobile payments (like Apple Pay, Google Pay, and Samsung Pay) and can read chip cards. Look for a service that covers these areas and also provides resources for risk management, fraud detection, and disputes.

And don’t forget about invoices. If you need to invoice customers regularly (or even if it’s only every once in a while), consider using online invoices like Square or QuickBooks that sync with your POS and allow you to set up recurring, scheduled invoices.

Woman making a contactless payment at store.
  1. A killer website and app

Whether you’re planning to sell your products online or want to have a general website to engage customers, you need to create a website that appeals to your customers. In a recent survey we conducted, 44 percent of consumers say a website is very or extremely important in their decision to try a business. An app is also important to consider in order to make an easier experience for customers, especially returning customers.

When creating your website and app look for platforms that can be optimized for mobile. Phones are glued to people’s hands and if it’s difficult for customers to shop or pay on your site on their phone, you could lose out on customers.

About Square

Running a business is no easy feat, but Square is here to help. We have all the tools you need to start, run, and grow your business, whether you’re selling in person, online or both. We’ve made all our tools work together as one system, saving you time and money — and making decisions easier so you can get back to doing the work you love and focusing on whatever’s next. See how Square works.

2 responses to “5 Tools Every Business Should Start With”

  1. All I want 2 know is do I have the right software “home & business” 2 b able 2 enter w2’s on sch c 4 employees 4 my business?????? & where do U enter emp w-2??

    • Hi Richard,

      Yes, if you are self-employed the TurboTax Home & Business is the correct desk top software. Also, you may use TurboTax Self-Employed online.

      Employee wages would automatically be put on the schedule C line 26 based upon your entries and you will be prompted to put them in when you are required to input your business information.

      When you are in the Business Income and Expense section of the software program you will be asked if employees were paid. The program will also prompt you to enter the wages paid.

      However, if you are not self-employed and you are incorporated; then you will need to use TurboTax Business: available in CD/Download here https://turbotax.intuit.com/personal-taxes/cd-download/

      Thank you

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