Ways to Financially manage startup company

How to Financially manage startup company:

Many startup companies fail because of financial reasons, managing this is tricky as you have a lot to lose if something goes wrong, so the pressure is always on.

Finance can be stressful to manage as a business owner because you have to also oversee every other process that is going on in the business such as marketing, sales, customer service, etc. It may even be harder depending if you have investors or initial funding, these are hard enough to come by. On top of managing the finance, a continuous goal is to try and start generating money at a consistent flow so you do not run out of money. In this article I will go over some tips on how to stay on top of everything financially related.

Staying within your means
Always play within your means, spending too much or borrowing too much money can quickly backfire. All entrepreneurs like to think big, however, if you are new to startups with no previous elite track record, then funding and investments may be hard to come by, so there is no point in spending loads of money in an attempt to turn big profits overnight, it is best to always plan for the near future to ensure you always have a future.
Being real in your business means always having a backup plan incase things do not go as well as planned, or take longer than usual. For example, a new product you have created is selling 50% slower than what what is expected and you are not making enough money from your only source of revenue? A simple way this could’ve been prevented is to have a more realistic estimate and also a back up plan.

Hire financial assistants
Being the manager of your start up company could mean you are short on staff and you have a million different tasks to manage. If you are not trained in accountancy, perhaps looking into financial accounting and reporting training courses would be beneficial. If you wish to delegate the job to a professional, then hiring an accountant will save you a lot of time, stress and money when it comes to managing the numbers. It will give you a peace of mind knowing that you don’t have to spend ages number-crunching and it is also one less task you have to complete by yourself.

Log all financial costs & profit
Although this is primarily a job for the accountant, this point is quite important when it comes to start up companies, there will be phases where there are lot of transactions going within and out of the business with new investors, customers and other stakeholders taking interest in the business. Maintaining organised records can help you a lot as it will show you exactly what is being spent or earned.

This type of data can be used in the future incase you suspect anything goes missing and so you can see how much profit is actually being made on a month to month basis so that you are able to make projections for the future. One last point is to stay away from verbal agreements, in this day and age, every transaction or deal must be traceable or else it could lead to problems in the future.

Ensuring there is a money flow – and be tight with your money
Any business owner will tell you how important it is to actually have money in the bank. Whether you have investors that are demanding money, need money to pay yourself and your staff, enough leftover to put into the business, ensuring that you have cash in the bank is very important. Here are some quick tips to help with the cash flow:

Invoicing customers quickly means you will get the money quicker
Make payments quick and easy for customers
Make all payment terms clear and tracked
Use up to date technology to manage cash flow.

4 Ways Invoice Software Can Help Boost Sales for Your Cell Phone Business

Increase sales with invoice software

Increase sales with invoice software

With cell phones being such a hot commodity today, it makes sense that cell phone distributors are going to be in high demand. These individuals are constantly dealing with an ever-changing technology base and products coming in and out. Because there is so much going on at one time, it is more important than ever that you take care of your customers to keep them coming back. It’s easy to see how something could slip through the cracks with such a busy schedule. But, that’s the last thing you want to happen. Not providing excellent customer service to all your clients could end up costing you your reputation and valuable customers. Check out the following tips for cell phone distributors to determine how the right software can help you boost sales today.

Deliver accurate invoices and estimates on time.

When dealing with any large cell phone order, customers will often ask you to provide them with an estimate for how much their wholesale order is going to cost. Part of that estimate is that they are going to want a printout of what your costs are going to be. That allows them to compare it with other estimates and make an informed decision about who they want to go with to do the job. You need to be able to give them the estimate right there during your phone or in-person conversation with them. They don’t want to wait weeks to get an estimate sent to them. They want it then and there. You need to be able to accommodate your customers’ needs to the best of your ability.

Show up to every appointment as scheduled.

Nothing screams poor customer service than not showing up to an appointment when you are scheduled to be there. Regardless of whether it is to give an estimate, discuss products or deliver an order, you need to make sure that you arrive when you tell the customer you are going to be there. It is important that you have a scheduler to enter all of your appointments into to make sure no one gets left behind. This makes sure you don’t garner a reputation for not showing up to appointments or leaving your customers waiting for their products to be delivered.

Accurately document every job you go to.

Beyond having a scheduler where you can enter appointments you have coming up, you also need a tool that allows you to enter important information about every current order en route and any new ones in process. If you are in the middle of a major wholesale order, you want to be able to document what’s going on so that everyone knows what needs to be done and when. This ensures all of your employees are on the same page for each order you have on the books.

Give all employees the tools they need to succeed.

As a business owner, you need to make sure all of your employees are equipped with the tools they need to be successful in every facet of their job. This means being able to quickly answer any questions customers might have about your products, their balance and what the status of their order is. Everyone needs to have access to this information at all times. You don’t want to make customers wait for a return call from another staff member when you could equip everyone with the tools they need to succeed.

By accounting for the above, you can make sure no customer ever has a negative experience with your cell phone distribution company. If you aren’t sure how to go about bringing all of these elements into play, contact us to discuss our software management solutions designed for businesses just like yours. Our goal is to help you succeed as a business owner. The time to embrace change is now.

Eight Ways Online Invoicing Benefits Your Business

Eight Ways Online Invoicing Benefits Your Business:

Online Invoicing Benefits

Online Invoicing Benefits

As a society we become more technology driven everyday. We use smart phones to purchase tickets and make reservations, to check the weather, and check in on social media.

We email and message each other with ease, and love the timeliness and instant gratification it provides. We save our pictures and music on clouds, and we can use our phones to control the temperature of our homes.

We pay many of our bills online, and request invoicing from the vendors we use in our personal lives be sent in a paperless manner.

The same holds true for businesses. As a freelancer or small business owner, online invoicing provides many advantages to running your business smoothly and efficiently. Here are some of the benefits to invoicing your clients online:

Timely Pay: Providing your clients with an invoice online allows them to simply click and pay as soon as they receive it. Rather than needing to wait for the paper bill to arrive in the mail, write a check, and mail it back to you, they can easily pay with a credit card or their bank account within minutes. This saves you time and the cost of mailing bills and reminders.

Accept Online Payments: Invoicing online allows you to set up a direct link to have your client pay directly to your paypal or bank account. This provides better cash flow for your business giving you more opportunity to grow.

Automation: Subscriptions and other scheduled services can easily be automatically issued to your clients on a regular basis. This saves you the time of creating individual invoices on a weekly, monthly, or yearly basis. Your cloud based accounting system can be set to alert you and remind you that you need to invoice your clients.

Online Backup: Should you lose the paper copy of an invoice, you are forced to have to type it up again. With cloud based accounting, the invoice is automatically backed up online, along with customer information and any other backup you keep with your invoices.

Make an Impression: The way your invoices look reflect on the identity of your business. By providing modern invoices that effortlessly arrive in the inbox of your client, it shows that your business is up to date and organized. The templates provided save you time and help your brand to be the best it can be.

Reporting: With your cloud based accounting, the invoices you create go into detailed reporting of the performance of your company. You can easily view reports based on cash flow, clients, and types of transactions.

Reduce Errors:
When creating invoices, your cloud based accounting will automatically reduce typos and eliminate errors for you. You can spend your time focusing on providing your client with top-rate performance and not have to worry as much about your account receivable.

Accessibility: With cloud based accounting, you can access your business from anywhere. Whether you are at home, the office, or out-of-town, you can easily view an invoice and be in contact with your clients with up-to-date information on their account with ease. Your user account is not longer stuck on one computer in one place.

Contact us to get started with making a lasting impression with your clients. Not only will online invoicing set you apart as a business that is tech-savvy and moving toward great things, but it will also provide you with freedom and flexibility. Use your cloud based accounting system to provide faster and higher quality service to the clients you work with, and to make your business run more smoothly and efficiently. You will be amazed at the time and energy it saves.