We are approaching the time of the year when small businesses look at their books and realize they are behind, and in some cases, really behind. The knee-jerk reaction is to start adding and reconciling transactions all at once. Best practice indicates otherwise. We recommend you take a step back and do one month at a time.
There are many moving parts in an eCommerce business. As if monitoring sales on several different platforms isn’t confusing enough, add managing inventory, taxes, payroll, and marketing. All of this can be overwhelming if you don’t have processes in place to manage your eCommerce business.
Operating an e-commerce business means dealing with a lot of moving parts and invariably bookkeeping problems. The problem we see most often is organizing information stored in a number of different places, then consolidating it in one place to create useful data used to make insightful business decisions.
Every business owner is concerned with being profitable, particularly in this pandemic. Profit is not just the money you put in the bank. You need to cover the costs associated with being in business (rent, payroll, taxes, supplies, etc.). The amount left over is your profit margin. While there is no magic formula for making your small business profitable, there are several things you can do to increase your profit margin.
The current economic environment has been challenging for all business, particularly small business. To that end, it’s important to know your Burn Rate and adjust spending accordingly.
You may have heard people talking about scenario planning given the current state of the business environment. Should you be scenario planning? Before deciding whether you should, or should not, allow me to explain what it is.
There are a lot of moving parts to the Families First Coronavirus Response Act (“FFCRA”), which took effect on April 1, 2020 and runs through December 31, 2020. Below are some key points and guidance for you and your small business.
So, you want to increase revenue? Who doesn’t! Here are our suggestions to increase your profit margins.
This is a great opportunity to refine your small business processes. Our professionals at BudgetEase can:
If you’re like most small business owners, you have a long list of thing to get done to keep your business operating. Substantial effort is placed on increasing sales, product development, hiring the right people, and making sure customers are happy. Typically, bookkeeping is a secondary concern. Unfortunately, not keeping your books clean and concise is probably costing you money.