By Greg Lindberg, 1800Accountant Writer
In the eyes of most small business owners, bookkeeping is likely one of their least favorite things to do. When you sit down and think about it, who truly enjoys pouring over lengthy spreadsheets and calculating financial figures that will often make your head spin? Even though bookkeeping is not a highly popular task it is still one of the most important priorities on any business owner’s to-do list.
Bookkeeping is a practice that involves maintaining all of the financial records of a business. It is vital to keep a keen eye on the profits a small business generates, the money it pays in the form of expenses, and the taxes it incurs on a regular basis. When you can see a clear snapshot of this information in front of you, the financial side of your small business will immediately become very important to you.
Although many had believed the digital age would bring a dramatic decrease in the usage of paper as a medium, it is evident that this is not yet the case. The average company still prints around a hundred documents a day, which proves that paper is still irreplaceable in the business world. However, computers did bring us an unwelcomed change – increasing complexity in managing and controlling a company’s paper output.
Saving money on your business overhead is like putting money directly into your pocket. As a small business owners are always looking for ways to make the most of their budget so they can classify as much of their revenues as possible as profit. As you probably know, cash flow is what is going to keep your start-up above water. To get more cash flow, you need to either sell more or cut back on expenses, and when you do not have a large book-of-business, cutting back is the most practical option.
Every business owner knows the basics of reducing overhead, but sometimes it takes a bit of creativity to reduce spending without compromising business solvency.
David Bakke is a small business owner based in Atlanta. He writes about his experiences and shares his business and personal finance tips on the blog, Money Crashers.
So you’re an aspiring entrepreneur, and you’re looking for ways to shine. Whether you have unlimited funding or are on a tight budget, the best method to build profits quickly is to trim expenses. Before I run down some areas in which you can do just that, here’s how I started my own business:
Whether you are an entrepreneur who’s just starting out or a seasoned small business owner, you probably have one thing in common. Chances are you want to cut the costs of doing business. In addition to increasing profits, this allows you to reinvest in your own success. There are a number of creative ways that entrepreneurs can cut their costs. Here are ten strategies that will help you slash expenses quickly and efficiently.
How stressful was tax time this year? Are you looking forward to forgetting all about Schedule C’s and 1099-whatzit’s until 2014? We don’t blame you. But what if I told you that taxes don’t have to be stressful and with the right preparation tax time could breeze by just like spring?
In fact, Outright is offering an email series “Spring Clean Your Business Finances” to do just that – get your business finances in order so you can master tax time 2014 (and beyond).
Whether your new office is 100 square feet or 1000 square feet long, it’s still going to require furnishing. Sometimes, though, the office is the last room in the house to get furnished or it’s for a small business that doesn’t have a lot of cash to allot towards furniture and other similar overhead expenses, so the budget is already used up or has very little remaining to spend. If that’s the case for your home or office, don’t worry – these four tips can help furnish your office on a budget.
1. Utilize Your Current Furniture Continue reading
As a small business owner, many responsibilities fall on your shoulders. And, as time is money, you probably multi-task to increase your efficiency whenever possible – such as when running errands and making purchases.
There’s nothing wrong with a little bit of multi-tasking to increase efficiency. But there’s one practice you’ll want to avoid – using your personal credit card for business expenses. Many professionals have done this at one time or another, so it probably seems like there’s nothing wrong with this practice but there are four clear advantages to keeping your personal and professional purchases separate. Continue reading
One of the keys to startup success is the ability to efficiently manage scarce resources. Among the scarcest resource for any small business is money. Startups have to adhere to a budget and know what and where the money they are spending is going to.
Asking the right questions can lead small businesses down the right path. When it comes to money, here are five questions that small business owners should be asking in order to get the most bang for their business’ buck. Continue reading
Starting this July, 401k participants will receive more disclosures about the fees they are paying inside their 401k plans.
The Department of Labor wants more transparency and disclosure on what kind of fees employees are paying inside their 401k plans. Why? Because many employees have no idea how much they are paying in mutual fund fees. A recent survey by AARP said that 71% of people saving for retirement thought they didn’t pay any investment fees whatsoever. Continue reading