Archive for

Benefits Of Outsourcing Bookkeeping Services For Small Business Operators

Booking plays a vital role in administrating the various expenses that are incurred by business operators. The practice of bookkeeping keeps them updated about the mandatory transactions made by them in form of payment to the suppliers of raw materials for their business, receiving payments from clients, payment made for purchase of new machinery and equipments, necessary payments of government, salary to employees, etc. In simple words it can be said that the practice of bookkeeping facilitates the business operator to have a glimpse of the income and expenditure incurred for running the business.

At first instance, all this seems to be an easy going process as similar to maintaining monthly details of expenditure at home, but when it comes to business the scenario is totally different which is mainly due to multifarious activities performed by any organization. Business groups that are in involved in carious productive activities they have expert accountants or bookkeepers to look after various financial transactions taken with an organization. But what about small business organizations or startups who have limited funds and who cannot get their accounts managed by an expert, accountant, nor it is possible for them to look after personally towards all financial activities conducted in his business because of other professional responsibilities on his shoulder.

On the other side retaining the details of accounts is also indispensable for every business group to avoid any type of issue related with misappropriation of accounts. As all these activities are conducted on papers retaining their details manually is not only time consuming but also laborious. On the other side all decisions pertaining with business are mainly taken after assessing the financial condition of an organization, it is important to note down every little transaction to avoid any kind of error in the accounts.

Interestingly days have gone back when all these activities were conducted on papers, in today’s scenario of computer age there are different types of software which are helpful in recording the details of all financial transactions at an ease without wasting any time. Apart, from this there is one more solution wherein you can hire the services of some accounting group which offer the bookkeeping services for small business at cost effective charges. Outsourcing the service of bookkeeping has emerged as a new trend in the business world and is flourishing at jet dynamic speed among the business operators, especially among the small business groups. Moreover, as these groups are managed by expert accountants the chances of any error in accounts are very less.

These experts not only look after your accounts, but also suggest you preventive steps which are helpful in controlling your overhead investments on various expenses. Another interesting benefit of hiring the services of expert accountants from external sources is that their services can be hired on hourly/weekly and monthly basis. Along with this, as these experts perform their duties online it is easier for business operators to check the financial position of his business any time according to his convenience.

It would not be wrong to say that the hiring of the services of the professionals for looking after the accounts of your business not only saves your time and energy, but also helps in using your energy towards the betterment and progress of your business. Moving ahead as there is not much paper work to do it is helpful in minimizing the excessive use of paper in your office. Moreover, as every activity is conducted, online it is easier to transfer the data to all business partners at the same time without wasting a single moment. Using the services of professional accountant online also facilitates you to present the details of your account in different ways according to your requirements, in the form of graphical presentation, charts, videos, power point presentation to make everyone clearly understand the financial situation of your group in easy way.

5 Essentials of Succeeding in Any Business

It takes a combination of strategy and action to run a business successfully. Even the most successful businesses need to continually work on different aspects of the business in order to rake in more business.

Here are 5 essentials of succeeding in any business:

1. Fulfill a Need
Businesses are pegged on fulfilling a certain need. However, the need a business is fulfilling isn’t always clear off the bat to most people who start businesses.

Whether you are offering services or selling products the best place to always start is to figure the WHY out. Why that particular product or service? Once you are able to answer this, you are well on your way to successfully fulfilling this need.

2. Test your Products
Again, the products or services you intend to sell – how will they perform in the market? Are there similar products or services being offered and how are they performing?

Take your products for a ‘test drive’ to see how they perform in the market. You don’t want to put in too much time, money and effort pushing products or services that simply don’t work.

3. Create connections with your Clients
One of the areas that businesses drop the ball on is client connection. With several businesses operating online, customer service is one of the identified areas that often wanting. To the contrary, the Internet provides diverse ways to stay connected with your clients.

Use social media to interact with your clients and get feedback about your products/services. Often, clients will stay loyal to businesses they feel connected to.

4. Fix What Isn’t Working.
So you have been running your business for a couple of weeks, months or even years. You are bound to identify a few loopholes or issues that need fixing.

Maybe the issues are not substantial enough to affect revenue, but a good business always strives to fix any identified gaps. This ultimately helps businesses maintain a good standing with clients.

5. Mentor Others
Another important aspect of succeeding in business is to not only have staff/employees but to mentor them to run the business successfully.

It is often a concern that exposing too much about business functions to could lead to betrayals and staff turnovers, with staff key staff members leaving to start competing businesses. However, staff members are important to the success of any business and they should be trusted with all information necessary to run the business successfully.

Pick on a few promising staff members and impart crucial business knowledge to them. If anything, you will ultimately have played a role in starting the next businessperson on their path to running their own successful business.

In conclusion, these 5 essential steps are what you need to get you started and keep you on the path to success in business. Once you start running a business, there will always be a need to review the business functions to fix what’s not working to ultimately drum up more business.

Are You Treating Your Real Estate Investing As a Business?

Although it is likely that no one will ever see it, it is essential that you create a business plan for your real estate business. You are treating your real estate investing like a business aren’t you? Just the process of putting the plan together is extremely valuable. You will be forced to ask yourself questions and come up with solutions for problems that you don’t even know you have. At the very least, it will expose some threats to your business or identify potential opportunities, so you are aware of what is around you.

Here are four reasons why you need a business plan:

Evaluating your strategy

There is no process that will teach you more about your business. When you are done with the plan, you will have a clear understanding of your SWOT (strengths, weaknesses, opportunities, and threats.) With this information, you will be able to accurately plan for success. Creating the business plan should take a fair amount of time and there are some key areas you will be focusing on. These include your product, your competition, the market and of course your numbers.

I love numbers, so going through the financial section is one of the most important pieces of the business plan in my opinion. You will want to tie in your financial goals with your plan to narrow down what your margins need to be and how many deals you need to be doing. Of course these are all projections, and a business plan is a breathing document which needs to be updated throughout the year.

Monitor performance

Several times through the year you need to run your financials and update your business plan. Read about your industry and check into your competition. Stay on top of what is going on. It is easy to over look this and get caught up in the everyday business operations, but without keeping current, you will not be able to make necessary changes to stay or become successful.

Let’s say you are really focusing on flipping properties in Thornton. Thornton becomes saturated with investors and wholesale pricing starts to increase. Prices for materials are also increasing, but you are not seeing higher resale prices. Your plan calls for $15,000 profit per property, but you are now making $5,000 or $10,000. The sooner you identify this and research other neighborhoods, the closer you will be to staying on track with your yearend projections.

Locating your target market

Most of the successful investors we work with focus their business. With real estate, it is most often focusing on location. I met with an investor yesterday that only buys houses in Washington Park. He never adds square footage, but does full renovations. He does this over and over and makes a couple hundred thousand dollars a year. This is great because he knows the area and makes offers on almost all properties that come on the market. He buys houses that no one else knows about because he markets his business in this area. He knows the market and the competition.

Other investors really focus on a type of seller and market to them. Some of my best deals were when I was marketing to probates. Direct mail to probate was a big part of my business plan. Looking at the different opportunities should be part of the business planning process so you will be forced to look for your target market.

Attract partners and investors

This is rarer than you might read about on the internet, but it is a true benefit of your business plan. I have never been asked by my banker or a vendor to supply a business plan, and I have borrowed millions of dollars. Where it really does come in handy is when you are dealing directly with individuals for funding. This could include private lenders or partners. Investors need to know how we run our business and how they are going to benefit. For this reason, we share our full business plan with them when they consider us as an investment option. This proves that we have done our research and have a solid strategy for growth.

Our business is a little different than an individual investor, but anyone investing in your company has the right and will probably require you to share your plan.