Financial Wellness in Carlsbad, NM: Membership Has Its Benefits

Friday, January 28, 2022

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Small business owners have such endless to-do lists that sometimes even important things like finance management can go neglected, but the new year brings new resolutions and goals. January is “Financial Wellness Month,” the perfect time to address the financial wellness of your business. 

What exactly does financial wellness mean? Basically, it’s the ability to confidently manage your financial resources to meet your needs and business goals. Some questions to consider when assessing your business include:

  • How do you control and record day-to-day finances?
  • Do you have enough cushion to handle most financial emergencies?
  • What is your plan for responsible debt management?
  • Have you set and followed retirement goals?

Start by considering if you are using all of the advantages and assistance available to you in Carlsbad, NM.

Carlsbad Department of Development Membership

Becoming a member of the Carlsbad Department of Development (CDOD) means becoming a true partner in the county’s economic development. Members are able to promote their businesses through various networking opportunities as well as have access to resources. Memberships are leveled 1–5, with varying benefits and assistance. More information—including how to request a membership packet—can be found here.

Carlsbad Department of Development Member Financial Institutions

For banking, loans, and other financial needs, CNB Bank, Western Commerce Bank, First American Bank, Pioneer Bank, and Financial Security Credit Union are experienced in the needs of small businesses.

Carlsbad New Mexico Small Business Development Center

The Carlsbad New Mexico Small Business Development Center 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. Their financial experts assist with essentials such as how to create an initial budget, develop financial projects, and manage cash flow. Workshops and events are regularly scheduled to address the issues that matter the most to small business owners and entrepreneurs.

Useful Technology for Finance Management

For control over day-to-day finances, technological applications have made it easier than ever for entrepreneurs and small business owners to manage them on their own. 

Expensify

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.

FreshBooks

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.

Gusto

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.

Xero

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.  

Wave

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.

QuickBooks

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.

Square

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.  

Get in-person help from Carlsbad Department of Development

New tech is changing the business landscape by making it possible for business owners to conveniently do more on their own in less time. Still, technology cannot replace the benefit of sitting down with an expert knowledgeable in your region. Reach out to CDOD for direction in developing a business plan and to be connected to the information and resources you need. Follow CDOD on Facebook and LinkedIn.

Category: News