It’s that time of year, rounding out the fall season and sliding into the last few months of the year. We get lost in the day to day work and those unexpected events. Take a moment to take stock in what you and your business have right now and see where you are compared to where you started the year.
If you have a very small company with only a couple of checking or credit card accounts (designated solely for your business) and don’t want to pay for QuickBooks, how can you keep track of your financial records?
There will likely be a time when you are dealing with clients that may be negatively affecting your business. These are some of the red flags you should look out for:
Step 1: Set up a Business Checking Account
You have a wonderful idea for a new business. You have tested your idea and it is going to work. You have even roughed out a budget and the idea is financially viable.
New business owners forget one crucial step – setting up a checking account for their business. Even if you do not yet have an Employer Identification Number (EIN) you can set up a separate account under your Social Security number.
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.
It is known that most Americans leave several days of vacation on the table each year, but what about the business owners? We rarely break away from our beloved business for evenings and weekends, let alone a few weekdays. Pride and passion drive our vision, mission and ideally a strong bottom line. And this year, with normal vacations being cancelled and many people operating out of their homes full-time, it may be more important than ever to just give your mind a little space.
Here are few reasons why you should give yourself permission to vacation:
There are a lot of options for financing your small business. You can opt for the traditional method of a loan via a bank. Alternatively, you could take advantage of crowdfunding.
The selection process for deciding which bookkeeping tool is best for your business can be tedious and challenging to decipher in terms of features and benefits. If you've landed on QuickBooks®, congratulations! You've chosen what we at BudgetEase consider a necessary and highly effective tool to help make YOU more profitable!
So you started a business and you have hired a couple people, rented space, and are working on marketing it. Congratulations! You put your heart and soul and countless hours into the making of your dream. Of course you trust yourself, but can you trust those around you? Many start-up companies don’t even think about safeguarding their business until it is too late.
Areas to Safeguard
1. Your Physical Space
Do you have a cleaning crew? Does your landlord have a key to your office? Anyone having access to your office can browse unlocked files, unsecured computers, desks, etc. Keep your valuable information safe and project that security to your employees as well.