Bookkeeping For Small Businesses - Information & Advice

There are three options for small businesses when it comes to bookkeeping. These are to either do it yourself, use special bookkeeping software or hire a bookkeeper to do it for you. Either way, bookkeeping is not something that can simply be ignored, as it is a legal requirement for businesses to keep track of and make available their financial records.

By Rheza Sulaiman

There are three options for small businesses when it comes to bookkeeping. These are to either do it yourself, use special bookkeeping software or hire a bookkeeper to do it for you. Either way, bookkeeping is not something that can simply be ignored, as it is a legal requirement for businesses to keep track of and make available their financial records.

If a small business owner chooses to do their bookkeeping themselves, either with a pen and paper or using a standard computer spreadsheet (such as Excel), then they must feel confident in their ability to deal with numbers and to understand and comply with the financial regulations in their country. The good news is that for very small businesses, doing this is not rocket science, and most businessmen capable of running and managing a business have the skills required to adequately produce the bookkeeping records.

When it comes to managing the information manually there’s 1 unique drawback, if you make a mistake, which is something that can happen, otherwise you misread or perhaps misplace particular paperwork, it is possible to encounter fines for affirming the wrong taxes financial obligations or profits. There is also the fact that an individual experienced within taxes regulations are going to be proficient of all the ways you save cash, as apposed to a business owner simply doing taxation on their own.

The use of bookkeeping software can make life easier for a business owner, this software will guide you through the process and show you what information is required to go where. Once it has all been filled in the software will create all the finance reports you need to take care of your taxes, they will be in the appropriate format and everything will be exactly where it needs to be.

You can find a couple of difficulty with taxes computer software even though. Firstly, it can be really complicated to use for first time users, especially for those who usually are not particularly adept with personal computers in general. Second of all, even though great bookkeeping software program will tell you just what data to feedback and also wherever to be able to input it, it’s no way of knowing if your data you could have contained is actually incorrect. As a result, much like performing taxes personally, a person constantly be in danger of errors of rich.

A final option you could have is always to employ an expert bookkeeper. The huge benefits to achieving this will most likely outweigh the initial price in order to employing this particular bookkeeper. In fact, you will sometimes help to make your money back in the foreseeable future because of the accountant having the particulars of the actual program and also understanding how far better spend less. In addition to this the business enterprise proprietor may throw open their own period to pay attention to other more considerations.

For information click here. Read On : Blacktown Bookkeepers.

How To Obtain Small Business Financing Help When Banks Say No

This article provides some realistic small business financing options for commercial borrowers to consider if their bank cannot help. What to do if their bank says no to a request for commercial loans and working capital is on a growing list of problems that small businesses cannot ignore in the face of commercial banking difficulties.

By Stephen Bush

Because of a deteriorating commercial lending environment, some of our earlier advice is now likely to be especially relevant for many businesses. Banks are currently saying “no” more frequently than they have in decades, and we provided advice a few years ago about what actions business owners should consider if their bank rejected a small business financing request.

A bank saying “no” can actually lead to an overall improvement in commercial financing options under many circumstances, although a business owner is not likely to hope for the business loan rejection in the first place. With requests for needed business financing and working capital, small business owners are increasingly hearing their bank say “no”. Most commercial borrowers are often not sure what to do next since such an awkward situation represents uncharted waters for them.

Banks are routinely saying “no” to small businesses which are both profitable and long-term customers. Because this has become such a widespread commercial lending problem, it is now common to hear phrases such as “business loans without banks” and “thinking outside the bank” when talking about strategies small business owners might need to analyze.

There are two financing situations that businesses should especially be prepared for banks saying “no”. One of these involves working capital loans (including commercial lines of credit) and the other commercial real estate financing. While a small number of banks are still proving to be reliable sources for some business financing options, recent nationwide commercial lending reports clearly show a drastic reduction in commercial loans for commercial real estate financing and working capital loans.

Small businesses have only rarely pursued the option of replacing their bank. There is little recourse but to pursue such a path when their bank says “no” to routine requests for business financing, and astute business owners need to quickly accept this harsh reality. Improvements to the overall financial health of a business will be achieved in a pleasantly surprising number of cases even though this search for new commercial finance alternatives is undertaken under protest by most commercial borrowers. Keep in mind that in many cities and communities, one or two banks frequently operate in a near monopoly environment. When small business owners have literally been forced to find new business finance options, they are often pleased to discover that they can not only replace existing bank financing satisfactorily but also improve their bottom line in the transition.

A prudent starting point for commercial borrowers to adequately evaluate how to get working capital and other business loans when their bank says “no” is likely to be a lengthy conversation with a small business financing expert. A critical step to eventual success in formulating a strategy for obtaining new sources of effective commercial finance funding is likely to be finding and selecting such an expert, but it should be realized that this is not likely to be a quick or easy task for business owners. Ensuring that the commercial financing expert chosen is totally independent and not affiliated in any way with the bank which said “no” is an especially crucial aspect not to be overlooked in locating a reliable expert to help.

Stephen Bush has provided candid advice to business owners for 30 years and is a commercial loan expert. AEX Commercial Financing Group offers small business financing and working capital options

Why Some Entrepreneurs Don't Make Much Money

When an entrepreneur isn't making much money, it's usually a mixture of lack of business skills and a mindset about money that needs to change. In this article, Sue tells a story about one entrepreneur who is going broke, and what that entrepreneur really needs to change if she wants to make money.

By Sue Painter

Here’s a quick test for you...let’s say I hand you a C-note. Close your eyes and feel that hundred dollar bill in your hand. Now, watch your thoughts and see where you mind goes. Just watch, until you get a thought that comes up about this money in your hands. What is the thought?

* A good number of people will have a thought something like “I better put this away, I don’t want to lose this money.”

* Fewer people will get a thought that goes “this is a gift, truly found money. How should I use this, what can I do?”

If your thought was about keeping the money safe, I’ll wager that you think of money as potential loss rather than potential gain. And that mindset isn’t going to help you create a business where money automatically comes in and goes out, just like the tide. You can’t stop the tide. If you constantly try, you still get the inevitable but you are much more miserable over it than if you just let that tide go out and enjoy watching it as it goes. Same with money!

The other day I had someone contact me who was interested, she said, in coaching for her small business. Actually, she had two businesses, had them both for several years. The very first statement out of her mouth was not about her businesses but about her money. “I make less than $100 a month with these businesses,” she said. She didn’t tell me about her businesses, ask me how I might help her, or what she hoped to gain in working with me. Instead, she came at me from a place of lack, focusing on what she doesn’t have. That lack is fear-based, contracted energy. Behind it is a poor-me mentality. That creates a constant story of lack, a negative energy. It literally “pulls” others toward that lack. While we didn’t get far in talking about working together, she right away let me know she had little money and probably could not afford to work with me. Underneath that statement was a subtle pull on me, to join her in her financial lack by cutting a deal to work with her for less money, or to sit there and spend an hour of my time for free while she talked about her financial lack rather than asking me how I could help her go where she wanted to go. Then, we both could lack and she would have a “community of lack” going. Do you see? Very subtle, but very powerful. Watch for that from others, and don’t let that energy go to work on you.

Let’s think about this solopreneur who has two businesses that are both several years old and who makes about $100 a month from both of them together. Does she need to be more profitable? Obviously, yes. She probably needs to focus down on one of the businesses, build that to an ongoing profit, and then bring the second business on-line. She may need to ditch one — I don’t know her well enough to say. I do know, though, that it doesn’t work to approach me about working with you and ask me first thing what I charge. The money isn’t the issue. The issue is what would this $100 a month entrepreneur GAIN in working with me (or someone else) rather than what she would LOSE. If I can’t get her to focus on the gain, she won’t engage in what I suggest to her. She’ll be thinking about that money she’s losing by paying me (or someone else) rather than what she is GETTING in the process.

There are a lot of reasons why many solopreneurs and small business owners are not profitable. Many lack knowledge about the basic tools of business. These things are skills that one can easily get through classes, reading, having a mentor or a coach, or going to workshops. The bigger barrier to making money is your own mind set about money. If you focus on how little you have it will absolutely never grow. If, instead, you focus on what you can gain with the money you have (no matter how little or large that amount) you will be OK.

Here’s what I wrote to this woman. “You know, it’s never about the money, it’s about what will happen if you do NOT change and learn to invest in building your business. When people e-mail me and ask only what it costs to hire me, I know they are trying to decide only on cost. The wiser decision is based on value or what it will cost them if they keep on the road they are on. See, it would benefit you to know more about what we might do for those three months, but instead of asking me that, or asking when we might talk about it, I see that you are asking only what it will cost you, not what you will gain. So there you have a little bit of coaching for free. If you change to put your attention on gain rather than loss, you will begin to shift your thinking and your business from cost to benefit, both for yourself and for those you wish to serve.”

If you are not profitable through lack of focus, bad planning, or lack of business skills you can fix it. It takes risk, self-honesty, willingness to feel a little uncomfortable as you learn new skills and behaviors. It takes faith! But the biggest thing it takes is shifting your mind set from lack to gain. Or, from a poverty mentality to an abundant mentality. Or, from fear to love. Not only will you benefit, but those you serve will benefit.

This week, practice not leading with money questions. Practice focusing on what you gain rather than what you lose. It will shift your mind set, and in time it will shift your bank account, too!

Sue Painter is a marketing therapist whose expertise is finding the dark and murky under-places that keep your business from succeeding. She develops business plans that work, and strategic marketing plans that take dead aim at your target market. You can subscribe to her Marketing Tips e-zine at http://www.confidentmarketer.com .