Are Your Tools Working for You? Or are you “working” for your tools?
These days the tools we use to track the flow of money have this thins called “automation” or “artificial intelligence”. They can be designed to do so much for us and they do so much for us. But remember, it’s a tool and if you don’t touch it or use it correctly, it can be damaging – or worse – cost your money! If you’re building a window, you don’t use a hammer to install the glass, right? So, here are a few things to consider when choosing the right tools…
Money Comes In
A great "Money Comes In" platform will do 4 things for you….
Now if your "Money Comes In" platform doesn’t do all those things, that’s OK.
And if you take a check or cash #3 won’t work. You’ll simply have to develop a process to mimic what the technology would do had you not touched the money. (more on that in a later message)
Tracking the Flow of Money
A great tracking platform will be a full cloud accounting system (Oops! I said one of the 4 letter words). I mean a full accounting system, not a reduced version or limited version that only does a few things. It at the very least has t be able to give you all the basic financial reports (talk to a professional)
Money Goes Out
Now I did say earlier that you don’t get to choose the platform you use to spend money. But here’s a cool tip – don’t touch the money. Use an electronic form of payment like using a card. These types of transactions have data in them that your tracking tool can learn. Checks and cash don’t. And who takes checks and cash anymore anyway, right? So when you’re going to decide what tools you are going to use, be sure to search out all the options, check with colleagues to what will work best, and, most of all, understand exactly what that tool will be doing for you by checking in with your MoneyWorx coach.
John loves to coach folks in Milwaukee's creative community - from makers to freelancers - so that you'll understand the "business" part of what you do.