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How To Keep Your Business Accounts In Order

Keeping track of the money and commerce of a business can be tough. You have to monitor all outgoings and income. Not only that but you often need to double or triple check that the figures are correct. Being aware of how much capital a business has to use is vital when making changes or launching new products and services. So how you can you keep your business accounts in order?

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Delegation Of Duty

If you are not up to the task of keeping track of the finances, either hire someone in-house to do it or outsource the job to an accountants firm. Understanding of the economics of the business is vital when it comes to keeping the business accounts in order. You may not be trained in that. If you’re not, seek someone who is.

Software

Billing software that syncs payment transfers from Stripe to Xero database software can help you keep the accounts in order as well. It’ll keep track of the sales and then tally them up again in an easily readable format. From there you can add the figures into a larger accounts database. Software is advised to be used in any kind of business accounts. The numbers are just too big to be totalled accurately manually. So long as the initial input is correct, the figures should come out fine.

Account For Everything

All expenditure needs to be explained. Money cannot go missing from the company finances without an explanation. It could indicate there is negligence or fraud going on with the business if the accounts are full of these. All outgoing money needs to be accompanied with an explanation as to why. This can either be added to the accounts database or a broader accounts report issued at the end of every month.

Income also needs to be explained too. Spikes and dips in the income are common with a business. They still need to be properly explained, however. If the spikes and dips are extraordinary, then an investigation into the cause needs to begin.

Compile Data

Another way of keeping on top of business accounts would be to compile the data into a more readable format. It’s hard to grasp what the accounts say when just reading from a spreadsheet. Creating bar graphs or pie charts can make the information more absorbable. You may plan on presenting your earnings to investors or planning future business strategy. You need to offer information in a way that people can understand.

Don’t Micromanage

Micromanaging the finances is only going to drive you mad. Looking at the bigger picture of a business is a better way to get a full view of the accounts. If you are dealing in potentially millions, you can’t spend all your time counting the pennies. Everything needs be accounted for, but you need to still keep an eye on the broader picture rather than the minute details of the accounts.
Managing the money in a business environment was never going to be an easy job. The software can do a lot more for you than you think too. Just make sure you look at the bigger picture.

Rescue Remedy For Failing Businesses

Even the most successful businesses in the world have bleak periods where the future may look decidedly less rosy than it did before. It’s all part of the game. So if your business is hitting the skids, don’t worry, stay focused, and pour yourself a nice cup of tea. Here are some suggestions that I’ve picked up over the years that might help you turn things around again.

Stay Positive

When the chips are down, everyone is going to be looking at you to turn things around. And, if you are sitting there moping about it simply isn’t going to happen. You have to be positive when all those around you are worrying, and it is only that positivity that is going to help you get through your sticky patch. Without that desire, passion and strength to take things on the chin, you might as well give up.

Stop Everything

As soon as thing get to that desperate stage, it’s important to take a step back and have a look at what’s going on. If that means closing the doors for a day, so be it. The idea here is to find out exactly what your problem is, and coming up with a solution to fix it. Maybe you are struggling to get found on the web. Perhaps you need more money to make it through the month. Maybe you haven’t made a sale this year. It could even be a combination of all of these things – with a whole lot more besides. Whatever those problems are, list them in order of importance. You are going to use all that info to come up with a new business plan.

Make A New Plan

The quicker you can get a new business plan done, the better it will be for the troops. Morale will improve significantly from the moment you present a coherent plan of action – but that’s not to say you should rush. Use your list of business failings to identify your strategy for the next few months and come up with solutions to those problems. If you need help, don’t be ashamed to ask for it.

Get Help

When you are bogged down in your business, and things seem unsolvable, it can be hard to see the wood for the trees. So get someone who can see it perfectly well from the outside. If there is a financial problem, then hire an accountant or financial advisor. They will help you identify areas where you can cut back, and make suggestions as to where you can make more profit. If you are struggling to manage yourself and your team, then think about getting a business coach in. You can see some of the advantages that they can bring over at http://www.easyconsult.com.au/. Whatever your problem is, if you don’t have the solution yourself, there will be professional help from those that can.

Lose Poor Clients

Some clients are just not worth the hassle. If you can identify those that eat up a lot of your time with very little reward, then just say goodbye to them. You will find that extra time will be far better spent looking after your well-paying clients and finding similar customers. They are out there – you just have to look harder for them.

Best of luck in repairing your business – and let me know if you have any success stories.

The Biggest Ways Mobile Phones Have Effected Business

One of the biggest industry booms of the 21st Century has been that of the smartphone. Mobile phones had been around for years, but it wasn’t until the mid-2000’s they started taking off. We started to see touchscreen smartphones that revolutionised our lives. And that’s not being overly dramatic, it’s a fact. Smartphones have changed a lot in everyday life. But don’t think that it’s just trivial changes, because it’s not. Mobile phones have now had a large effect on the business world as well.

Instead of having a big phone in our pocket that makes calls, we now have a multimedia machine. Business owners can use their phones to conduct business while they’re out and about. They can set reminders for client meetings and chat with them over the phone. They can even video call clients from their mobiles if they have too. The mobile phone has become a personal planner for people in the business world.

Mobile Marketing

But it doesn’t stop there. Mobile devices have actually had a direct influence on certain marketing aspects of a business. Because of the huge amount of mobile users searching the internet, Google have made changes to their mobile search results. Your business now has to have a mobile-friendly site in order to appear high up in mobile search results. It’s a huge change to marketing campaigns as it now means you need to develop a mobile version of your website. The rise of smartphones has also led to a new form of marketing; mobile marketing. Companies can develop apps through which they can promote and market a business. You also have mobile advertisements for your business on various other mobile apps and webpages. It’s a whole new world for marketing experts to tap into.

Also, I touched on it above, but mobile apps have had a big impact in the business world. Mobile application development has become a business in its own right. People are earning a wage developing apps/games for mobile devices. Last year one of the hottest new apps on the market was Snapchat. Snapchat is now essentially a business that earns lots of money per year. It’s predicted Snapchat is worth around 1.9 billion!! All that money from a simple little app that someone developed!

Apps for Business

As I mentioned earlier, businesses are also making their own apps. Huge franchises and businesses are tapping into the mobile app market. App’s are a great marketing tool, but also present a way to make extra money. And as we all now, business success is measured in revenue. Common ways businesses can make money from apps are by charging a download fee or selling ad space on the application.

Mobile phones have changed a lot of things in business. It’s now widely agreed that to be successful, you can’t ignore the mobile market. The increase in smartphone production and use has led to a whole new business world based on ease of access and simplicity. Mobile phones have forced businesses to be more simple and commit to the mobile way of life.

Wonderfully Important Ways to Help Your Freelance Career Thrive

When you decide to embark on a freelance career, you’re going to face obstacles. And they’re obstacles you’re going to have to get around. Use these ideas to help you plan for a fruitful and thriving career.

Be Professional

The most important thing is to make sure you’re professional at all times. You’re representing yourself; it’s not as if you have a large company to hide behind. So you’ve got to be sure you give 110% every time. Clients should be able to see how much effort and work you’ve put into what you do. If you can make sure you’re professional at all times you’ll encourage clients to stay with you. What’s more, you’re going to attract extra business through reputation and word of mouth.

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Pay Your Taxes

As a freelancer, you’re going to have a lot more responsibility than ever before. You’ll have to deal with the financial side of things. This is much more convoluted and in-depth than you would ever have to worry about as an employee. This is why you need to bring in expert assistance to figure out your contractor tax and keep everything legal. Sorting out your taxes is a complicated process, and you want to make sure you keep everything above board. So you need to get help in this department.

Keep a Small Client Base

One of the best approaches to take as a freelancer is to make sure you keep your client base as small as possible. You need to have a pool of regular customers who are constantly providing you with work. Get rid of those once in a blue moon clients. They cause extra stress and worry, and they divert attention away from more important and regular projects. Have a trim of your clients and try to only keep hold of a handful of regulars with whom you have a great relationship.

Plan Your Time

You need to make sure you do all you can to plan your time effectively. You’ve got to give yourself plenty of time to finish the work you’re set. It’s important to pace yourself and take the time to get the work just right. You also need to account for any edits or changes that might need to be made. Avoid leaving everything until the last minute; this will result in poor work.

Market Yourself

Because you’re working for yourself, you need to take care of the marketing side of things yourself. It’s vital that you promote and advertise yourself and your services. You need to generate interest in yourself and business where you can. One of the best ways to do this is to create a free website. You can personalize the site to showcase your experience and talents. Never underestimate the importance of having an excellent website.

As a freelancer, it’s important that you do everything you can to help your career thrive. You’re going to have to do a lot of this on your own, and that means a lot of hard work. If you make use of the ideas found on this post, you’ll cover all your bases and help your freelance career blossom.

Setting Up An ECommerce Business In Three Easy Steps

The consistent and thriving growth of the internet has allowed new opportunities to open up within trade and marketing sectors of business, providing new ways to sell and buy products and services for everyone and anyone. Not so long ago, starting up your own business was often a particularly hefty job, especially when you had to source the funds to open up a physical location in which for your business to run. Many fresh business owners had to quit their regular job and obtain bank loans before they could start to build their company at all, and up to fifty percent of them didn’t succeed at all. These days, if you are willing to invest your time and energy into learning all you can about the internet and the market that you are interested in, then you may find more trade opportunities open to you than you had realised. Typically, it is possible to anyone with the right attitude to establish an ecommerce business with reasonably nominal funds and minimal risk. So where do you get started? Well, a little bit of research will tell you relatively quickly there are a few things you need to get done when you’re launching an eCommerce business and you want to ensure your success.

1) Open a business checking account for yourself and get a business credit card. As many people will inform you throughout your journey, it is absolutely essential that you keep your business and personal assets separate from one another. As soon as you have decided to start your eCommerce business, open up a business checking account and get a business credit card. Remember, if you are on reasonably good terms with your bank, it may be a good idea to talk to them first, as they could offer you a discount or preferential treatment.

2) Study your competition and make your business stand out. Before you start designing the website for your eCommerce business, it’s always a good idea to check out your competition. Go online for a couple of hours and browse the types of sites that similar companies to the one that you aim to produce have. Bookmark the sites that you like the best and make notes about things that you may want to use on your own website. Write down what it is that you like about these things, and send the links to your designer or web developer, as this could help to speed up your designing process, saving you money. Remember, however, even if you want your website to be somewhat similar to other sites that you have seen, you should be sure that it still stands out from the competition – the last thing you want to do is blend in.

3) Choose your eCommerce solution. There are various eCommerce shopping cars and platforms out there that are designed especially for small businesses, but you need to decide which one is right for your business. Before you sign up with any software, see whether you can take a free trial.

Carol Friel is an ecommerce professional. She often visits www.ecommera.com.