Sometimes your business can run out of money faster than you can say “bankruptcy”. That’s why you need to be aware of the following accounting tips.
- Resolutions are a way to determine your financial health. For example, if your debt is greater than 36% of your income, you may need to make some changes. No one wants to go bankrupt, but you should at least be aware of the warning signs and work to resolve them before the financial health of your company is seriously affected.
- Every business owner should know the basics of the tax laws so they aren’t surprised by a sudden change in the tax code. The tax code is constantly changing and never misses to surprise any business owner.
1. Use open-source and cloud computing
Cloud computing is the on-demand availability of computer system resources, especially data storage (cloud storage) and computing power, without direct active management by the user. The term is generally used to describe data centres available to many users over the Internet. Some Benefits of cloud computing include –
- Reduced IT costs. Moving to cloud computing may reduce the cost of managing and maintaining your IT systems.
- Scalability.
- Business continuity.
- Collaboration efficiency.
- The flexibility of work practices.
- Access to automatic updates.
2. Practice Joint Venture during product launch
When it comes to launching a new product, one of the biggest challenges is how to get the message out so that people are aware that it exists. Marketing a new product can be quite a challenge, especially if you do not have any previous experience in the same industry. With that in mind, it is important to know how to conduct joint ventures, also known as launch partners. This is a great way to introduce your product and generate awareness about it. It is also a great way to market your product in an effective manner to potential customers.
3. Review your operations expenses
Operating expenses for a small business can quickly add up, especially if you are a sole proprietor or have a small staff. Without a well-planned budget, it is easy to be overspending in areas that aren’t necessary for the business. If not enough is being spent in a particular area, then your business isn’t growing as expected.
4. DIY Marketing and public relations
As I have written previously, I have adopted DIY marketing and public relations strategy and have found it very effective. DIY is about being your own boss and making decisions to suit your own needs. And it is a big topic that can cover any aspect of your business life, from how to run your marketing campaigns in-house, to employing alternative strategies to deal with your customers. There is no right or wrong way to DIY, and every person will have to find their own way.
5. Join a business association
- Network opportunities
- Social Advantages
- Improved business climate
- Local business information
- Knowledge
- Credibility, etc.
6. Invest in new technology and automation
For the past several years, technology has been the driving force of business growth. In fact, research shows that one-third of businesses now have more than one computer in their office. And 60 per cent of businesses have installed a computerized accounting system. But the benefit doesn’t stop there. We live in an age where information technology is evolving at a rapid pace. Businesses now have the ability to access and analyze data in a way that was not possible before. Technology has provided a way for businesses to make more informed decisions and improve their bottom line.
7. Purchasing used office equipment and furniture
If you’re looking for office equipment and furniture and don’t have $50,000 to spend on a new desk, chair, or other office equipment, you probably shouldn’t start hunting for a used office equipment store to visit. For one thing, you’ll need to be very careful and ensure that the equipment you purchase is in good condition; if it is not, it could lead to serious issues. For another, a lot of used office equipment is quite inexpensive, and you can save money by picking it up from a second-hand store.
8. Use price comparison websites
Even though stores and government agencies frequently use price comparison websites as a convenient way to find the best deals on a wide range of goods and services, they can also be useful for finding the best price on your own purchases. More and more people are shopping online at competing websites, which means you can find a wide range of prices across different retailers, and in some cases even enjoy savings of 20%-50%.
9. Maintain paperless Documentation
Every accountant has heard this question before: “I have a small business but I want to grow it, how do I start my accounting practice?” But there’s more to it than just starting an accounting practice. You must also document all the transactions. The good news is that you can do that using online accounting software. You’ll have better control and always have the right information.
10. Practicing online meetings
Online meetings are one of the best tools for keeping up with people in different time zones and different parts of the world. With online meetings, you can be in constant communication with your team, without getting stuck in the office. You can also have a discussion on projects and ideas, without the need to be in the office. And, as with a regular meeting, you can learn from each other.
11. Sell old electronics and office equipment
There are many ways to cut down your expenses, but when people think of making money from old electronics and office equipment, they usually think of buying and selling used office equipment. So that they can compensate while purchasing new equipment or the latest technology.
12. Hire an accountant
Every business owner or consultant is aware of the need for an accountant. If you are running a business, you must know how to keep track of your expenses, taxes, and business financial records. For some reason, if you are unable to hire an accountant, we have the right thing for you. “Weekend Intensive – Simple Accounting Process for Business Owners – The Secret Behind It” is the course that will help you to manage your business expenses and pay less tax by using a system that is used by Multinational Companies. This Intensive course will show you how to easily build a systematic accounting process within a weekend, even if you don’t know anything about accounting. To join and register for the course, visit www.secretstoaccounting.com.
13. Change from a merchant account to payment gateway
You’ve just started your own small business and you’ve been reading up on accounting and bookkeeping. Perhaps you’ve decided to outsource your bookkeeping and small business management services. You should not overlook the financial value that an online payments processor can provide to your business. Getting a merchant account can save you money with lower fees, faster processing times, and more secure payments. You need to write a blog post explaining how outsourcing your bookkeeping and small business management services can save you money.
Looking for accounting help? Book a free consultation with us today.
Carol Chin Accounting Services is a full-service accounting and bookkeeping firm serving businesses and individuals.