Once you have been in business for a while, and your transaction level has increased from 2 per month to over 100 monthly transactions. Business has become more complicated, and it’s become harder to continue using free/low-cost tools to track your finances. You have a better idea of what metrics you want to track, so what tools will take you to that next level without breaking the bank?
QuickBooks Online
Ramp
Jirav
QuickBooks Online
Once you need to track transactions by locations, departments, and different fields, QuickBooks Online (QBO) is the natural next step. As long as everything is set up correctly at the beginning, you won’t need to ever move on from QBO unless you need something industry-specific, such as school finance, or you’re planning to have multiple subsidiaries and international locations, or you need to track inventory. It can spit out the basic financial reports you need — income statement, balance sheet, and cash flow statement.
Along with the basic reports, you can see those reports split out by the fields you’ve set, allowing you to see your financials deeper. If you want to connect your Google AdSense data to QBO, you can’t. You’ll still need a spreadsheet to triage all the data to get an overall view of your business related to your financials. Your financials will show you the total cost of online Ads for that month, but it won’t show you whether paid ads or referrals were your biggest factor for revenue growth that month. You can also get a discount via TechSoup if you’re a non-profit.
Ramp
You have contractors and vendors you have to pay. So far, you’ve been paying them as they land in your inbox. Ramp allows you to keep track of all vendor bills and schedule any payment via ACH or check. It will also help you collect all the vendor data you need to send out the 1099 forms the next year. Along with bill pay, you can also create virtual and physical cards for your employees or contractors with limits. It forces the assigned owner of the card to forward or text the receipt for the transaction. You can even create software-specific virtual cards to help you manage your subscriptions. It’s a great system that gives you control over your expenses with audit trails.
Jirav
You have QBO, and you’re using Ramp, which syncs with Quickbooks Online. What do you need Jirav for? Jirav is for the planning, budgeting, and forecasting side of your finance operations. Jirav brings all data from Quickbooks, the payroll system, and other data, such as Google AdSense, together for you to create dashboards and forecasts for the next month or year. Yes, you can continue to use spreadsheets for this, but if you’re spending too much time wrangling data together to create your management reports, this might be the solution you’re looking for. Spreadsheets are great for building your first budgets and forecasts, but over the years, you can automate some processes using software like Jirav.
Quickbooks Online becomes your base accounting software system, and other tools are synced. Ramp and Jirav can sync to or grab data from Quickbooks Online. The goal is not to have disparate systems that don’t talk to each other. Spreadsheets will never go away. There will be some times when you want to do a quick calculation or export the data into Excel to play with. That’s okay as long as you make sure you go back to your base systems. The software you implement should be nimble and advanced enough to give you the data you need without any stress. But not so advanced that you’re spending months on implementation training at this stage of the business.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
FOR IMMEDIATE RELEASE SMBR Announces Partnership with EBGI to Empower Small, Minority and Women-Owned Businesses
Austin, TX – The City of Austin’s Small and Minority Business Resources Department (SMBR) is thrilled to announce a new partnership with the Economic Growth Business Incubator (EGBI). The collaboration is set to significantly enhance the support services available for the City’s small, minority and women- owned business enterprises (MBE/WBE) by focusing on crucial aspects of business growth and city procurement processes.
A New Era of Business Support and Growth
“Through this partnership, we are reinforcing our commitment to the growth and success of small, minority and women-owned businesses in Austin,” said Director of SMBR Edward Campos.
“Collaborating with EGBI allows us to offer a more comprehensive range of services tailored to the unique challenges our small, minority-and -women-owned businesses face.”
For more than 20 years, EGBI has provided training, coaching and support to aspiring and existing business owners who face barriers to growing a successful business.
“EGBI has always been where the community needs it, and we’re excited to partner with SMBR in this endeavor. We provide three times the average coaching hours than most business incubators – and SMBR comes with their impact. Our goal is to provide sustainable growth and success for the businesses that provide traction to our economy,” said Executive Director of EGBI Larissa Davila. “We believe that through this collaboration, we can make a significant difference in the Austin business community.”
Commitment to Continuous Improvement
The partnership will encompass a variety of services aimed at strengthening the business capabilities of firms: Orientation and Training: Firms will receive comprehensive guidance on navigating the City of Austin Finance Online website, enhancing their ability to submit bids and secure city contracts. Business Coaching: Expert coaching will cover an array of topics including business strategy, financial management, preparation for financing applications, and navigating city payment processes. Financial Operations Support: Assistance in adopting more reliable systems for tracking financial operations, including setting up and training on QuickBooks Online. Hands-On Assistance: Firms will learn how to effectively utilize financial reports for business management and gain insight into finding and responding to contracting opportunities.
A Step Forward in Economic Development and Social Mobility
The partnership represents a significant step in fostering business development and economic mobility in Austin. By empowering small, minority and women-owned businesses, the City of Austin reaffirms its commitment to creating an inclusive and thriving business environment.
How to Get Involved To receive training, coaching, and/or support from EGBI, small and minority-owned businesses will need to complete a short intake form that is available on the City’s website. Firms will then need to submit the form to SMBR’S Program Manager I Catherine Sak at Catherine.Sak@austintexas.gov or smbr@austintexas.gov.
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About SMBR The Small and Minority Business Resources Department (SMBR) administers Minority-Owned, Women- Owned, and Disadvantaged Business Enterprise Procurement Programs for the City of Austin. Our mission is to promote access and equity on City of Austin contracts, providing economic opportunity to small, minority-owned, women-owned, and disadvantaged businesses. About EBGI Economic Growth Business Incubator (EGBI) is a small business incubator or business accelerator established in 2003 in collaboration with several community entities including the Greater Austin Hispanic Chamber of Commerce and the Housing Authority of the City of Austin. In 2023, EGBI was recognized as the No. 1 incubator in Central Texas by the Austin Business Journal and in 2024 the incubator received the CAN Butler Award for Spirit of Collaboration and the Candid Platinum Seal for Transparency, and Best Places to Work for Working Parents. EGBI provides business coaching to entrepreneurs in Central Texas wanting to start and/or grow a business. Up until 2024, our organization has provided over 4,200 hours of business coaching in bookkeeping, sales, marketing, business planning, online presence, government contracts and similar topics to provide traction to small business owners.
We are thrilled to extend our heartfelt congratulations to FroFessionals for being honored with the Committee’s Choice Award from the Austin Community Foundation’s Black Fund. This award is a testament to the unwavering dedication of FroFessionals in addressing the unique needs of black, brown, and biracial individuals with textured hair.
EGBI’s client, FroFessionals, are a subscription-based platform, connecting individuals with professionals and product vendors who understand and cater to the diverse needs of kinky, coily, curly, and mixed-textured hair. Recently (on February 13th, 2024) FroFessionals was awarded the Committee’s Choice Award through the Austin Community Foundation’s Black Fund (a beacon of support for black-led nonprofit organizations) and joined the ranks of other eminent, Austin Based Nonprofit Organizations such as Black Mamas ATX and Real Queens Fix Each Other’s Crowns. The awards ceremony, hosted by Hutson-Tillotson University, was a celebration of achievement and culture. FroFessionals’s recognition at this event underscores the impact they’ve had on their community and the importance of their mission.
Moreover, FroFessional intends to use their award to advance their mission of increasing access to quality, consistent, and culturally relevant mental health care for historically underserved members of BIPOC communities in the greater Austin area. A commendable mission that is guaranteed to create a further positive impact on their community.
We are proud to celebrate FroFessionals’ success and commitment to making a difference. Additionally, we look forward to seeing the continued positive impact FroFessionals will have on the community.
Congratulations, FroFessionals, on this well-deserved recognition, and we applaud your ongoing efforts to create positive change in our community!
In today’s competitive business landscape, standing out is more crucial than ever. Your brand identity isn’t just about a logo—it’s about creating a cohesive and compelling image that resonates with your audience. In an episode hosted by the Economic Growth Business Incubator (EGBI), Krisi Gaston, a seasoned graphic artist and illustrator based in Houston, shared invaluable insights into the art of crafting a powerful brand identity.
Understanding Brand Identity
What Constitutes Brand Identity?
A brand identity encompasses everything that defines your business’s image and reputation. It’s not limited to visual elements like logos; rather, it includes your business’s core values, personality, and the overall experience you provide to your customers. As Krisi Gaston aptly puts it, it’s about how you present yourself to the world and how your audience perceives you.”
Why Does Brand Identity Matter?
Establishing a clear and memorable brand identity is pivotal for several reasons. Firstly, it distinguishes your business in a crowded marketplace, making it easier for customers to recognize and remember you. Moreover, a strong brand identity builds trust and credibility, which is crucial for attracting and retaining loyal customers. It also sets expectations for the quality of products or services you provide, influencing customer perceptions and purchasing decisions.
Practical Tips for Crafting Your Brand Identity
1. Define Your Core Values and Goals: Before diving into design elements, take time to articulate your business’s core values and objectives. Understanding what your brand stands for will guide the entire branding process, ensuring consistency and alignment with your mission.
2. Maintain Consistency Across All Touchpoints: Consistency is key to effective branding. Whether it’ your website, social media profiles, marketing materials, or customer interactions, ensure a unified look and messaging. Consistency reinforces your brand’s identity, fosters recognition, and builds trust among your audience.
3. Invest in Professional Design Expertise: Professional graphic design plays a critical role in shaping your brand’s visual identity. According to Krisi Gaston, who is recognized as an Adobe-certified professional in graphic design and illustration, professional design expertise ensures that your visual assets—from logos to promotional materials—effectively communicate your brand’s values and personality.
4. Build Trust and Credibility: A well-defined brand identity not only attracts customers but also cultivates trust and credibility. Consistent branding signals reliability and professionalism, reassuring customers that they can expect a consistent experience every time they interact with your brand.
Key Takeaways
Crafting a compelling brand identity is a strategic investment in your business’s success. It’s about creating a distinct persona that resonates with your target audience and leaves a lasting impression. By defining your values, maintaining consistency, and leveraging professional design, you can build a strong and impactful brand identity that sets your business apart in the competitive market. In conclusion, developing a robust brand identity goes beyond aesthetics—it’s about strategically positioning your business and shaping how customers perceive you. By implementing the insights shared by Krisi Gaston, you can empower your business with a compelling brand persona that resonates with your audience and drives long-term success.
In 2024 the Economic Growth Business Incubator (EGBI) was honored with the CAN butler award from the Community advancement network (CAN). The CAN is a regional coalition that brings together nonprofits, businesses, government agencies, and faith-based organizations to collaborate on solutions that improve the lives of Central Texas residents. They award the CAN butler award for giving collective action and change in the community.
EGBI won the CAN butler award from CAN by their efforts to build strong relationships with each and every one of their clients. At EGBI we believe that the most meaningful change happens when we work together with one another.
“The award highlights our belief that real impact happens through teamwork and shared vision, when we build bridges across sectors, we build stronger communities” Asserted Monica Peña, community relations director of EGBI.
