In business, you must keep an eye on your cash flow. Because, if you’re like most small business owners, how much you have in the bank depends on the speed in which your customers pay you. But how do you get your invoices paid faster? Here are some simple tips from The Payroll Department to help you get prompt customer payments. (more…)
Archive for Bookkeeping and Accounting
If you’re like most small business owners, you didn’t start your company because you loved working on the administrative details in the back office. You opened shop because you have a passion or a specific skill set, and you want to earn money utilizing your interests. (more…)
Have you thought of running a franchise? Or, maybe you currently own one – or more. Running any small business – even a franchise – isn’t easy. However, a franchise does come with certain built-in advantages. It’s basically known as a business in a box, because the business has already been developed by the franchisor. For instance, a franchise already comes with brand name recognition, so, theoretically, getting customers should be a little easier. Also, in some cases, the franchisor provides franchise owners with detailed manuals to help them run their business. While these things are helpful, running a franchise is still hard work and can be overwhelming, especially when starting out.
Small business owners are one of the hardest working groups of people everywhere across the world. Some are more successful than others, but it’s usually not because of a lack of trying. Productivity is key to success for entrepreneurs – there’s always so much to do! John Maxwell says, “The secret of your success is determined by your daily agenda.” He’s not alone in his view. What is it that you can do every day that will set your path and direct your energy to success? (more…)
Occasionally, at networking and other events, we hear small business owners grumble about not getting paid for jobs they’ve done. At The Payroll Department, we understand their frustration. Often, the problem really comes down to not having an accounts receivable process in place. Many entrepreneurs “leave money on the table” by not telling their clients what their terms of payment are, not following up for payment, and worst of all, not even sending an invoice. (more…)
Congrats! You’re a successful small business owner, but now you’re starting to think about moving on or retiring. Whether you’ve been in business for one year or 25 years, you need to plan your exit strategy. What do you want to do with your small business? Walk away from it? Sell it to someone else? Merge with another business? (more…)
We’re Still Not Done with Myths about Payroll Outsourcing
As a small business owner, your employees’ financial stability is basically in your hands. They depend on you to process payroll in a timely and accurate manner each pay period. Otherwise, your employees can’t meet their financial obligations, such as mortgage or rent payments, car loans, or household bills. (more…)
I trust you made it through another tax season. There is always a collective sigh of relief – and it’s not just the accounting firm employees – it’s the small business owners, too. (more…)
This last week during a storm one of the homes in my neighborhood was struck by lightning and caught fire. The fire left skeletal remains of the structure’s second story. In the end, the entire home was a total loss. Luckily the family and their pets were all able to get out safely. But in less than eight minutes, their entire lives were turned upside down.
As a small business owner, you want your business to grow and succeed. But all small businesses are plagued by the same common problems that can impede their success. Part of the problem is, try as they might, entrepreneurs are just not as knowledgeable and effective in all areas of their businesses as they would like. This lack of knowledge and ineffectiveness can lead to inadequate processes, errors, and missed opportunities.