Being a small business owner has never been more flexible and mobile than it is today. The rise of the “on demand” economy has afforded the self-employed—and their customers—a world of unparalleled convenience. From personalized drivers to at-home deliveries, the sky’s the limit for consumers and business owners alike. Just about every service you can think of is available at the tap of a button on your phone. Likewise for business owners, getting paid to provide these services has never been easier.
As makeup artist and eyebrow expert Suzie Moldavon explains, the mobile nature of her business made purchasing a card reader for her phone a wise investment. When clients pay for her services using a mobile payment app or credit card via her card reader, the income is automatically reported on her spreadsheets so she can track exactly how much she made, who paid her, the time she was paid and even the location. Additionally, the mobile payment system breaks down her cash flow according to regular compensation and tips, which makes reporting taxes that much easier.
Not every small business owner needs to offer on-the-go convenience of mobile payments. For those that run brick-and-mortar stores, a solid POS and EMV-compliant credit card reader will be enough. But for many sole proprietors like Suzie, being able to use their smart phone to accept a credit card anywhere they choose is a total game-changer. Self-employed individuals have never had so many efficient tools to aide their financial management than today. Payments, invoices, expenses and tips are all a few button taps away from being organized, all of which are right in the palm of your hand. If you run a mobile business, then consider investing in it by purchasing a mobile reader and linking it up to your bookkeeping software. When you free yourself up to make money wherever you go, you will empower your business like never before.
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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.