Beginners Bookkeeping For Small Business Owners

On the road to building a viable business, certain things are not to be compromised. Your small business needs a robust foundation and a great deal of support to thrive.

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The foundation is made up of important pillars such as a flexible workforce, a digitally-savvy marketing team, a knowledgeable IT desk, a business website hosted on servers with sufficient resources and featuring a domain name that communicates brand values, business insurance and a well-rounded leadership structure.
Equally important though, is a robust bookkeeping process. Regardless of how all the important fragments enumerated above line up, poor bookkeeping can hinder the business from making any progress. In worst case scenarios, the business will fail.
Profit tracking, cash flow and paying tax are important aspects of a business, and are the key reasons why you must keep an eye on your bookkeeping. A lot of businesses that fail do so because they overspend and don’t track their cash flow closely enough.

Sorting through receipts, invoices, taxes and other bills may seem like a lot of work in the early days. To help you stay in control of your bookkeeping, here are guides especially for you.

Create a system for proper documentation:

It is very important for you to always send out invoices and issue receipts when due. You need to also keep tabs on all the bills that you have to pay and be in control of your company’s finances.
The good news is that there is help to keep up; you can make use of tools like our online invoicing software right here on Cloudbooks.

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Time to Organize:
No! It is not sensible for you to keep stashing those receipts together in a basket besides your desk as your business keeps expanding.

Make it easy on yourself by sorting the different documents out in files. Start by getting
a) A lever arch file
b) Plastic punched pockets
c) A set of dividers, labelled for each month

Religiously keep each document where it belongs- invoices, bank statements, employee expenses, phone bills and whatever other documents you use in your line of business.

You could also create an Excel sheet. it may seem like a lot to ask to do daily entry, but once you make the habit of making a record of every transaction, it becomes easier to keep track of all you do. Using software like the Microsoft Office 365 makes it even easier for you to enter data anywhere, on any of your device.

It will also save you a lot of mental stress to use an online document management services to help you keep your house in order. You may then customise the categories or use their pre-set categories as you file away.

Be careful how you handle your cash:
It is tempting to use the cash you have at hand for daily expenses. If the cash is from your business sales, ensure you remit it to your business bank account.

Aside from the discipline it gives you as a money manager, it makes it easy for you to also keep track of your sales.
It is absolutely imperative that you have a true record of your business ins and outs.

Separate your accounts

It is easy to muddle together personal expenses with business expenses, especially when you just start your business. It will save you a lot of stress to separate your finances by keeping your personal expenditures out of your business expenses. This is sure to save you a lot of trouble. To start with you need to have a separate account for your business. If you do not have separate accounts, then you should be disciplined enough to carefully highlight what you spend on your business and record it accordingly (in the appropriate journal or sheet) going through your bank records. Plan to get a business account as soon as possible.

If you keep separate accounts, then your work is partly done. You may, however, still find yourself drawing from your business account for personal use or using your personal funds for your business. The key thing here is to have a record of all these transactions. Beginner bookkeeping suggested making regular weekly or monthly drawings in the form of a wage/salary to meet personal needs, instead of withdrawing frequently or at random times, which makes it hard to keep track of the withdrawals being made.

You should also keep track of when personal funds are being used to fund business supplies or services. If you need to fund the business from personal money then consider it a loan to the business, and do it in a lump sum, rather than ad hoc.

Reconcile your accounts

Having a properly reconciled account is the ultimate goal in bookkeeping. Reconciling your account is when you compare two accounts and make sure they are in agreement. This is what you do when you compare your bank statements with the financial records you have been keeping.

It is important that there are no discrepancies between the numbers you have recorded and the ones from your bank statement.
If all this seems too much for you, there are lots of great tools and resources to facilitate and educate. Technology has made keeping the books easier than ever; so make use of it!

11 Simple Ideas To Grow Your Business In 2016

11 Simple Ideas To Grow Your Business In 2016:
business-idea

Do you want your business to make more money in 2016?
Of course you do! Well now is the time to make that a reality.
We’ve put together 11 simple ideas that can make your business more profitable this year.

Stand Out This Year with a New Logo

Excite Customers with a Fresh Homepage

Convert +48% More by Being Mobile Friendly

Convince Customers with Stellar Copywriting

Beat Your Competition with Better Design

Sell 24/7/365 with a Beautiful Online Store

Engage Your Community with Exciting Articles

Rank on Page 1 of Google and Be Found

Develop Your Mobile App (No Coding Required)

Reach New Markets by Translating Your Website

Automate and Fix Tough Problems with Software

Have a better idea?

Post it Now

6 Tips for Invoicing Your Clients Professionally

invoice software for mac

invoice software for mac

6 Tips for Invoicing Your Clients Professionally:

As a small business or freelancer, invoicing your clients is a necessary day-to-day task that likely takes up a good deal of your time. Additionally, the way that you invoice your clients speaks volumes about your level of professionalism. It should be the goal of every small business to provide a simple and seamless way to invoice their clients while maintaining professionalism. Accuracy is also a very important requirement when invoicing clients. Here are a few tips that can help your small business be more professional when invoicing clients and help you to simplify the process as a whole.

Be Clear In Your Payment Expectations and Policies

Every invoice that you send out should include clear payment expectations and any other polices that you are implementing. Once the work has been delivered, it is important to remember that it is your right to be paid by the organization that you are working with. As a freelancer or small business, you shouldn’t be uncompromising, but you should be consistent with the policies and expectations from the first interaction with your potential client. Make sure that both parties have an understanding of when a payment will be due, how work will be delivered, and what form the payment should come in.

Accept Multiple Payment Methods

Not all clients want to pay you using the same method. Accepting multiple different payment methods will speed up payments to your business and allow you to ensure that you are providing an excellent experience to your users. Online invoicing systems typically will allow you to accept major credit cards, or opt for check payments as well. Make sure that you discuss payment methods with a client well ahead of the completion of work and before issuing invoices to avoid issues.

Include All Services and Charges, Set the Precedent

Although it might seem like a great idea to give your clients a break on your services to attract their future business, it often sets a bad precedent and can lead to confusing invoices in the future. If you didn’t charge them for certain tasks on one invoice but did on another, that can be very confusing. Make sure that you are consistent with the way that you apply charges and if you choose to provide price breaks to clients make sure that you are upfront about it.

Include All Relevant Contact Details

If your client is having problem spaying the invoice, make sure that they know all of the relevant ways in which they can contact you. Include email, phone number and address on all of your invoices so that you can be easily reached when they run into issues.

Properly Number All Invoices

As a small business, you probably send out a huge number of invoices each month. When you run into a problem from one client, you need to be able to quickly identify the invoice and rectify the issue. Although in the past many numbered their invoices by hand, online systems will handle the numbering of your invoice for you, which greatly simplifies the process in the long-term.

Backup and Save All Invoices

Like any other type of data, invoices can also fall victim to data loss and are a very important aspect of your business. Although all data should be backed up, it is especially true for invoices and other financial data. Make sure that you are appropriately backing up all invoices that you create so that should data disasters occur, you can still collect the money that you are owed by clients.

If you would like to learn about how the CloudBooks (Invoice Software for Mac and Windows) can help you to professionally invoice your clients, please contact us today to schedule your initial, risk-free consultation with our small business accounting experts.

Need higher email marketing response? Do this

Need higher email marketing response
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In our efforts to help you leverage the power of email marketing to work for your business we have listed some of the best practices that you MUST follow to achieve higher response from your email marketing campaigns

1.Use your corporate/business email address for FROM address.
– Avoid using ISPs such as Yahoo,Gmail.
– Consistently use your domain name to build reputation over time.
– With Mail Marketer you can use your own business email address for FROM and REPLY

2.Use Good Contact List
– Send emails to those who want it.
– Avoid purchased leads/list from online. Build your own list.
– Clean your list of bounces regularly.
– Do not resend to bounced email address
– Give minimum 3 days gap of every successive campaign sent to the same contact list.

3. Give Unsubscribe Option
– Include the unsubscribe link both at top and bottom of emails.
– Don’t give your recipient a chance to click ‘Report Spam’.
– Mail Marketer’s one-click unsubscribe feature does wonder, no further emails are sent to
unsubscribed contacts.

4. Create Good Email Content
– Make sure your emails don’t get flagged as spam. Write your suject line more attractive.
– Avoid using words such as ‘Free’, ‘Save’, ‘Discount’ in both the subject line and content.
– Personalize emai ls with the recipients name. Use Custom Fields in Mail Marketer.
– Mail Marketers advanced Spam-Filter Check tool, helps you find and remove spam words from
your content.

5.Signature:
– Always include a signature at the bottom of your emails.
– Include your personal,company and contact details.

Build a powerful campaign on Twitter

Use this quick list to make sure you’re getting the most out of Twitter Ads:

CAMPAIGNS
Boost your site’s traffic with a website clicks campaign. Website clicks campaigns use Website Cards, which are formatted like billboards — using size and click-catching images to bring more traffic to your website from Twitter.

Tweets
Start with 4-6 Tweets per campaign; add in at least 1 new Tweet every week to keep content fresh. These can be new variations of older Tweets, or completely unique content.

Audience
Using just one type of targeting per campaign makes it easier to determine what is working. You can experiment with targeting followers, specific interests, keywords, etc.

Budget
Start with a minimum of $25-$50 a day as you determine what works best for your goals. Read up on credit limits and billing FAQs to ensure your campaigns continue running smoothly or click “Help?” on ads.twitter.com to investigate getting a higher limit.

Experiment
Learn by running multiple, varied campaigns at the same time. This eliminates blind spots and helps you find the most effective campaigns.