Running your own business can be rewarding, but it also means taking on many responsibilities that you don’t have to worry about if you work for someone else. If you’re in charge of a small business, here’s seven tips you can follow to make managing the day-to-day aspect of your business easier.
1. Get Tracking
If you’re looking to keep your expenses in check, start tracking them. Does your small business use QuickBooks? If so, you can use a free app to track sales and income throughout each day, week, and month. This data is crucial when it comes time to create monthly invoices or when it’s time to pay taxes.
2. Process Credit Cards Securely
Ensure your software has multiple layers of security in place, including a unique CVV code and PCI, or Payment Card Industry, compliance. Validate customers’ credit card information before charging them so that you can investigate and contact customers about any discrepancies. This helps minimize chargebacks from scammers who attempt to steal credit card numbers online.
3. Invoice to Stay Organized
Sending invoices means your clients always know what they’re paying for, how much it costs, and when payment is due. If you don’t invoice regularly, you may forget to collect payments due to you. Tracking invoice due dates is one way to ensure your customers pay their bills on time.
Free online generators allow you to create invoice files using pre-set templates or create your own customized invoices with text, pictures, and logos. Find one that lets you save the file type of your choice, too.
4. Save Money on Accounting
Off-the-shelf accounting software comes with a price tag, but it’s far cheaper than working with an accountant. The money saved can be invested in improving your product or service. SaaS applications are also less expensive to purchase, maintain, and update than software installed on your computer.
5. Get Multiple Loans From One Lender
If you’re starting a business and need more than one loan to do so, consider working with one lender who can help you finance your short-term loan. Asset-based lending often has a single streamlined process, saving time and money.
6. Invest in Business Software
Many business software programs are available to help make your life easier, from bookkeeping and accounting software to sales and marketing tools. Rather than investing in just one program, talk with your accountant about which options can help you meet your business goals.
7. Hire Accounting Specialists
Consider hiring an accountant or bookkeeper if you don’t want to deal with financial paperwork yourself, or you can’t make sense of it when it comes through. Before you go that route, though, ask yourself if you have what it takes to learn QuickBooks or another system on your own.
Crucial to Success
Managing a small business is no easy task, but putting systems in place can keep you organized and informed. Often it’s necessary to have an expert advise you on best practices for invoicing and accounting, as these processes can be time-consuming but crucial to success.