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Accounting Practices to Help Your Small Business Thrive Through the Holidays

We are at the peak of the holiday shopping season, which means that it is probably a great time of year for your small business. The increase in shopping habits can help your business expand so that you can end the year on a great note. Are you going to make it through the holidays without running into major problems in your business?

A few small changes and important business tips will ensure that you avoid some of the common roadblocks that are encountered by business owners during this time of year.

Keeping Up with the Busiest Time of Year

Have you found that the holiday season is the busiest time of year for your business efforts? Not only is there a spike in business activities, but you also are trying to keep up with the personal and family responsibilities at home.

It is important to maintain a good balance between work and home so that you can keep up with everything that is going on. Work hard when you are in the office, but make sure to take time for yourself and your family. Finding this balance is important so that you don’t miss out on the best things about this fun time of year.

Set a schedule to ensure that you can complete everything before the due dates. Then, stick to that schedule so that you dedicate the time that is needed in the office. Don’t be afraid to make adjustments to your daily habits if you can see that things need to be changed. For example, you might arrive at the office an hour earlier, giving you time to get ahead of emails and messages before the rest of the staff arrives. Then, you have the flexibility to leave on time at the end of the day to be home for dinner with the family.

Lean on Your Support Staff

As you are working in the office, know that you don’t have to manage everything by yourself. Lean on your team of employees and outsourced staff to ensure that everything gets done promptly. It is important that you have a group of people that can offload some of the work.

As the business owner, you shouldn’t be caught up in the daily tasks of answering customer service questions or entering the invoices. Instead, you need a team of employees who can address these issues so that you can stay focused on the bigger issues. In some cases, it might be a good idea to bring in temporary help so that you can get through the holiday season.

What tasks can you offload to your employees and contractors? Look for anything that is mundane or busy work. For example, all bookkeeping tasks can be handed off to your accounting team. We can handle details of incoming and outgoing invoices, bank reconciliations, payroll and more. Other examples of outsourced tasks might include office cleaning, customer service, stocking shelves, and anything else that can be handed to someone else easily.

If necessary, you might need to take time to train your support staff on the best practices in the industry. A little bit of training can go a long way to ensure that everything is handled to match your standards. When the team isn’t performing as you want, then it means that there was probably a discrepancy in the training practices.

Inventory Tracking During the Holidays

One of the biggest mistakes that you can make it getting behind on inventory tracking during this time of year. Products are moving off the shelves faster than ever, which means that you need to make sure that you have the inventory and resources to restock when needed.

Know what your customers want, and then make sure that you have those products or services available when the customers are ready to buy. This key factor will have a long-lasting impact on your business success during the holiday season, and throughout the rest of the year.

Look at the sales numbers for last year, then consider options to adjust current inventory as needed. These trends can help you identify anticipated sales for the season so that you can keep up with demand. Keep detailed records of sales and trends this year, so that you can use the information to prepare for next year as well.

Also, make sure that the inventory numbers are matched up with the details in the system. For example, it can be a problem if the website shows more inventory than what you really have on hand. Don’t sell products to customers unless you can deliver the items before Christmas. Backorder issues could result in angry customers if they were hoping to have the product to use as a Christmas present.

Minimize Busy Work to Manage Your Schedule

Back-office work is never-ending, but you need to look for ways to minimize these activities. It might be all right to put in extra hours in the office when there isn’t a lot going on at home. But, long hours at the office can be crushing if you need to attend holiday parties and events with the family.

Be aware of the way the back-office busy work is detracting from the experience that you can offer the customers. Instead of sifting through paperwork all the time, you need to be looking for options to focus more on the customers and less on the other tasks.

Software solutions are great options to consider if you want to reduce the time that you are spending in front of the computer. Talk to our team about the accounting systems that can be implemented to automate processes and speed up the time to complete specific tasks.

Take advantage of the technology that is available! Don’t get caught in the trap of doing accounting calculations by hand when there are tools that will do these calculations for you. Talk to the experts to learn more about apps, automation, billing, customer data management, and more.

Don’t Get Lax with Accounting

It is easy to assume that you will get caught up with the books when the busy holiday season is over. But, if you wait to take care of important accounting tasks, then you will end up with a bigger mess in the future. Instead, make it a priority to keep a good system so that you can stay ahead of the sales and expenses that are moving through your company this month.

Things are moving at a fast pace during the holiday season. But, that doesn’t mean that you can’t take a few minutes to see how the numbers are pulling together. The most effective solution is to have a trusted accounting team who can offer the assistance and support that you need to stay ahead of these details.

These accounting practices need to be in place throughout the year, regardless of how busy you are during a certain season. Maintain the books, and you will be glad that you put in the effort when you need to run reports in the future.

Keep Up with the Momentum

It is exciting to see the momentum that can be created when sales go up during the holidays! Look for ways that you can maintain this momentum in the upcoming months. For example, you might start thinking about your goals for the new year, and look for options to keep going with the strong sales in January.

Proper accounting and planning is an important part of this process. If you are keeping up with the busy work, then you won’t get bogged down trying to get caught up on everything after the holidays are over. Instead, you can look at the ways that you can implement new marketing practices which will boost sales and keep your business going strong in 2018.

Focus on the Bigger Picture

Remember that December is just one month in the year, and you need to implement business practices that will carry your company through every month. Consistency is more important than the short bursts of activity. While these short bursts during the holidays can help to boost the bottom line, it is more important to make sure that your customers continue coming back when they are ready to buy again.

A good accounting system can give you the data and information that you need to assess the success of your company. These details will help you make the right decisions that will lead to future success. Small and big decisions create the foundation of a successful business, which is why you need to lean on the support of experts in the industry.

Here at Easier Accounting, we have the experience that you need to support your business goals. Our team understands the nuances of running a small business, and we can adjust your accounting practices accordingly. Learn more about our services, and you will see that we are here to help with anything that you need during the holiday season and throughout the rest of the year: (888) 620-0770

How to Make the Best Financial Decisions for Your Small Business

It can be overwhelming to be a small business owner, especially when you need to make important financial decisions. Do you find it hard to be decisive, because you are unsure about the way the decision will impact the future of your company? Here are a few strategies that you can use to improve the decision making process:

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Understand the Facts

It is difficult to make a good decision if you don’t have all of the information. Learn more about the facts that will impact the situation, and make sure that you thoroughly understand these details. It is important that you have a good financial tracking system in place, because you will be able to easily run reports and look at the facts whenever you need to make a big or small decision.

Don’t Make the Same Mistake Twice

Take a look at the past to understand how previous decisions impacted the company. Don’t stress if a mistake was made, because it is simply information to help you learn from the past. Observe the situation and commit to change the trajectory of the company so that you can avoid making the same mistake twice.

Look at All Options

Some business owners find themselves in the rut of always making the same decision, resulting in a situation where they have a hard time breaking through self-imposed barriers that may be in place. As you are considering the decision that you will be making, consider all of the options that are available. Just because the situation has been handled the same way in the past, doesn’t mean that you need to make the same decision again right now. By exploring other options, you might be able to increase the business success in the future.

Hire a Professional to Help

Let’s face it… if you don’t have a financial background, then it is likely that you don’t have the necessary experience to make the right decision for your company. Instead of making an amateur decision, consider hiring a professional accountant or bookkeeper to help. The experience they add can be invaluable to help you crunch the numbers and understand the situation, making it easier for you to make the right decision.

If you are stressed about making the financial decisions for your company, then we invite you to contact us right away. At Easier Accounting, we offer all types of accounting and bookkeeping services, and we are here to help. Call our office at: (888) 620-0770

Small Business Accounting: What You Need to Know

Every small business owner needs to understand the basics of accounting, because the financial tracking system is the foundation to help the company succeed. If you own a small business or you are putting together a start-up, then it is essential that you talk with a small business accountant to learn more about the financial systems that need to be in place. These are some of the most common topics that you need to consider:

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Use a Trusted Accounting System

It is essential that you use a high quality accounting system, because the software provides the framework that you need to stay ahead of the financial tracking for your company. Don’t make the mistake of using Excel or an outdated system that requires manual tracking and calculations.

You will find a number of cloud-based software programs that can be accessed from anywhere, making it easier than ever to keep up with the financial details for your company. Using a cloud-based accounting system is beneficial, especially if you decide to hire a small business bookkeeper to help with payroll, accounts payable, accounts receivable, and any other accounting support that your business needs.

Stay Current with Invoicing and Payments

Even though it can be a lot of work to keep up with the transactions, it is essential that you stay up-to-date with essential tasks such as invoicing, payroll, and payments. These tasks can easily be outsourced to an online bookkeeper, which is a great way that you can keep up with the financial tracking without dedicating your time to the tasks.

Most small business owners don’t have the time to manage financial transactions, but they don’t want to hire a full-time employee either. Instead of putting money into another employee, consider the benefits of hiring an online bookkeeping service that can help you keep up with invoicing and payments.

Monitor Financial Performance

Once you have a good financial tracking system in place, your small business accountant can help you run reports and decipher the information that is coming through. These reports are critical to help you assess the health of your company, so that you can make informed decisions about the management of the business. Run these reports regularly, so that you can stay current with the cash flow and profitability of the business.

Here at Easier Accounting, our team is ready to help you manage the financial details for your small business. We invite you to contact us anytime to learn more about the accounting and bookkeeping services that are available: (888) 620-0770

How to Streamline Your Business Finances

Do you look at your business finances and feel overwhelmed at the mess and the lack of organization? Without the proper financial system, it is likely that you are spending too much time trying to sort through the financial details of your company. Here are a few tips to help you streamline your business finances and put a few systems in place to reduce your stress:

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Automate If Possible

Are there tasks that you are managing by hand, which can be automated with the right software? It is possible to save hours of time when you implement the right system that will automate busy work. The foundation to automation is to choose the right financial software that incorporates the functions that you need.

Cut Out the Paper

Papers pile up fast, and the filing can turn into a nightmare if you don’t stay consistent with everything. Instead of juggling piles of paper on your desk, look for options to go paperless. There are numerous benefits to paperless financial tracking, such as increasing productivity, reducing busy work in the office, and protecting the environment. With the right bookkeeping software, you can manage all of your receipts, invoices, contracts and other documents in a digital format.

Hire a Bookkeeper and Accountant

Professional help can go a long way to make it easier to manage your business finances. Consider hiring a small business bookkeeper to maintain the ongoing financial transactions and tracking details. Another option is to hire an accountant to assist with the tax filings and other financial tasks. Having a trusted team by your side can make a big difference in the success of your business! When you have a good grasp on the financial health of your company, you will be able to make the right decisions to protect the financial interests of the business.

Here at Easier Accounting, we specialize in all types of online bookkeeping and accounting services. Instead of hiring an internal employee to help with these tasks, it is much easier and cheaper for you to outsource the bookkeeping and accounting work instead.

For more information about the services that are available, contact our experienced team any time. We will gladly answer your questions and help you choose the right accounting and bookkeeping services that are needed for your business. We are experts in the industry and we would love to help with your financial needs. Contact us today for more details about how you will benefit from these services: (888) 620-0770

New Year Bookkeeping Resolutions to Improve Business Finances in 2016

Now that 2016 is in full swing, it is the perfect time to consider your business goals for the year. Have you set resolutions to help your business grow and expand this year? Good financial tracking is essential for proper management of the cash flow throughout the year. If you are ready to make your business more profitable than ever, then you should set these resolutions:

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Use the Right Financial Tracking System

Getting the right financial tracking system in place is the foundation to bookkeeping success. If you don’t already have a good computer software in place, then you should talk with your small business bookkeeper about the best system that will meet the needs of your business.

Set a Budget and Stick to It

Do you know how much you are spending in business expenses every month? Make sure that you have a solid budget, and stick with your spending plan throughout the year. As a result, you will be more effective at managing cash flow, which can have a direct impact on the long-term success of your company.

Keep Business and Personal Spending Separate

Everyone knows that they are supposed to keep business and personal spending separate, but there are many situations where these finances get mixed together. Make it a point to use separate accounts for your spending, and you will find that it is much easier to use exclusive credit cards and checking accounts for business expenses.

Stay Ahead of Weekly Financial Tracking

It is hard to catch up on months of financial transactions, especially because you can forget the details as time goes by. Instead of procrastinating financial tracking, make sure that you keep up with the weekly transactions to keep things simple. If you don’t have time for these tasks throughout the week, then one of the best things that you can do is hire a business bookkeeper to help with the ongoing financial management.

Hire a Bookkeeper to Help

If you aren’t already taking advantage of the bookkeeping services that are available, then right now is the best time to get started! Here at Easier Bookkeeping, we offer a variety of full service bookkeeping options to make it easy for you to manage your business finances. If you are ready to maximize your business success in 2016, then we invite you to contact us right away for more information about the services that are available: (888) 620-0770

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