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8 Steps to Boost Profit Margins for Your Company

While it is important to focus on increasing your gross receivables each year, you won’t experience a real boost in profits without also assessing the amount of money that you are spending. It is common for business owners to feel like they are successful with their company because of the large amounts of cash that are coming into the bank account. But, these numbers can be deceiving if you aren’t looking at the overall financial picture.

The main goal is to increase your profitability as much as possible. Extra income can be used for business development, marketing, and other efforts that will improve future success. At the same time, higher profit margins mean that you can enjoy the fruit of your labors.

You can find a million tips online that suggest the best methods to improve profit margins. But, the truth is that business finances can be complicated. In fact, there isn’t one set strategy that works for every company. The best thing that you can do is talk to a financial professional who can assess your business, assets, products, and sales patterns. Make sure that you are utilizing the services of an experienced accounting team who can offer recommendations about the way you are managing your cash flow.

Today, we are sharing some of the most common strategies that can be used to increase business profit margins. If you are interested in learning more information, then we encourage you to talk to our team for personalized recommendations.

1. Maximize Tax Strategy

If you don’t have a good tax plan, then it probably means that you are spending more than necessary on taxes each year. Yes, you are required to pay various taxes on the money that comes in for your company. But, there’s no reason why you shouldn’t take advantage of the tax breaks and write-offs that are available for your company.

The right tax strategy could save you thousands of dollars or more on the money that you send to the IRS. Reducing these tax liabilities will increase the profit margins that are left after you have paid the expenses for your company. Make sure that you are following the tax laws and working with an experienced accountant for help.

2. Watch Invoices and Transactions

It can be easy to get caught up in the daily responsibilities so that you overlook the invoices that are moving through the office. You need to be paying attention to the invoices that are sent by your suppliers. A quick check is essential to ensure that you aren’t being overcharged.

An accounting team can help with the management of your invoices. For example, if there is a pattern set with a particular vendor, then your accountant can bring an invoice to your attention if it is higher than normal. Always pay attention to the details so that you aren’t billed at the wrong rates or charged for products or services that aren’t received.

As a business owner, you can’t keep up with financial records and accounting by yourself. It is essential that you enlist the help of a professional accounting service. Then, it will be easier to identify potential discrepancies or errors in the invoices that are sent to your company.

3. Offer Add-On Services

Do your customers have an opportunity to buy an extra product or service when they are purchasing from your company? When someone has their credit card out to make a purchase, it is an opportune time to increase the amount that they are spending. They’ve already made up their mind that they want to buy from your company, so the hard work is already complete. Now, you just need to show them the services or products that best match their needs.

You don’t have to be overbearing with the add-on services. Instead, provide small suggestions or hints about complementary services that might be considered. You can see an example of this strategy the website of one of the biggest online retailers: Amazon. Every time you are looking at a product, there is a small section that shows other related items that customers selected after viewing the same product that you are ready to buy.

4. Increase Your Prices

Don’t be fooled into thinking that you need to race your competitors to the bottom with the prices that are offered. If customers see the quality of your products or services, then they won’t be too concerned about the price that you are charging. So, don’t waste your time trying to cut costs to bring more people through the door. Competing on price is one of the biggest mistakes that you can make! Instead, look for ways that you can increase the value perception to help customers see why they should be buying your products.

It is interesting to note that sometimes a price increase can actually raise conversion rates. If a customer thinks that your price is too low, then it could send a message that you are offering lower quality products or services. On the other hand, a higher price could be an indication that the customer can trust the quality that is offered by your company.

Find a balance to ensure that you are communicating value without racing your competitors to the bottom of the barrel. You deserve to get paid a fair price for the products and services that are offered. At the same time, your customers deserve to receive the quality products that they are interested in buying.

5. Increase Conversion Rates

How often are you losing customers when they are moving through your sales cycle? You might bring customers to your website or bring them through the door, but are they actually buying something when they arrive? Lead generation is important, but finding new customers won’t be effective if you can’t close the sale. In fact, there is a strong argument that you shouldn’t focus on lead generation until you have optimized close rates.

For website sales, you need to work with an experienced team that understands online conversions. If you are closing the sales in person, then you need to know the right strategies to share information with the potential client that will help to seal the deal. Even small increases in conversion rates can have a big impact on the profit margins.

6. Decrease Overhead Expenses

It is common for businesses to get pulled into recurring expenses. Even though the transactions might seem small, they can add up over time. Calculate the amount of money that you are spending on overhead costs, then look for ways that you might be able to reduce your spending.

For example, are you using two software programs that are redundant in the reporting? If it is possible to combine your efforts into one software system, then you might be able to reduce the amount of money that you are paying to use the software. Additionally, you can also save money on the manpower that is needed for the data entry and information management.

7. Assess Inventory Management

How are you managing the inventory that is moving through your business? Buying inventory is a big expense, so you need to be careful to evaluate sales trends and manage the amount of money that you are spending on inventory. It can be a challenge to find the right balance, but it is possible to improve the process with a little bit of practice.

There are several reasons why you need to manage your inventory. First, you need to be sure that you aren’t tying too much cash up into the inventory that is on site. Next, inventory management reduces the risk that employees or contractors will steal products from your company. If there is an issue with theft, then an investigation can be completed to find the culprit.

Finally, inventory management is important so that you can always have products on hand when customers are ready to buy. If a customer wants to purchase from your company, then you will lose out on the potential sale if you don’t have the right inventory available for the transaction. Not only will the customer go somewhere else to find the product, but you might be losing that person to the competition for future transactions.

8. Personalized Accounting Services

Cashflow and profit margins can be hard to manage if you aren’t watching the financial reports and paying attention to the way the money is moving through your company. Most business owners don’t have the experience to handle these financial tasks without support. If you want to increase your profit margins, then hiring an accounting team might be the best thing that you can do.

For more information about personalized accounting services, you should talk to our team here at Easier Accounting. We specialize in small business accounting, and our team is here to assist with anything that you need. Call today to see if our services match the needs of your company. We are always here to help with your business goals: (888) 620-0770

Accounting Advice: How to Cut Expenses for a Start-Up Business

Starting a new business is an exciting adventure. You are moving forward with big dreams and hopes for a better future, putting in the effort that is needed to build a company that will succeed for many years. Whether you are taking over a family business or moving forward on a passion project, it is essential that you have a good business plan in place to set yourself up for success. You need to consider the money that is coming in, as well as options to cut expenses.

Moving to a Positive Cash Flow

Costs are inevitable when you are pursuing business efforts. It doesn’t matter if you are building a local office or running a home-based business out of your garage; money will be needed for some up-front costs. In the beginning, you will be spending more money than you are making, especially if you need to put cash into inventory or other important setup costs.

There’s nothing wrong with spending money on these business expenses. Keep in mind that this cash is an investment to build your company for the future. There’s a saying in the business world: “It takes money to make money.” It’s true that you need to have some upfront cash to get your company off the ground.

But, just because you are burning through your cash reserves in the beginning, doesn’t mean that you shouldn’t be careful to turn things around as quickly as possible. The goal is to make your company profitable right away so that you can have extra money in the bank, instead of spending everything on your business efforts.

Once you move to a positive cash flow, meaning you are bringing in more money than you are spending, then you will have the option to re-invest and grow the company. Or, you can pull some of those profits to enjoy the benefits of your labors.

Two Ways to Manage Cashflow

There are two things that you need to consider when you are working to manage cash flow:

  1. Bring in more money
  2. Cut expenses

Business owners are always focused on bringing in the income that will keep money flowing into the bank. Even if you have strong earnings every month, your business will struggle if you don’t stay ahead of the expenses at the same time. So, you need to evaluate the money that you are spending to identify areas that can be addressed.

Yes, it is important to look for ways to increase your incoming cash. But, don’t overlook the importance of managing your expenses as well. A good accounting team can assist with these efforts.

Cost-Cutting Ideas to Reduce Small Business Spending

Start by evaluating the money that you are spending. Categorize your spending into transactions that are necessary and transactions that can be cut. You might need to change your thinking a little bit to look at your spending with new eyes.

Here are some of the easiest, most effective ways that you can cut your business costs:

  • Secondhand Furniture and Equipment: Why pay for new materials and supplies if you can save a bunch of money by choosing secondhand items? If you need a new desk for your office, you can go to the local furniture store and pay thousands of dollars for the right desk. Or, you can skip paying retail and look for deals on Craigslist or other online marketplaces. In many circumstances, you can save as much as 50 – 70% by choosing secondhand items. Use caution if you are buying electronics though… computer technology is moving fast, and you might be able to avoid a lot of problems by buying new.
  • Rent or Mortgage Costs: A rent payment can be one of the most expensive bills for small businesses. Do you have a local office in a high traffic area, but most of your business is completed online? There’s no reason to pay the surcharge for a premium office space. Consider moving to a different part of town where the rent costs are lower. Yes, it will cost money to move and it takes a lot of effort. But, the rent savings can add up over time. Better yet, look for options to buy a building and rent out a portion of the space to other businesses. These rent payments can help you pay off the mortgage, creating a valuable asset for your company.
  • Utility Expenses: Ongoing utility expenses offer another potential area where you could be saving money. Get creative to see if there are ways that you can reduce utility costs. For example, you might be able to drop your landline and use a VOIP phone number instead. Invest in energy-efficient appliances and switch out the lightbulbs. Install a smart thermostat that will manage climate control throughout the day. Call the internet provider to see if there are options to reduce the amount of money that you are spending on your business package. Sometimes, a few questions to a utility provider can go a long way to bring the ongoing costs back down.
  • Assess Inventory: Are you storing a lot of inventory that won’t be needed for a while? Not only does extra inventory cost money because of the expense of buying the products. But, you also need to spend cash on the warehouse space that is needed to hold everything. Look for lean business options to minimize your inventory while ensuring that you always have product on hand when your customers are ready to buy.
  • Bid Out New Projects: Instead of assuming that you need to hire more employees, consider the option to talk to multiple contractors to get the best price on services that are needed. This bidding process will help you minimize costs and maximize the services that are available. Seeking out multiple bids is essential so that you can see if your preferred contractors are overcharging for the services.
  • Offer Telecommuting Options: As the business grows, it can be hard to maintain the office space that is needed for the expanding team of employees. Instead of moving into a bigger office, look for options to share the office space more efficiently. You can invite employees to telecommute, helping to reduce the number of people that you are managing in the office each day. This option allows the desks to be shared and reduces the amount of space that is required for employee housing. At the same time, employees will be happy that they can avoid commuting costs.
  • Go Paperless: Paper waste can cost your company a lot of money. Not only do you need to pay for the cost of the paper reams, but you also have expenses for the printing as well. You will spend money on the cost of buying a printer, paying for ink cartridges, and ongoing maintenance as needed. Plus, many companies spend money on recycling and shredding services for old paperwork. These expenses can be reduced by keeping digital records instead of filing printed paperwork.
  • Pay Off Business Debt: Business debt can make it hard for you to keep up with cash flow. Not only do you need to make the payments on the costs that are due, but you are also taking on a lot of expenses for the interest costs. How much are you paying every year in credit card interest? If unexpected costs pop up, then it is common to put those expenses on a credit card. Unfortunately, the interest expenses will really add up, potentially costing your company thousands of dollars a year in avoidable costs.
  • Save for a Rainy Day: It is essential that you set aside cash for the future. This emergency savings account will help you pay for taxes and anything else that might come up unexpectedly. There are always times when you need to dip into the bank account. Make sure that you have money set aside so that you can avoid running up the business credit cards.
  • Maximize Tax Write-Offs: As a small business owner, many things can be used as a business write-off to minimize tax burden. You could save hundreds or even thousands of dollars by using the right tax strategy. Maximize these tax write-offs so that you can minimize the amount of money you need to pay at tax time. The best thing that you can do is hire the services of an experienced accounting team who can help with your tax strategy.

As you can see, there are many ways that you can be creative with your business spending to reduce expenses. If you need assistance, then make sure that you have the services of an experienced accounting team. We can assess your spending habits and provide recommendations that will help to minimize expenses in the future. Financial expertise can offer a valuable way for you to level-up your business efforts and reach higher levels of success.

For more information about small business accounting services, you need to talk to our team at Easier Accounting. We understand the financial requirements that are needed to run a small business. Our team is here to assist with anything that you need: (888) 620-0770

Starting a Business? Why You Need Good Bookkeeping and Accounting Services

If you are starting a business, then you might feel like you have a long list of items that need to be addressed before you can launch the company. These tasks are essential in the pre-planning stages, as well as the early stages of starting the business. Regardless of your progress on the path to become a business owner, it is essential that you have the support of a financial professional for your business strategy.

Many start-up business owners feel like there are never enough hours in the day because they have so many things that need to be done. But, there is no reason that you need to accomplish everything on your list without the support of other people. Instead of trying to carry every aspect of your workload, it is important that you bring in outsourced experts who can oversee certain aspects of your company. Not only will you free up your time, but you can lean on the expertise that will help your company grow.

Why Bookkeeping and Accounting are So Important

Do you realize the importance of financial tracking for your company? It is easy to get caught up in the daily excitement of an upcoming sale or customer service. But, your business might come crashing down if you don’t have a good financial strategy in place.

Without regular bookkeeping practices, it is likely that expenses will get overlooked and the accounts won’t line up. Plus, you will face the difficult aspect of trying to determine the profits and losses in your company. It can be a challenge to keep up with the reporting if the information isn’t entered into the system accurately.

Even if you are starting small, you need to have these financial services to set your company up for success in the future. Creating a solid financial foundation might be the best thing that you can do to ensure that your company doesn’t come crashing down after it is launched. A large number of start-up companies fail within the first five years. If you don’t have the right strategy in place, then there is a good chance that your business will be one of the failed companies.

These problems can be avoided if you lean on the expertise that comes from outsourced accounting and bookkeeping services. When you are starting a business, you need to make sure that you have an accountant available to help with the strategy. Not only will you be able to navigate the difficulties of launching the company, but you can also have the peace of mind to know that the cash flow will be there when it is time to cover costs in the future.

Data Entry, Balancing the Books, and Other Ongoing Accounting Tasks

One of the problems with in-house data entry and accounting is that important tasks are often overlooked. If an entry-level secretary is handling your data entry, then that person probably doesn’t have the skill set to balance the accounts every month. In fact, it is likely that an entry-level employee probably doesn’t realize that the books need to be balanced!

Reconciliations and balancing the accounts means that you check the transactions to ensure that everything lines up. Even if you are using a great accounting software, there is still a chance that you might encounter small errors or glitches along the way. The best computer program won’t work when human error is involved. So, these reconciliations are essential to evaluate the accounts and make sure that everything lines up in the right way.

Most new business owners aren’t comfortable with these tasks because they don’t have a professional background in finance or accounting. These responsibilities never end, and it can be a heavy task to manage these expenses while you are overseeing the other aspects of running your company. There is no reason why you should try to manage these activities by yourself! Instead, hand off the responsibilities to an experienced accounting team so that you can free up your time and resources.

Bookkeeping and Accounting: Do You Need Both Services?

Even though the terms “bookkeeping” and “accounting” are sometimes used interchangeably, there is a distinct difference between these two services. Bookkeeping is a service that focused on the daily systems that are needed to document the transactions that move through your company. A bookkeeper tracks and categorizes all incoming and outgoing transactions, ensuring that the data entry accurately reflects the money that is spent.

Another aspect of bookkeeping involves regular bank reconciliations. You need to make sure that your accounting software lines up with the numbers that are showing in your bank account. So, these reconciliations are essential to make sure that you are staying on track every month and year.

Implementing a good bookkeeping system is essential if you are going to manage your cash flow. At the same time, cash flow management is critical to ensure that you can keep up with the ongoing costs that come up to keep your company running.

You might have the best bookkeeping system in place, but you shouldn’t overlook the necessity of hiring an accountant as well. An accounting team looks at more than just the daily financial tracking. Accounting services help you forecast future possibilities for your company, implementing tax strategy and other financial plans to support the anticipated growth that you desire.

As you can see, there are differences between bookkeeping and accounting services. If you are starting a business, then it is essential that you have both of these services available to get your company started on the right foot.

Choosing Bookkeeping and Accounting Services

Cash can be tight when you are starting a company, so it makes sense that you should skip the burden of bringing on more employees. Instead, you should consider the benefits of outsourcing these services. You need an experienced team that can assist with your business finances, but it doesn’t mean that you need to carry the responsibility of having a few more salaries that need to be paid.

Before you hire anyone, you need to first consider the needs of your company. Do you already have a bookkeeping system in place? Do you need to bring in an experienced team to set things up from the beginning? Evaluate your needs and then find an outsourced accounting and bookkeeping team that can accommodate your preferences.

Ideally, you should find an outsourced team that can help with everything that you need. For example, it will reduce your stress levels if you can outsource tax planning and payroll processing to the same team. Then, you always have a single point of contact if questions arise regarding your tax strategy. A good outsourcing service will offer ongoing support to answer your questions throughout the year.

Tracking Expenses and Maximizing Tax Write-Offs

As you learn more about bookkeeping and accounting, it is easy to see how these services go hand-in-hand. If you have a good bookkeeping system to track and categorize every expense, then those details can be used for your tax plan. An accountant needs to understand the ongoing expenses that are accrued for your company, giving you the benefits of writing off as much as possible to minimize your tax burdens.

If you are still trying to handle bookkeeping or accountant tasks in-house, then right now is a great time to hire a good team. You can avoid the headache of issues with your financial tracking. Also, accurate financial reports will help you make quality decisions regarding the future of your company.

These outsourced services are essential to build the foundation that you need to expand and grow. Whether you are trying to bring in investors or you want to evaluate the profitability of your company, you need to have detailed reports that show a real snapshot of the financial health of your business.

Local or Online Accounting Services?

Most business owners turn to local accounting services. While it can be nice to work with someone face-to-face, there is no reason why you need to be limited based on physical location. We live in a digital world, which opens up a wide range of services that are available through online resources. You can find an accounting team that specializes in the services that you need, with the convenience of skipping an in-office visit.

Online accounting services offer a powerful, affordable way for you to manage your business finances. If you are starting a business, then you need to make sure that you are using a cloud-based accounting software. Then, everything can be accessed from anywhere in the world. You can oversee the success of your company without the need to pull out a pen and paper to crunch the numbers.

If you are looking for an online accounting service, then we invite you to talk to our experienced team here at Easier Accounting. We understand the nuances of small business financing, and we are happy to offer the ongoing services that you need. Call today to learn about the options that are available for your new start-up: (888) 620-0770

Christmas and New Year’s Tips for Small Business Owners

Christmas is in just a few days, and many small business owners are wrapping up the final holiday details so that they can take time away from the office. It is important to have a good work-life balance between your business and family responsibilities. But, there are a few things that you shouldn’t overlook if you are preparing for a vacation or time off.

Right now, Santa is going through the naughty and nice lists. As a business owner, you should be going through your own to-do lists of things that need to be completed before you leave for the holiday. Here are a few tips to help you keep up with accounting and the other business tasks that need to be addressed:

Christmas Spirit for Your Employees and Vendors

You might have gifts for the family members under the tree. But, you aren’t done with the shopping until you have offered a holiday gift to your employees. Even though it is a busy time of year, it is important that you take a moment to acknowledge the hard work and dedication that comes from the work that your employees offer to the company.

Create a festive environment in the office by bringing in food and treats. You might even hang up lights or set up a Christmas tree. When you are sending out emails, consider adding in holiday greetings or small things that will make the communication a little more festive.

Simple employee gifts might be as basic as adding a Christmas bonus on their paychecks. Or, you might consider handing out gifts so that you have something to give in person. Cash and gift cards are always popular because people like the option to buy the things that they want to receive for Christmas.

Don’t Go Overboard with Holiday Celebrations

It is common for companies to have a Christmas party or a New Year’s gathering. While these events are memorable and fun, you need to be careful not to consume too much alcohol. Too many drinks can have a negative impact on behavior. You want to create good memories, not something that you will regret the next morning!

Even though you are having fun with your team, it is important that you don’t cross the line of maintaining respect among employees. So, it is usually best to keep alcohol to a minimum and provide plenty of food and water during the event.

Check Your Cashflow

When you are planning holiday gifts or parties, you need to be sure that you have the cash available that is needed to pay for these expenses. Cashflow is a critical factor that can make or break your company! You might have good intentions to offer holiday bonuses for your employees. But, the plan could backfire on you if the bonus checks bounce.

Talk to your accounting team to ensure that everything is up-to-date in your financial tracking system. Go over your budget and look at anticipated costs. Then, you will be able to put together a budget that is available to pay for the holiday events.

This cash flow assessment is also important to ensure that you can meet other accounting needs, such as payroll and tax payments. These details need to be evaluated this month before the year comes to an end. But, you should make a point to review this information regularly throughout the year.

Clear Communication about Holiday Hours

Don’t leave people guessing about the times that your office will be open during the holiday season. Instead, focus on clear communication with your employees and customers to set expectations for the holiday hours.

This information can be posted on your door in advance so that customers and visitors know when they can come to the office. Also, share the time-off details with employees so that they can plan their family travel arrangements. It is common for employees to take extra PTO days during this time of year, so make sure that you coordinate these details in advance to ensure that you have enough coverage during the times that the business is open.

Do you have an emergency contact number? Make sure that you have clear responsibilities assigned for the coverage of this number during the holiday season.

If you are going to take extra time off during the holidays, then this information also needs to be discussed with your staff. Communicate to ensure that everything is covered while you are gone. Then, you will be able to leave the office to spend time with your family, with the peace of mind to know that things will keep operating while you are away. Pre-planning will help you avoid vacation interruptions that come from phone calls or emergency emails that need to be answered.

Website and Email Messages

Will there be a few days when you won’t be checking your email? Set up an out-of-office message so that no one is confused by the delayed response. An out-of-office message is a professional, polite way to handle communication if you are going to be away. If someone knows your return date, then they won’t be worried if it takes a little while before they hear back with your response.

Also, consider adding an update on social media websites. If you are going to be away, then post a quick message on Facebook or Instagram to let people know that your office will be closed. Social media provides a great way to communicate information in a fast way, keeping your customers, employees, and vendors updated about the things that are happening in your office.

This essential information should include details about the days that your business will be shut down for the holidays. Also, provide clear information about the re-opening times. You might provide details for emergency contact if needed.

Maximizing the Down Time During the Month of December

Some businesses are busy during this time of year, and there isn’t a lot of extra time available for additional tasks. If you are in the retail industry, then it is likely that you are pushing through the holidays knowing that you can take a break after the year is over.

On the other hand, some companies slow down during this time of year. December can be a quiet time for service-based industries, giving business owners a little more free time. If you own a business that isn’t busy during the Christmas season, then you might consider the advantage of focusing your extra time on bonus tasks that will set you up for the new year.

Yes, you can use the time to spend with your family and friends. But, some business owners find it difficult to step away from work completely. Here are a few important tasks that you might consider to evaluate your success for the year and improvements that might be needed in the New Year:

  • Cashflow trends throughout the year
  • New clients that were lost or won
  • Main referral sources, to dedicate more effort to those marketing strategies
  • Effectiveness of marketing techniques
  • Professional development activities that contributed to your skill set
  • Process and workflow, looking for inefficiencies that need to be corrected
  • New idea brainstorming
  • Tax evaluations and payment plans
  • Accounting software and financial reports

Assessing this information will ensure that you are ready to hit the ground running when the New Year starts.

Don’t Forget to Take Time to Relax!

As a business owner, there is always something else that can be done to support your company. It can be a challenge to be in this position because it can be hard to step away from the office. But, don’t overlook the benefits of taking time for yourself so that you can relax and recharge.

Whether your business doors are staying open or you are closing down for a few days, structure your schedule so that you can take care of yourself. Personal care is more important than many business owners realized. If you aren’t taking care of yourself, then you won’t have the effort or energy to support the needs of your employees or team.

There will always be more time to pay the bills, service your clients, or go through the accounting and financial paperwork. But, there are only a few moments when the family gathers together to celebrate the holiday. So, don’t be afraid to set down your phone and focus on the moment that you are sharing with the people that you love. Stay present in the experience of celebrating the holidays, knowing that you can set aside an hour or two after the party is over to catch up on the business tasks that need to be addressed.

Segmenting your time in this manner is important for mental wellness and the relationships that you share with friends and family members. If you don’t have the option to take time away from the office, then it might be a sign that it is time to outsource some of the busy work.

Our team at Easier Accounting wishes you a Merry Christmas and Happy New Year! If You need assistance with your year-end accounting, then feel free to reach out to us anytime: (888) 620-0770

The Effects of Bad Bookkeeping on Your Small Business

As the owner of a small business, it is important for you to know that seemingly small mistakes can lead to serious financial damage in the future. Larger corporations have the big bank accounts to cover these types of mistakes. But, smaller companies might go under if the wrong accounting and bookkeeping practices are in place. If you want to increase the chances of success in the future, then you need to make sure that you are building the foundation with solid bookkeeping and accounting support.

Why Bookkeeping Matters

Why does it matter if you have a good accountant for small business to help with your business efforts? These services encompass some of the most essential tasks that need to be addressed in every company. Without a good bookkeeper, your books will be a mess, and you won’t be able to keep up with the numbers in your bank account.

Typically, bookkeeping encompasses a variety of services to ensure that all financial transactions are recorded. These services can include sales, receipts, purchases, payroll, payments, earnings, and more.

Having a bookkeeper stay current with these transactions ensures that the money continues to flow in and out of your business as needed. Not only will you have the money moving through to support business efforts and profits, but you will also account for every dollar that is spent or received.

Later, you can use the information when you are making big financial decisions that impact the future of your company. If you are putting together anything that will affect the organization of your business, then you need to be sure that you are staying ahead of these details. Then, you can lean on the financial reports knowing that the numbers are accurate.

Bookkeeping, Accounting, and Business Decisions

What will happen if you aren’t keeping up with the bookkeeping and accounting tasks that need to be addressed in a small business? Every decision that you make can have an impact on the profitability and cash flow of the company. If you make too many bad decisions, then it will lead to the downfall of the business.

At the same time, a series of wise decisions will lead to the future success that you desire. So, you need to stay apprised of the numbers to ensure that you are considering these details whenever you make a decision.

The financial reports in your company should be used when you are looking at monthly or annual revenue, considering loans or payments, calculating and paying taxes, buying new equipment, or hiring more employees.

Consider this situation: it might be a good month in your company, resulting in an influx of cash in your bank account. Even though the numbers are high, it doesn’t mean that you have extra cash to spare for new office equipment or furniture. Instead, you need to look at the reports and anticipate any potential upcoming payments for payroll or taxes.

Failing to consider these details could leave you in a situation where your bank account is overdrawn because you spent money that wasn’t really available for your business. Bad bookkeeping practices will leave you in debt, and you could potentially be in trouble with the IRS if tax payments and other details are missed.

Biggest Accounting and Bookkeeping Issues for Small Businesses

What are the biggest issues that you might face for your small business? These are some of the leading causes that can result in financial problems for your company:

  • Not being serious about your bookkeeping or accounting practices
  • Procrastinating important daily, weekly, and monthly tasks
  • Leaving the financial accounting to a low-paid, inexperienced employee
  • Overlooking small transactions
  • Failing to communicate with your accountant
  • Spending money that is needed for taxes or payroll
  • Inefficiencies in regular work systems

In addition to efficient, effective bookkeeping and accounting practices, you also need to make sure that you are implementing good management over your staff and employees. Set expectations, teach the right techniques, then ensure that everyone is following the same practices in the way they are handling sales, data entry and more.

Financial Mistakes that are Costing You Money

Many common financial mistakes will cost your company money. Not only will you lose out on cash upfront, but some of these mistakes could potentially lead to the downfall of your company. Here are some of the most common financial habits that you need to avoid:

  1. Not Hiring an Experienced Bookkeeper: It might seem like a great idea to pay your niece $15 per hour to do the books. But, a lack of experience is one of the top causes of poor record keeping. If you are handling bookkeeping and accounting in-house, then it probably means that mistakes are happening regularly. Even though you might feel like you are saving money on the cost of payroll, you will end up paying more in the future when you need to hire an accounting team to clean up the mess. Don’t trust an inexperienced employee with the important task of managing the financial records for your company. Instead, hire a professional team who can eliminate some of the common errors that occur. Outsourcing is a great solution to help you save money and reduce your stress at the same time.
  2. Procrastinating the Bookkeeping: When things get busy in the office, paperwork and bookkeeping are often the things that fall to the backburner. If a customer needs immediate attention, then you aren’t going to turn that person away so that you can focus on the data entry! So, many business owners let the bookkeeping slide until they finally make it a priority to get caught up on The problem is that procrastination can lead to serious issues in the future. Not only will you miss some of the transactions, but your business can be crippled because you are making decisions without assessing the full financial information.
  3. Skipping Tax Payments: Tax deadlines are important to ensure that you aren’t missing anything important for the IRS. There are specific deadlines that need to be met for payments, filing, paperwork and more. Don’t run the risk of facing an IRS audit in the future! Instead, work with an experienced accounting team to ensure that you are keeping up with the ongoing deadlines and requirements. If your bookkeeping is a mess, then it means that you are probably paying the wrong amount on your tax deadlines. Or, you might run into cash flow issues that make it difficult to pay the taxes when they are due. Avoid issues with the IRS by hiring a professional accounting team instead.
  4. Ignoring Cash Flow Issues: Sometimes it can be a challenge to keep up with business payments, which means that you might be facing cashflow issues throughout the year. While these problems seem small, they can have a big impact on the future of your company. Always putting things on the business credit card can lead to high-interest costs and major problems down the road.
  5. Manual Calculations: Spreadsheets can be useful for many reasons, but they shouldn’t be used for your bookkeeping or accounting system. The risk of errors increases if you are using manual data entry and other methods to manage the bookkeeping. Instead, implement an accounting software that uses automated systems and checks and balances so that you can overcome the domino effect of manual errors.

The Long-Term Issues of Bad Accounting Habits

A few small financial issues right now won’t bring down your company. But, these problems can lead to major issues in the future. If you want to create a successful business in the future, then the financial tracking and planning is a critical part of your long-term success. Failing to keep up with the numbers is one of the biggest mistakes that you can make as a business owner.

Luckily, many tools and services can be used to simplify the process. Don’t be afraid to hire help or pay for the right accounting software. These systems are important so that you can free up your time and focus on the other tasks that matter for the future growth of your company.

For example, outsourcing the bookkeeping and accounting tasks will enable you to focus on product development, customer care, and employee management. All of these factors can lead to more sales and higher revenue. Your business will continue growing, and you can enjoy the fruits of your labors.

If you need assistance with the bookkeeping and accounting systems for your company, then you need to call the best team in the industry: Easier Accounting. We offer the support that you need to keep your business running throughout the year. In addition to the daily, weekly, and monthly financial tasks, we also offer tax planning and filing. Our goal is to take care of the financial details so that you can be ready for massive growth and business success in years to come. Call us today to learn more about the services that we can provide for your company: (888) 620-0770

What Should I Consider When Choosing an Accounting Software?

Have you experienced the overwhelming feeling of trying to manage the finances for your small business? Business accounting and bookkeeping are much more than just collecting money from customers and depositing it into your bank account. There are many important factors that you need to consider to ensure that you are protecting the financial health of your company.

One of the foundational decisions that you need to make is regarding the type of software that you will use to track the financial information. Here are a few things to consider when making this decision:

Why Manual Accounting Practices are Outdated

Before the invention of computers and the internet, most business owners kept a ledger to track transactions and cash flow. This information was recorded by hand and reconciled manually as needed.

These practices are ancient in our modern, digital world. If you are still recording transactions by hand, then it means that you need to get with the times and implement a software program. Even basic Excel spreadsheets aren’t sufficient to track your information with accuracy.

Manual accounting practices and data entry increase the risk of error, which can have a long-term impact on the financial future of your company. It is essential to ensure that the information is correct so that you always have accurate details about your business finances.

Think about the Future When Choosing Accounting and Bookkeeping Software

You are focused on the current needs of the company, but don’t overlook the way the software will be able to manage future growth and development. The chances are that you will find multiple programs that will meet your current needs. Just because your current requirements are met, doesn’t mean that you will have the accounting power needed for the future of your company.

If you are planning to go through the effort of implementing a new software program, then it makes sense that you should choose something that is designed to last. It will be frustrating to get a few years down the road and find out that you need to make the transition to a different software system. So, get it done right by choosing a program that will accommodate future needs.

The main reason that business owners are driven to use the wrong software is that they want to save money on the costs. Even though there are other software programs that seem to be effective for your current needs, it won’t be worth the savings if you encounter big problems in the future. Upgrading to a new software program will be the last thing you want to deal with when your business is booming, and you are expanding to accommodate the growth of the company.

Support for the Software and Your Business Efforts

The only way the software will be useful is if you have good support for implementation and ongoing transaction management. So, make sure that you choose a company that offers continuous support for the source code. New versions will be released as the industry needs to change, helping you to stay up-to-date at all times without the painful experience of moving to a new software program.

In addition to the support from the software company, it also helps to have support from an accounting team. For example, our team here at Easier Accounting can help with the implementation of your new software program. At the same time, we will provide the ongoing services that you need to improve the results that are available from the software.

We know the nuances of working with an accounting software. We will combine our experience with the power of the software program to offer the best options for your company.

Consider the Security of the Software

One reason you need to choose a software with a good reputation is to ensure the security of your financial information. Encryption and digital security measures need to be in place to reduce the risk of hackers.

Not only do you need safe information sharing from your bank to the accounting software, but you also need to be sure that your outsourced accounting team is using the best security practices in the industry. When you choose Easier Accounting, you can rest easy to know that we are always proactive to protect your information and reduce the risk of threat or fraud to your company.

Desktop or Online Accounting Software Programs?

Upgrade to a software system that allows remote access from anywhere in the world. Limiting the software program to your computer or laptop increases the risk of losing the information if the hardware fails. For example, if the computer is damaged or stolen, then you will lose all of your financial records.

Plus, you won’t be able to take advantage of outsourced accounting services if you aren’t using a cloud-based software program. The internet will allow you to bring in the skills that will optimize your team and improve the future success of your company.

Another benefit of online accounting is that you can access the information when you are away from the office. If you are on a business trip and you need to make a big decision that impacts the financial future of your company, then you can quickly pull up the reports to see a real-time picture of your financial situation. Your accounting team will also be available to offer tax planning advice and other information that needs to be taken into consideration.

Can I Restrict Access for Certain Users?

If multiple people will be accessing your accounting software, then it sometimes makes sense to restrict the information that can be viewed. You don’t need to provide full access to everyone who will be using the system. For example, you might provide data entry access to some people, while a few select people have access to full reports and the overall financial picture of the company.

What Accounting Software Features Will You Use?

One problem that you might encounter is buying a robust accounting system that offers many features that will never be used. If you have a small business without a lot of complexity, then it might make sense to keep things simple with a less-complicated software program. Investing in a robust financial system that includes features you don’t need will result in higher costs that are not justified for your business model.

As a business owner without accounting experience, it can be hard to know which software programs will match the current and future needs of your company. So, the best thing that you can do is consult with an experienced accounting team to learn more about their recommendations. Here at Easier Accounting, we will gladly discuss your current accounting system and help you see the benefits of choosing a software program to match the needs of your company.

Are Outsourced Accounting Services Right for You?

At Easier Accounting, we are here to help you make the transition to a new accounting software that will help your company grow. We have many years of experience in the accounting industry, and our goal is to ensure that you have the right system to support your ongoing needs.

Not only will we help you move to an accounting software that will be right for your business, but we also offer the continuous support that you need. These services are designed to create the best financial future that will set you up for success.

We understand the nuances of small business accounting. So, we are always here to offer advice and help you miss some of the common roadblocks that are encountered along the way. As you learn more about us, you will see that we offer a full range of accounting and bookkeeping services that can be catered to match your needs.

If you have questions about small business accounting, don’t hesitate to reach out to our expert team. We are always here to answer your questions and help you learn more about the benefits that are available for your company. We offer the financial support that you are looking for so that you can focus on the other responsibilities that are required for business growth and ongoing management.

Is it Time to Upgrade Your Accounting Systems?

Whether you are looking to upgrade your current accounting practices or you need to implement a brand new program, we are here to help. We can provide support for start-ups as well as seasoned small businesses. Our specialties are focused on small business accounting and services for entrepreneurs. You can choose from a variety of ongoing accounting packages, as well as one-time accounting services as needed. We are always here to cater your services to match your requirements.

Are you ready to learn more? Then you need to talk to the experts here at Easier Accounting. You will see that we are leading the industry by offering top-notch accounting services for small business. Talk to us today to see how we can help with the growth of your company: (888) 620-0770

Startup: Getting a Financial Edge

Many startups begin with a fantastic idea and highly specialized talent. But, a distinct lack of knowledge regarding the financial side. Investors and lenders see hundreds of ideas that are a great idea but not a great business. This usually dissuades them from any type of investment. But for intelligent entrepreneurs, this actually represents a great way to get a competitive edge. By using available technology to create real-time, professional, and accurate financial statements, startups can successfully court investors while also building themselves a firm financial footing.

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The Advantages of New Cloud-Based Accounting Systems

Just a decade or two ago, most enterprise accounting systems required expensive licensing and specialized knowledge. Small business owners often found themselves doing the books on paper ledgers or using spreadsheets to organize their data. Today, cloud-based accounting systems are available to give startups enterprise-grade technology at small business prices. Therefore, cloud-based accounting systems have some major benefits for new entrepreneurs:

  • Intuitive and easy. Cloud-based systems are generally as easy to use as a website. Designed for user-friendliness and a positive user experience.
  • Accessible from anywhere. Business owners access their accounting information and financials from home, client sites, and other offices. This offers a distinct advantage for business owners who need to travel or who are always on the go.
  • Advanced real-time analysis. Cloud-based systems provide advanced data analysis, in the form of professional and polished financial statements. By importing bank data and making it easier to access data from anywhere, cloud-based systems can offer real-time information — allowing a company to make better decisions faster.
  • Affordable and scalable. For a low subscription fee, you can go cloud-based. Furthermore, most companies offer different tiers of service. As a result, you can upgrade your system as you increase in volume and the system will scale to the size of your organization.
  • Secure and stable. Cloud-based systems run with best-in-class security standards, ensuring that financial information is kept safe. Small businesses are now a primary target for cyber criminals, making security a paramount concern. Cloud-based systems also have large volumes of resources available, so they will remain stable and reliable throughout a company’s operations.
  • Integrated and automated. Cloud-based systems can often be integrated directly with point-of-sale solutions and can be synced with bank accounts and credit accounts, streamlining processes and also reducing the chances of inaccuracies and mistakes. 

The Importance of Fast and Reliable Financials

Prospective investors often need to see financial statements as quickly as possible to make educated and informed decisions. Also, current investors need to see how your business is currently doing to determine whether it was a good investment. Many startups find themselves falling behind in their financial statements and it can be very difficult to catch up. After all, they are concentrating on revenue-generating activities rather than administrative activities. Investors and lenders may become frustrated, as they may feel that they are not being kept up-to-date on the company’s current performance.

Internally, fast and reliable financials empower a business owner to make the best decisions regarding their business. Startups in particular need to be able to see trends quickly. They need to know whether their current business strategies are truly working. Fast, accurate financial statements means it’s easy to see how your business is performing. So, if a business isn’t able to do this, it may have no idea of trouble until it’s too late.

Financial statements are more than administrative work; they are the core of a solid business. Through better financial statements, a business can procure new investors and keep their current investors in the loop. Luckily, the technology is there for many startups to acquire solid financial statements with ease. Cloud-based accounting systems automate many of the involved processes and can streamline the entire process. Business owners who are interested in developing their competitive edge may want to look into these systems.

Cloud-based Accounting Software for Small Business

Is accounting for your small business taking up too much time? Are you finding your books inaccurate or difficult to track? If so, it’s possible that you need an upgrade in your accounting software. A next generation, cloud-based accounting system has many advantages for the modern business.

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Superior Tracking for Income and Expenses

Small businesses often need to operate with extremely lean profit margins. Especially during the first few years or during delicate periods such as expansion. Without extremely accurate income and expenses tracking, a business won’t know how much profit it is truly making. This leads to poor decisions and difficulty adapting. Advanced accounting suites are able to provide for better tracking, through automatic error detection, imported transactions, and real-time updates.

When relying upon a bookkeeper, it is more common that a business will need to wait until the end of the month to find out more about their current accounting. This can be too late to notice trends or take advantage of them, especially in fast-paced market such as brick-and-mortar sales. Human error also accounts for many mistakes, largely eliminated through an accounting solution.

Improved Administrative Costs

Small business owners know that bookkeeping takes time. In fact, payroll alone can cut into administrative time significantly, requiring either that the business owner prioritize their accounting over revenue generating activities or hire an administrator. Modern bookkeeping solutions can conduct many tasks automatically, such as calculating payroll taxes and automatically paying bills through wire transfers.

Even small mistakes associated with accounting can be quite costly. Late payments lead to penalties and unhappy vendors at best — they can lead to substantial consequences, such as tax issues, at worst. Besides the price, this will cost you time, as a business owner often needs to do additional work in order to correct the problem.

Better Security and Regulatory Compliance

Businesses often struggle in terms of both appropriately securing their data and achieving regulatory compliance for their accounting. Which, is necessary not only for general business operations but also to procure loans and investors. Accounting suites will follow generally accepted accounting principles and also have updated compliance for many industries. Top of the line encryption and authentication standards keep you secure.

The advantages of a standardized accounting system include the ability to better recognize profits and the ability to produce income and expense statements that are readable by anyone within the financial industry. Without a standardized system it can be difficult for an organization to identify pain points.

Reduced Accounting-Related Expenses

Finally, an investment in a comprehensive accounting suite will save a business money on their accounting services. A solid accounting solution will often preclude the need for a book keeper and will make it easier for a company to file its regular payroll and tax returns. Managing both income and expenses will be faster and easier, leading to fewer mistakes and a limited time cost. Overall, accuracy and real-time reporting will improved while reducing accounting services.

Accessibility and Scalability

One of the principle hallmarks of a new age accounting system is a cloud-based platform. These platforms can be accessed from anywhere, making it easier for small business owners to check and modify their data from anywhere in the world. These platforms are also extremely scalable, letting a business grow without constraints and without costly upgrade and licensing fees. Altogether this creates an agile and mobile infrastructure perfect for a business trying to grow.

Ultimately an accounting suite saves any business a significant amount of money. Improving upon their operations and giving them more information with which to make informed decisions. There is some cost associated with upgrading to a next generation suite, but, you will reduce reliance on both internal and external accounting staff.

Startup Management – Top Financial Insights

Startup management is a challenge. Keeping it open can be even more difficult. Business owners need to understand the finances of their business inside and out if they are to survive. Before getting started, look at these key insights.

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Always Keep Your Personal and Business Finances Separate

It is very easy for a small business owner to entangle their own finances with their business. Small business owners need to be conscientious about keeping everything separate or they could find themselves in a lot of danger. Though a business may be your livelihood, taking the appropriate steps to protect yourself and your company will prevent issues down the line. If you fall into financial trouble or your business does, the other entity will not be impacted.

Personally guaranteed loans are one way that owners may end up entangling their own funds with the business — as are unchecked draws taken by owners against the company’s profits. There are also some more subtle ways it can occur. Either way it becomes difficult to control the company’s success and ensure that it is able to stand on its own. If properly separated, a business can fail without substantial adverse impact to an individual. If not properly separated, it could bankrupt its owner.

Make Sure to Educate Yourself Appropriately

Most business owners understand their product or service very well. But that doesn’t necessarily mean that they understand the intricacies of owning and operating a business — this is an entirely separate topic. It’s important for business owners to invest in themselves, their business, and their future by taking seminars and classes and keeping up to date on the factors impacting small business owners in their area.

If you don’t know where to start, the Small Business Association often has local resources available. There are also classes at local universities and online training courses. At minimum, small business owners need to understand basic accounting and how to read their financial statements. This is what will tell them whether or not their business is truly a success.

It’s Easier to Reduce Costs than Increase Income

Cost management is one of the most important aspect of managing a business. 82% of small businesses that fail do so because they run out of cash. But many companies mistakenly try to manage their cash by improving their income, which may not always be possible to do in either a fast or stable way. Reducing expenses, on the other hand, has the same ultimate impact while also being far easier to do. Expenses are entirely under control of the business, whereas income can be difficult obtain and to predict.

In general, businesses have two costs: fixed and variable. Fixed costs are things such as rent — but “fixed” doesn’t mean that they cannot be negotiated or improved upon. Every time a contract comes up for consideration, a business should seek to improve cost or value.

There are additionally variable operating costs, such as travel. Carefully tracked and reduced — technology often helps. Technology can provide for optimization of an organization’s logistics, tracking of expenditures, and better collaboration.

Create and Analyze Your Leading Metrics for Success

How can you tell that your business is doing well? The best way is to define success based on a specific metric or set of metrics. It may not just be as simple as ROI; you might also measure success based on customer acquisition, cost per customer, or customer retention. All of these things can tell you whether your current strategy is working.

Accounting and customer relationship solutions are an excellent way for a business to track their strategies and to optimize their organization. These solutions make it easier for businesses to find the information they need without having to invest a lot of time.

Choose the Right Accounting Software

A business hinges upon the accuracy of its accounting — and a lot of the company’s accounting will rely upon the technology that it employs. Cloud-based accounting software is advantageous in a few ways: access your information from anywhere, have virtually unlimited resources, and scale upwards as the company grows. Further, these solutions are usually more affordable than other options, and they are intuitive and easy to use.

The more a business owner understands about the finances of their small business, the better their odds of success will be. By following the above principles, they should be able to reduce risk and manage their cash flow with greater predictability.

A Few Important Things to Consider Before Starting a Small Business

Have you decided that it is finally time to move forward with your business idea? Many people love the possibilities of self-employment, but they are worried about the potential risks that can occur from these efforts. Right now is a great time to start chasing your dreams and get the business off the ground. But, there are a few things that you need to consider before you undertake a business venture.

Here at Easier Accounting, we have worked with many small companies in every stage of business building. We have seen the successes and failures of startups and seasoned entrepreneurs, and we are working hard to pass this experience to our customers so that they can be ready to succeed. Regardless of the industry, the same business management and accounting principles apply. So, it makes sense that you should tap into our expertise instead of trying to re-invent the wheel by starting everything from scratch.

If you are getting ready to start a new company, then we suggest that you consider these factors before you launch your efforts:

Keep Your Eye on the Prize

Entrepreneurs usually start with big dreams, but then they become disillusioned because of problems or roadblocks that are encountered along the way. Maintaining clarity about the reason you wanted to start a business is an important factor to help you keep the motivation that is needed to push forward, even when things get hard.

Start by asking yourself one question: Why do I want to start a business? Consider your goals, the things that you want to accomplish, and the lifestyle that you are trying to create. Be specific about the details, and make sure that you write down these reasons. If you have a difficult day, then you can always refer to these notes to keep you going.

Whether you are starting a business to boost your income and gain more freedom, or you are tired of having a job and reporting to a boss, it is important that you keep this focus in the front and center of your mind. As a business owner, you can’t coast through the afternoon surfing the internet like many low-paid employees. Instead, you need to be willing to look at the issues and take action to support the needs of the company.

Identifying a clear “why” can also motivate the people that you hire. Many businesses have mission statements that are shared with their staff and customers, helping everyone to capture the vision of the owner.

Set Goals and Stay Accountable

Once you identify your reason “why,” the next step is to outline the short-term and long-term goals that you have for yourself and your business. These goals need to be in writing, and you should align your attitude and thought patterns with the goals on a daily basis.

Instead of beginning the day by browsing on your favorite social media website, dedicate the first hour of the day to things that will build your attitude, mindset, and determination. This time is a great opportunity to review your goals so that you can be sure that your actions are in alignment with the things that you are trying to accomplish.

Put together a list of things that are working, as well as the things that are getting in the way of reaching your goals. Then, look for solutions so that you can overcome the problems that are hindering your success. Evaluating your progress will help you avoid some of the day-to-day tasks that might distract you from bigger efforts.

Focus on Marketing Your Product and Asking for the Sale

Regardless of your industry, all businesses are focused on sales. If you want to grow a company, then you need to be willing to put in the effort to connect with new customers, showcase the benefits that you can offer, and ask for the opportunity to provide your product or services for a fee.

Yes, it is important to keep up with back-office work and product development. But, none of these efforts will be worthwhile if you don’t have new sales coming through the door. So, be careful to avoid the trap of spending too much time behind the desk when you should be out there connecting with your network.

For example, sometimes new business owners get so caught up in the tax deductions and financial projections, that the business is only based on theory instead of action. One of the best things that you can do is find an experienced outsourced accounting team to pass off these responsibilities. Then, your time will be freed up so that you can focus on the activities that will generate more revenue for your company.

Identify the methods that can be used to build relationships with your team. Then, focus time and resources on those efforts. You might consider the benefit of activities such as:

  • Building the right company culture with employees
  • Lead generation online or at events
  • Creating the right team to support your efforts
  • Reaching out to current and past customers to invite them to come back again
  • Writing procedures that improve productivity and efficiency
  • Developing customer service and other skills that are needed for customer outreach

Remember, you won’t be in business for very long if you don’t have a strong sales strategy. So, don’t overlook the importance of sales at all points in your business efforts.

Be Willing to Get Your Hands Dirty

Starting a new business is exciting and rewarding, but it isn’t right for everyone. Be prepared to put in a lot of work and effort to get things off the ground. You need to be willing to do the difficult things that other people don’t want to do. Many new business owners agree that their weekly time commitment goes up when they transition from being an employee to an entrepreneur. But, these initial efforts will set the right foundation for future success.

There are times when business owners need to “be in the trenches” with their employees. Whether it is a busy day and someone is home sick, or you are launching a new marketing campaign to previous customers, you might find yourself in the showroom or working alongside the customer service team.

Being willing to do all types of tasks will show your employees and customers that you are committed to the effort. Your example can show great work ethic and commitment to quality, helping to raise the results of everyone around you.

Tap Into the Experience of Other People

Building a business can be a lonely experience, but you don’t have to navigate the difficulties without learning from the experiences of other people. Yes, you will carry many responsibilities while you are overseeing the daily activities of the company. But, don’t be fooled into thinking that you have to do it all by yourself without the support of other people.

There are two ways that you can get the support that is needed in your company: hire people to take care of the busy work and look to industry experts who can offer professional advice.

If you feel like you have to do everything, then your business won’t get very far. Be willing to delegate and hire the help that you need. Building the right team is a valuable way to set yourself up for success. Having employees and contractors that you can lean on when you need assistance will reduce your stress and allow you to focus on other important aspects of running a business.

Bringing in employees means that you need to train your team and take on the overhead cost burdens. On the other hand, you might consider using professional contractors who can bring the experience that you need. Look for areas where you struggle, and don’t be afraid to pay for the services that will help you overcome these weak points. Recognizing that you need help is a valuable trait in a leader, and you will set your business up for success if you are willing to look to others for the education and resources that you need.

Learn More about Small Business Accounting Services

Here at Easier Accounting, we know that you are carrying a lot of responsibilities when building a new company. Our team is focused on the financial tasks that will help you succeed. We have worked with many other small business owners, allowing us to develop the experience necessary to implement a proven system.

There is no doubt that a solid accounting and bookkeeping system will be the foundation for your business success. Whether you need help with the busy work or you are looking for someone to assist with tax preparation, we are here to offer the assistance that you need.

One of the benefits of the services that we offer is that you have the opportunity to customize the plan to match your needs. Talk to us at Easier Accounting to see how we can help: (888) 620-0770