Back to Blog
If you are a new small business owner one of the first challenges you face when getting started is learning how to effectively manage your finances. Creating a budget is the perfect place to start since it gives you a road-map for all of your business decisions going forward and allows you to positively impact your overall operations.
We’ve worked with many different types of small businesses, from restaurants, salons, and retail stores to landscape designers and fitness studios. We know that maintaining a good budget is universal to any business’s success.
Here are our top 5 budgeting hacks that every small business owner should know:
#1 – Separate business and personal expenses
We’re sure you’ve heard this before – if not, take note! Separating business and personal expenses is one of the first things you should do when getting your business off the ground. When your personal expenses are mixed with your business expenses, you won’t be able to get an accurate estimate of your business expenditures or profits. Separating these expenses will also make filing state and federal taxes much easier at the end of the year.
#2 – Get educated
Knowledge is power! Having a basic understanding of the financial side of your business can give you confidence when making business decisions. Taking an Accounting 101 or Budgeting Basics class can give you the tools you need to a better understanding of the underpinnings of your business.
#3 – Hire a pro
Okay, so now you know the basics about the financial DNA of your business. When it comes to some of the everyday functions and processes, however, we recommend hiring a professional. Hiring an experienced tax accountant, business attorney, and bookkeeper, can drive the profitability of your business and help maintain your budget. Plus, they will likely catch issues that you may miss.
#4 – Automate your bill payment schedule
Managing your business’s financials is a task in itself, so it’s easy to forget your own personal finances. If you’re making payments on business loans, credit cards, mortgages or car notes, do yourself a favor, and set-up automated payments so you don’t feel as if you are working overtime to manage your financial responsibilities.
#5 – Utilize the right tools
Implementing the right budgeting tools for your business can have a huge impact on your businesses success. By utilizing software like QuickBooks that offers a budgeting tool, you can streamline your business, save time and increase productivity.
We know maintaining your business budget can be a hassle, but it’s well worth it in the long run! We hope these budgeting hacks will save you time and headaches on your journey as a small business owner.
Back to Blog
It’s no surprise that delegating tasks to qualified experts help you focus on the core mission of your business. Finding these experts can be challenging, but we promise you -- it’s worth it! What small business owner doesn’t want to free up time, save money, streamline processes and improve productivity?
Our clients come to us for many reasons, but mainly because they want an expert eye that saves them time, money and alleviates the hassle of managing the books. Here are our top 7 benefits to outsourcing your bookkeeping as a small business owner:
#1 – Scale Your Business
When you can detach yourself from your bookkeeping workload, you have time to focus on areas of your business that are poised for growth. With time being one of the most valuable assets of any small business, allocating this precious resource to the areas where you know you can create more revenue is invaluable. Saving time = gaining new clients.
#2 – Cut Overhead to Increase Profitability
You reduce accounting costs by not having an in-house bookkeeper. By paying an outsourced certified bookkeeper, you automatically increase the value of your firm. It means you don't have to pay for things like payroll taxes, overhead and, sick leave. Another bonus is that you manage your outsourced bookkeeper more stringently to ensure you are getting what you pay for.
#3 – Tax and Audit Ready Financials
When we talk about peace of mind for your business, there is nothing that will help you sleep better at night than knowing that your business is audit-ready at any given moment. Bookkeeping firms are always working on your books, ensuring that they are ready for the next tax cycle or ready for any kind of audit that may come your way.
#4 – Working with a Reliable and Stable Staff
When you work with a bookkeeping firm like ours you have a reliable and discerning service provider and a dedicated team to absorb staff attrition without affecting your client services. It’s also nice to not have to worry about your in-house staff having access to your financial records.
#5 – Improve Work Quality
Your service delivery capability is limited to the time you have. With an outsourced bookkeeper, you get efficiency and accuracy without paying around-the-clock. Plus, you don’t have to lose those big projects or new clients just because you are already too busy.
#6 – Access to the Best Technology + Controller Oversight
Your bookkeeping partner is required to stay up-to-date with any state tax rules and reporting changes that occur. Because technology is always changing, they stay in-the-know with QuickBooks, keeping your books in audit-ready form at all times.
#7 – Trusted Advisor and Industry Expertise
Last but not least on our top 7 list, is the overarching reason that you should consider outsourcing your bookkeeping services. With a trusted advisor, you will learn more about your business and have access to expert advice! They are proactive and can offer you advice that can affect your overall business operations, saving you time and money.
Outsourcing important business functions including bookkeeping services is a sure-fire way to increase your firm’s profitability and scalability so you can sleep better tonight. Learn more about how and why you should outsource bookkeeping here. Capri Bookkeeping Solutions could be your next partner! We have a unique team-based approach to bookkeeping that will let you focus on what you love most, running your small business. Learn more about our team at capribookeeping.com