If you are a small business, chances are you don’t have a degree in computer science or accounting, so how do you choose the right software for you? Read on to learn how to choose the right accounting software for your small business.
How to Choose The Best Small Business Accounting Software
If you are an entrepreneur, chances are you are looking to keep overhead costs low and profits high. You also have limited time and resources, so hiring a big accounting firm is out of reach. This is where accounting software can help.
Small business accounting software can help you keep track of your income and expenses and depending on the program integrate with your other company activities.
For example, Quickbooks point of sale integrates POS and accounting into one place making it easier for you to manage your retail company.
Step 1: Take the Time to Identify Your Accounting Needs
What kind of company do you run? Is it a brick and motor retail space with a point of sale and inventory needs? Are you a 100% virtual reseller that takes donations?
Regardless of your company set up, you do have unique accounting needs. Identify them so you can choose a software that meets them. Many of the software programs on the market have the ability to integrate with other programs, such as customer relationship platforms.
If you are already using some of these other programs make sure the accounting software you use integrates with them. You do not want to have to enter data into two locations, it takes valuable time and can create errors.
Step 2: Project Your Needs into the Future
You probably have a 2, 5 and even 10-year plan for your company, even if it is not written down on paper. As you are looking at accounting software, jot down your plans for the future. Then determine if the software you are considering will grow with your company.
Ideally, look for a software package that is scalable, meaning that it will grow with you. It is great to have all the bells and whistles up front, but why pay for something you don’t need? Scaleable programs will allow you to add features as you grow and need them.
Step 3: How Much Can You Afford
One of the fastest ways to eliminate choices is by price. Determine how much you can afford, and anything that is not in your price range, eliminate. Again, bells and whistles are nice if you need and can afford them.
Budgets often have some wiggle room but make it a rule that if a solution is more than 25% over your set budget, you’ll walk away.
Now that you understand how to choose the right accounting software, grab your computer and start applying this knowledge to your search.
Does Your Small Business Need Support?
If you are a small business you don’t have the resources to hire all the business professionals you need to move your company forward. This is where we come in, StrategyDriven provides business leaders with the planning and execution advice, tools, and practices needed to achieve superior results.
We take the time to learn your company’s mission and vision. Then, armed with our highly experienced and educated staff, we develop a clear, forward-looking strategy unique to your companies needs.
A plan is only as good as the activities you implement, so we translate that plan into the day-to-day activities you need to make that plan a reality. We can help with choosing accounting software, creating disaster recovery plans, and help with all aspects of program management. Contact us for the out of the box ideas your small business needs.
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As the owner of a modern business, you naturally understand the need to make your capital work harder. This removes a great deal of stress from the venture while also allowing you to pass some of the savings onto your clients. Price comparisons and cutbacks can have a positive impact. Still, it’s possible to find investments that spearhead further savings.
Spending money in the right places is essential or creating an efficient company built for sustained results. Here’s are the best solutions at your disposal.
1. Security, Safety, & Protection
Prevention is the best form of protection for your business. Aside from removing the threat of damaged reputations, it can actively reduce insurance fees and put an end to wasted time. Hiring a site safety manager may feel like an added expense, but it’ll save you vast sums of money in the long run. Data protection is equally important in this modern age. Updating your systems can prevent major problems including penalties as well as direct damages. Given that almost half of all hacks hit small business, now is the time to take control of the situation.
2. Accountancy
Like a site safety manager, a professional accountant can seem to be an unnecessary expense. However, they will save you money in the long run as they have a far greater understanding of the financial and legal elements. When added to the time savings on offer, it is evident that this will be a wise addition for your company. Related investments into automated accountancy software can seriously boost your endeavors. Aside from the financial benefits, you will gain peace of mind and enjoy easier time management. You’d be very foolish to ignore it.
3. Eco-Friendly Upgrades
It’s very easy to embrace a “why fix something that isn’t broke?” mindset. In reality, though, upgrading the workplace with eco-friendly features is essential. While you may not see the property value improvements seen by residential users, the monthly energy savings are huge. Boosting the company’s green credentials can also enhance its reputation. For the sake of your finances, brand image, and personal responsibility, this is a vital addition. Even the employees will respond positively to this new approach. Better still, the results can be seen right away.
4. Marketing
Regardless of the industry, reaching the target market in a cost-effective manner is vital. However, the cheap option doesn’t necessarily offer the best value for money. It’s important to focus on the cost per acquisition rather than the actual overheads. With this in mind, social influencers can be the best investment for your business. When supported by improved web design and a conscious effort to gain positive customer reviews, you should see the very best returns.
The Final Word
While wasting money is the worst thing a business can do, there’s no reason to fear spending money. As long as you invest in the right features and expertise, your venture will begin to see positive outcomes in the very near future. The positive outcomes can bring upgrades for many years to come.
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Financing a business can be a big obstacle for new startups and established companies alike. It isn’t always easy or even possible to obtain funding through the usual channels, especially if you have no track record to show lenders or investors, and without the money required, it can mean that the business simply cannot succeed. However, there are some ways to obtain the money you need, and if you want to start or grow your business and need funds to do it, you can look at these options to see if anything will work for you.
1. Your Savings
It’s true that not everyone has any savings put aside, but if you do and there is enough, then you might consider using that money to fund your business. This can work out perfectly because there is no requirement for you to borrow the money from anyone else, and therefore your business won’t be in debt (although, of course, you will want to have the money paid back to you over time). You won’t be giving away any equity either, which is something that some business owners don’t like the idea of. Plus, if you do need to borrow more at a later stage, your business’s credit won’t be affected.
2. Your Investments
For those who like to make investments and trade, the profits made in this line can be something you can use to start your business or add funds to it when you need to purchase something specific that will, in turn, help you to make more money in the long-term. Investing doesn’t automatically mean that you will make a profit, which is why checking out the gold and silver price regularly and finding a good broker will help you. However, when you do make money, it can be ideal for your business.
3. A Business Loan
Possibly the first thought that will come into a business owner’s mind when it comes to finding money to fund their project is a business loan from a traditional lender such as a bank. It can work out very well, and with enough research, you will be able to find a variety of different loans with varying interest rates and special deals. You may not be eligible for all of them, however, and applying for too many loans all at once can damage your credit rating. Therefore, it is wiser to make appointments to speak to bank managers or investment advisors to find out what you can and can’t do, and what will work best for you. It may be exciting to find that you can borrow tens of thousands of dollars, but remember that this money must be paid back, and that can be the part that causes problems. Think things through carefully and only borrow what you know you can afford.
4. A Personal Loan
If your business has no trading record, it might be difficult to obtain the loan that you want, in which case a personal loan, assuming your credit rating will allow it, could be the ideal alternative. You take out the loan and then make a director’s loan to your company. The company pays you back each month, and you then pay your own lender back too. This way, you aren’t ever out of pocket, and you don’t have to worry about making repayments.
However, the vital thing to bear in mind with this kind of loan is that you are ultimately liable for it. It means that if the company cannot pay you for any reason, you still have to make the repayments for your loan. Make sure you have two or three months’ worth of repayments in a savings account just in case you need to pay the money back yourself.
5. Angel Investors
Angel investors are groups of people or individuals who use their money to fund businesses and projects that they think are interesting, have potential, and will bring them a profit. This last point is the most important of all because although angel investors do have the business’s interests at heart, their main aim is to make money from whatever they invest in.
The first step in obtaining an angel investor is to write an interesting and informative (and truthful!) business plan as this is what they will want to see before making any decision. You should also work out how much equity you are willing to give away in your business, and how active a role you want the angel investor to take. Some simply want to give you their money and leave you to get on with running the business, and others will want to have a more active role. It is essential you know how you want to do things before agreeing to anything, and don’t get carried away if someone offers you money; make sure you are happy with the deal first.
6. A Credit Card
Credit cards can be supremely useful, or they can be disastrous, and which outcome will depend on how sensible you are with their use. Funding an entire business on a credit card, especially if it is a personal one, is not a good idea; this can leave you in vast amounts of debt that you find difficult to pay off. Plus, the interest rates on credit cards tend to much higher than on other forms of borrowing such as a loan from a reputable company. However, for smaller business expenses a credit card can be ideal, as long as you pay as much off the balance as possible each month. Paying just the minimum amount will mean you spend a lot more than you would need to otherwise, and it will also take you longer.
7. Friends And Family
A loan from a bank or other lender might not be possible if you or your business don’t meet specific criteria, and an alternative might be to borrow money from friends and family. Ideally, you should have a loan agreement drawn up so that everything is legal, and so that everyone knows what is expected of them. This way, there can be no disputes, and you will know how much to pay and when, just as your friend or family member will know how much of a return they should be able to make.
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There are several reasons that can lead to debt: unforeseen expenses, medical emergencies, loss of employment, etc. When it gets out of hand, it can easily affect your psychological and physical health. The first thing to know is that this situation can affect everyone. And even if the situation may seem overwhelming, you should also know that it is not final and that solutions exist. You can break this deadlock. We tend to say, that to pay off debts and save money, you have to do it step by step.
In this article, we will discuss some ways that you can pay off your debts and get out of a debt situation to reduce loan burden.
The solutions to pay off debts easily
“Money” is any money that you have to pay back or pay. It can be an unpaid electricity bill, a telephone bill, an insurance bill, but also loans you have taken out, such as a car loan, home loan or any other type of consumer credit. There are ways to pay off debts and save money, but let’s be clear, paying them off is never “easy”. Do not veil yourselves face up. However, the following are the most common ways that can help you get out of debt. Calculate your credit score to be sure of what you have on your plate.
Make a credit buyout
As the name suggests, buying back credit allows you to redeem one or more of your current credits. To do this, you take out a new loan from another institution so that it covers the amount of your debts. This process allows not only to postpone the schedule but also to lower his monthly payments.
The whole trick is right there! By extending the deadline, the loan is then repayable over a longer term, which lowers the monthly payments mathematically. If this is your goal, we recommend that you contact the following organizations:
Before establishing your new loan, remember to take into consideration the various fees that may accompany the repurchase of credit but also the prepayment fees. The IRA (Early Redemption Indemnities) are for the most part capped at 3% of the remaining amount of your credit and must not be greater than the sum of 6 months of interest.
Finally, the choice of your establishment must be made on the one that offers the least fees. Some organizations may charge you fees related to the evaluation of your file. So take it all into account.
Go for a credit consolidation
Credit consolidation means that you combine several of your credits into a new loan.
It can be several loans of the same kind as the different kinds of consumer credit or loans of different types like a mortgage and a consumer credit (even if this case remains rare). As with the repurchase of credit, it is most often contracted with another credit institution. Here are the things we recommend:
The new credit institution must offer you a more favorable term structure such as a lower interest rate, lighter schedules, etc. So, you need to consider all of these points before you commit to a credit union.
Here, of course, the amount you will receive from the new loan should be used to pay off debts and save money. While most organizations will go straight to clearing your debts without crediting your account, there are a few that will first transfer the money to your bank account. When this is the case, don’t waste time and settle your receivables!
Pay off debts step by step
Money is an element you need every day and depending on your situation, it is sometimes difficult to manage its use. To meet your obligations and meet your personal or family needs, you may have to take out credits and loans.
Unfortunately, these can become a burden and prevent you from finding a balance in your daily life. Whether with a banking institution, a specialized organization or a business, you must agree to make the reimbursement. Before thinking about saving more money, it is first important to pay off your debts.
Whether for studies, for a professional or real estate project, you have already asked for a credit. Of course, lenders often consider your possibility of repayment before granting you the amount you want. But unforeseen events can arise and make reimbursement more difficult!
To get to see the end of the tunnel, it is advisable to organize yourself well. We are talking here about your time, but also about your charges and expenses. This way, you will be able to know what the priorities are and have a better idea of the amount to save in order to repay your debts.
In case you are a student, you can allocate part of your scholarship to pay off your debts. You may also have to sacrifice some of your time and social life in order to work outside of your studies.
Increasing monthly payments is also a way to get the debt out of debt as quickly as possible. On the one hand, it will lower the interest, but it can also reduce the repayment deadline. However, you will have to reduce your monthly expenses in different ways and review your habits.
Invest
If these tips are not effective in your situation and you are still drowning in debt, you must take the next step. As a result, you tell them about the problems you are facing and the reasons why you are unable to repay your heads. On some forums, you can find 1 or 2 examples of standard letters of over-indebtedness. These examples can be personalized according to your situation and sent to the commission responsible for over-indebtedness.
Other files related to your professional and financial situation may also be requested to complete your file.
When your file is in their possession, they can help you find the best solutions to your situation. It can be postponing the end of the date of payment of the debt, a partial or total erasure of this or even liquidation of some of your property with your agreement.
Tips for saving
In order to avoid falling into the debt trap, it is best to save your money. This will allow you to always have enough liquidity for your needs or for your projects. For this, here are the tips to adopt to store as much money as possible and successfully avoid taking credits.
Piggybank
When you were a child, you may have already used a piggy bank to buy yourself a gift or to participate in an outing. This method is still effective because it allows you to put aside small coins lying around in pockets or change money that you don’t need right now. In the long run, you will be able to get a fairly large sum.
Take advantage of the sales
Are you planning to replace your furniture or change your dressing room? Instead of spending maddening sums in the normal period, prefer to wait for the sales periods. Make a list of your needs, find the stores and stores that offer the item you want and make a budget. When you go shopping, be sure to respect this amount and not to make any difference so as not to weaken your financial situation.
Review your daily expenses
The morning coffee at the bottom of the work building, the lunch at the restaurant, the after works which often return can surely be eliminated or at least reduced. For example, get up early so you have time to prepare your coffee and lunch.
Pay attention to your breakdown service providers
The sink is blocked, your key is broken in the lock, your heating is broken? Whatever the emergency, take the time to analyze different offers before calling a convenience store. Ask for a quote, compare prices, check that breakdown service is covered by insurance before calling the service provider. In this way, you will avoid scams and exorbitant bills when paying.
Save at the bank
When you have trouble not using the money that is at home, it is best to call your bank advisor. You can open a savings account and prevent it from being debited before a predefined date. In this way, you will not be able to have access to this money which will be kept in a safe place and will gradually increase. Here are some more loan tips for you to consider.
Conclusion
These different savings tips will allow you to avoid going into more debt than you need with various credits or loans. Your financial habits and the prioritization of your expenses can have a significant impact on your stock market.
Do not hesitate to take stock of your situation and think about it before applying for a loan. Remember that this represents a serious commitment and that you have the obligation to pay it!
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It’s no secret that succeeding in business requires using every competitive advantage at your disposal. From pricing to identifying and reaching new customers to delivering the best product in the marketplace.
Another tool that can provide a competitive edge is transportation. After all, the faster and more conveniently you can get from place to place, the better.
This article takes a look at small business jets and how they can benefit your company. Maximizing corporate travel has never been more important than it is today. So keep reading to gain insight into how a corporate jet might be the solution you’ve been looking for.
1. Greater Flexibility
The corporate world is fast-paced. Decisions have to be made quickly, and sometimes that means making last-second travel plans that don’t coincide with airline schedules.
Flying privately provides an incredible amount of travel flexibility that you won’t have when flying commercial.
With a business aircraft, you can travel any time of the day or night, to any destination that you need to get to fast. This can provide a huge competitive advantage and allows a much greater level of comfort than you’d find on a commercial jet.
2. Bring Your Family & Pets
Another great thing about flying private is the ability to bring along your family and even the family pets. This is a great luxury that helps to combine business with pleasure any time the opportunity presents itself.
3. Great Way to Impress Clients
Potential clients are constantly judging you. They are looking for signs of success. That’s another reason private jets are so effective for business travel. Treat a client to a round of golf on the other side of the country, then have them home before dinner. The result will be a client who never wants to do business with anyone else.
4. Skip Airport Security Lines
There’s no denying that traveling commercial is a headache. Especially as security gets more and more tedious and time-consuming. Flying private allows you to skip the security lines and get on with your trip. Saving you time, money, and frustration.
5. Greater Privacy for Getting Important Work Done
Trying to work during a commercial flight is one of the biggest headaches in the world. After all, commercial flights are crowded, there’s very little room to move about, and a lack of space to deal with laptops and other important business equipment and paperwork.
Flying in a private jet is like having an office in the sky. You can make important phone calls, host meetings, and have access to important documents as if you were on the ground.
The Advantages of Using Small Business Jets
Travel is a crucial part of any successful business. That’s why small business jets are so important for taking your team to the next level. Flying private gives you the freedom you need to focus on making money rather than the hassles of typical business travel.
Keep scrolling to see more great small business tips and advice.
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While only 1 in 100 small businesses get audited each year it is still a good idea to have top-notch accounting software to document your business activities.
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