No one likes fine print – not even those who have to write it. Invoice payment terms and conditions are particularly problematic, especially for small businesses trying to set them up for the first time. Unfortunately, they’re vital in ensuring that your clients understand your payment terms and schedule and that you get paid on…
Financial projections are important for every type of business. But they can be somewhat daunting and difficult to get right, as you are trying to predict the future growth of your business while also attempting to anticipate your expenditure over a given period in the future. However, making realistic projections can be easy when you…
You came here wanting to know why your business is not as efficient as you’d like to be and how to improve efficiency in business. It’s quite understandable why anyone would worry about business efficiency. The longer you remain inefficient, the more you lose. Businesses need to ensure everyone works at their optimum level and…
If you’re a subject-matter expert, there’s bound to be a target audience out there who needs your expertise. So why not package that up into a consulting business and charge premium prices for it? If you’ve been wondering how to start a consulting business, look no further. Keep reading to discover how to turn your…
When it comes to getting goods to customers on time, businesses rely on a wide variety of essential documents. Invoices, packing and load lists, proof of delivery, and delivery notes are all part of this paperwork. Often overlooked, the delivery note is a crucial document for facilitating quick and easy transportation of goods. Delivery notes…
Do you find it difficult to manage multiple clients? If you have difficulty juggling different projects with their own timelines and deliverables, keeping up with unrealistic client expectations, and getting invoices and payments delivered on time, then you’re probably struggling with client management. But the problems with ineffective client management are not limited to operational…
Looking for ways to optimize your small business operations in 2023? The software landscape has never been more favorable for small business. With solutions that offer everything from robust Customer Relationship Management (CRM) and precise accounting tools to efficient project management and e-commerce platforms, the best software packages now blend cutting-edge technology with intuitive, user-friendly…
Increasing sales is one of the primary objectives of any business. After all, you’re in business to make a profit, and no matter how low your expenses go, your profit will never be substantial without a high sales revenue. While the right strategy to close a sale may depend on your product and industry, some…
Service businesses offer intangible products that rely on expert skills or resources to meet specific consumer needs. These services are often unique and highly valuable, with customization and prompt responses being crucial to success. The relationship between service providers and clients is key, as quality and responsiveness drive business success. Unlike product-based companies that focus…
Outsourcing or in-house? There’s hardly a manager or employer today who hasn’t asked themselves this question at least once. The problem with it is that there is no straightforward answer. Both options are available for many services and tasks and each has its set of advantages and disadvantages. So, how do you make the choice?…
Imagine a world where paying for your morning coffee is as simple as a wave of your hand. It could also be where your credit card knows you by fingerprint, and your watch pays for your groceries. This is not the script of a sci-fi movie. It’s the reality of today’s credit card payment innovations. …
Imagine your business is thriving; revenues are rising, the client base is expanding, and the market presence is strong. However, in the office where financial strategies are crafted, complacency has taken root. This complacency creates an invisible ceiling, impeding the potential for further growth and optimization; thus, a vibrant culture of continuous improvement in finance…
As a small business, you probably have so many things to think about: growing your network of clients, keeping up with the latest trends, monitoring your performance, maintaining an online presence, and the list could go on and on! But there’s one thing you shouldn’t overlook, and that’s compliance with privacy laws, such as the…
When you first set up your business, you’re not likely to have too many recurring expenses, aside from rent for your premises, if you have one. Fast forward a few months, and you might have financed some equipment. Then you add a few cell phone plans for your sales team, and of course, there are…
Poor time management can undo your entire work week. And when you’re a small business owner, you can’t afford for that domino effect to take over. Whether you double-booked yourself or forgot to add buffer time for a complex project, lacking time management strategies can wreak havoc on your business. Not to mention the strain it…
One of the reasons why many people choose to freelance is the income potential. As a freelancer, you may not have the security a full-time job gives, but you can earn more than your employee counterparts in most traditional business models. However, there’s a big challenge when it comes to dealing with clients and managing…
Are you trying to find the best way to use tax deductions? Governments can offer a cornucopia of various small business boosts through taxes and credits. Some of the tax deductions help small businesses across the board while others target certain sectors determined to be in need of more help. With the wide range of…
Managing the financial sustainability of your entity comes with a bunch of responsibilities including having credit policies for small businesses in place. To ensure your company is growing, you have to keep a close eye on your cash flow at all times. Issuing invoices is easy enough but checking that payments are done on time…
The accounting equation is one of the most fundamental concepts in accounting. It expresses the relationship between a company’s assets, liabilities, and equity. This post will explain the accounting equation, how it works, and why it’s crucial for accountants and business owners. We’ll also explore some of the applications and limitations of the accounting equation…
Running a business is no walk in the park. To make it big, you have to juggle a lot of tasks at once. It’s not just about mastering your industry and products; you also have to be savvy with your finances, including working with invoicing software. One critical factor that can make or break your…
Digital communications have evolved way past an email here and a newsletter there, especially in the aftermath of COVID-19. Email marketing has become a powerful tool that offers direct connections between brands and consumers, with impressive results. For accounting firms, navigating the complexities of financial services and leveraging the potential of email marketing can be…
We are living in a digital age so there’s no surprise why companies are choosing to use online receipts for their customers. But not all organizations have chosen to go digital with their proof of payments so how does this impact their business? Opting to go digital can have profound implications for any company. If…
There’s no denying that taxes is one of the most dreaded fears of many small businesses.Even though many small business owners primarily focus on keeping their business afloat, one thing remains constant; the need to eventually face all the stress that comes with taxes.Not surprisingly, tax-related issues are among the toughest problems small businesses face.…
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