…or are they??? For many years small business owners have been cutting back, reducing costs, and being very conservative in the turbulent economy of the past few years. Now things maybe starting to change as small businesses cannot cut back much more and now will need to start spending money on marketing to grow their businesses and will also need to hire more staff even if it is on a part-time basis. In addition, it looks like the large banks are starting to approve more loans for small businesses. This will be good for the economy and maybe the start of the recovery process for North America.
Small business owners struggle all the time with how to manage all of the administration and accounting needs of their business. The good news is that there are resources out there that will help you with all of the different functions and data that you need to manage.
One of the tools out there is specialized for invoicing. This online tool allows you to track you time and expenses and then create bills from these time and expense entries. You will be able to print and pdf invoices to email them directly to client.
Check it out at http://www.invoicera.com/?rid=Njg5Mjc=
It always amazes me how people think that they can get away with stealing money from small business. Check out this article on how a bookkeeper was charged for embezzlement for taking over $100,000 in one year in order to purchase lottery tickets. This is why it is so critcial to ensure that you have proper internal controls in your small business and why you as the small business owner must always keep control over your bank accounts and always sign all of your cheques and know all of the transfers that are coming out of your bank account.
Wow….this is a scary thing for businesses and an indication how important proper management of the business assets are to any organization.
The state of the ecomony and the government running at deficits, it is so important that a business knows exactly where they stand with their operations and most importantly if they are making any money. This is why having accurate and up-to-date bookkeeping is so critical for any organization but especially your own business. Many small business owners hesitate to hire a bookkeeper because it is costly and try to do the bookkeeping themselves but what they don’t realize is how much it is costing them in lost opportunities and the mistakes they make because they are not experts at bookkeeping. Having a good, reliability bookkeeper is a key ingredient to any successful business.
See the full article at: http://www.everydaymoney.ca/2011/11/even-santa-cant-keep-his-job-these-days.html
This is not really related to bookkeeping directly however I thought this would be an interesting article for any small business owner.
This article that I found details what the accounting firm Ernst & Young found when looking at common traits, beliefs and approaches that allow them to succeed.
The full article can be found at: http://www.ey.com/CA/en/Newsroom/PR-activities/Articles/2011-June-Ten-things-top-entrepreneurs-do-differently
Why is privacy an issue for small businesses? You could be at risk of a lawsuit!!!!
Privacy law refers to the laws which deal with the regulation of personal information about individuals which can be collected by governments and other public as well as private organizations and its storage and use.
With the large amount of frauds, identity theft and unauthorized credit cards transactions occuring, it is crutial that a small business owner protects themselves against unauthorized use of its own private information as well as that of information it collects and maintains in their bookkeeping records from their customers, suppliers and employees. If private information is collected from your business you are responsible for the use of that information and would therefore be responsible if that private information was used for illegal activities.
For more information, check out the links below:
The government webite for Canada is : http://www.priv.gc.ca/index_e.cfm
For information regarding privacy laws in the US, click here : http://www.media-awareness.ca/english/issues/privacy/us_legislation_privacy.cfm
Watch the informational video at : httpv://www.youtube.com/privacycomm#p/u/6/KyOEv5fW5NE
When a business is started most people focus only on the money. Should this be the focus? Or should they be focusing on customer service, hiring good people or developing good products?
Jimmy Pattison, the third richest man in Canada, giving advice to students at his old high school said ”…but I never worked for the money because I found if you do a good job at what you do, the money will come.”
An interesting idea….tell me what your thoughts are.
Check out the video at: http://money.ca.msn.com/video/?cp-documentid=cbcc2011-0709-2242-0006-212124187100
For most small business owners, bookkeeping is very daunting. It is the one area of their buisiness that they avoid as much as possible. Check out this video that discusses the importance of being involved in the bookkeeping of your business and how you need to know what is happening when you have a bookkeeper take over the accounting for you.
Let me know what you think about this video by commenting below.