Why You Should Regularly Update Your Bookkeeping Records

Bookkeeping is a crucial aspect of your business. If you’re not doing a good job with bookkeeping, then it’ll harm your business in various ways. Read on to learn about several reasons why you should regularly update your bookkeeping records.

It Makes it Easier to Stick to Your Planned Budget

When you regularly update your bookkeeping records, it’ll give you a better understanding of how you’re doing as a company. Sticking to a budget is imperative when you want to keep your finances in order. If the records are updated at regular intervals, then you’ll have access to the information that you need. You can alter the budget as necessary based on how things are going.

Streamlining Taxes

Taxes can be a huge headache if you’re not doing a good job with bookkeeping. Many people get overwhelmed when it’s time to do taxes for their businesses because they know they didn’t update the bookkeeping records properly. Updating records on time will prevent you from having to go back and do a lot of work when it’s time to do taxes.

You’ll simply have the updated information that you need, and everything will be ready to file without it being a big hassle. Save yourself time by keeping the records up to date. You’ll be glad that you did when you don’t have to struggle to find the information that you need for tax purposes.

You’ll Know What Products and Services Are Doing Well

The information in your records will be crucial to the success of your company. This financial information can be used to inform your business decisions. If you see that some products aren’t doing so well, then you can choose to scale things back and go in a different direction. You’ll be able to use the data to focus on aspects of your company that make the most money.

Learning How to Increase Your Revenue

Learning how to increase your revenue will be easier when the bookkeeping records are updated. You’ll know where all of your money is at. It’ll also be clear where the money is coming from and where certain opportunities might exist. Failing to keep updated records can cause you to miss opportunities and lose money.

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Is Your Business Idea Worth Investing in?

Having a good idea for a new business is going to be exciting. Sometimes your initial excitement will fade and you’ll realize that your “good idea” wasn’t so hot after all. Is your business idea worth investing in? Read on to learn how you can tell.

Is Your Product or Idea Innovative?

The first thing to consider is whether or not your product or idea is innovative. Does your idea bring anything new to the market? If you’re just doing something that has already been done before, then you need to be able to do it better than the competition. Try to examine what your place in the market would be and then decide if it’s worth your time to invest money in your business idea.

Examine the Potential ROI

Whenever you’re looking into new business ideas, it’s going to be imperative to think about the return on investment (ROI) numbers. How much money will you need to spend to get your business idea up and running? Will you be able to make a profit on your business idea if things go well? How long will it take for you to make your money back?

If your business idea is too expensive, then it might not be practical to invest money in it. Likewise, if the profitability isn’t there, then you don’t want to launch a business that is doomed to fail. Your business idea needs to make financial sense or else it’s not going to be worthwhile.

Can You Easily Raise the Necessary Funds?

For many would-be business owners, it’s going to be a struggle to come up with the necessary funds to start a business. Determine how much money you will need to launch the business. It’s better to estimate high just in case. Then be honest about how easy it will be to get the necessary funds.

You might be able to procure loans to launch the business, but that will depend on factors such as your credit score. If raising the money will be hard for you, then you might need to jump through extra hoops to make your business idea a reality. It’s up to you to decide if you want to go through the hassle.

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Business Owners Should Educate Themselves on These Payroll Basics

Running a business isn’t always going to be easy. As a business owner, there are so many things that you need to handle. Educating yourself will make it easier for you to do things right. Every business owner should learn about the payroll basics below so that they can have a smoother experience.

Taxes Are Very Important

Taxes are very important, and they should likely be your first consideration. Being careless when it comes to taxes will come back to bite you in the end. Make sure that you collect taxes so that you won’t have problems at the end of the business year. You need to withhold the right amount for federal taxes, state taxes, local income taxes, Social Security, and Medicare.

Keeping Proper Documentation Is Imperative

Keeping proper documentation is imperative and you’ll benefit by having all of your documents organized. Using payroll software is going to make your life so much easier. You’ll be able to have all of the information that you need in one convenient place. Also, using payroll software is so much simpler than trying to keep track of physical documents.

It’ll allow you to automatically calculate many things. You’ll have a simpler time filing payroll taxes and you’ll be happy that you invested in the software. Remember to keep accurate employee records as well. These records need to be updated when changes occur so that you won’t encounter hiccups when filing taxes.

Doing Regular Audits Helps to Avoid Mistakes

Doing regular audits helps you to avoid making costly mistakes. As fantastic as payroll software is, there can still be errors due to human input. Going over everything at regular intervals helps you to catch mistakes. You’ll be able to make corrections as necessary.

Learn About Local Laws

Learning about local laws will be wise. You want to fully understand state laws, city laws, and any regulations that relate to your business. It might take some time to read through all of the necessary information. Don’t hesitate to get help from a professional if you find anything to be hard to understand.

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Iconic Female Entrepreneurs

There are many amazing female entrepreneurs who have found success. If you’re looking to be inspired, then it makes sense to turn to those who have paved the way for other successful women. Below, you’ll learn about some of the most influential and iconic female entrepreneurs.

Oprah Winfrey

Oprah Winfrey has been a household name for a long time now. She began her career as a television personality, but she managed to turn her popularity into a media empire. Oprah worked hard to launch Oxygen Media, and she is now the CEO of the Oprah Winfrey Network. Winfrey has an estimated net worth of $2.6 billion as of the time of writing.

Janice Bryant Howroyd 

Janice Bryant Howroyd is well known for founding the ActOne Group. This is the first African American company that is led by a female to have more than $1 billion in revenue. The company is an employment agency and consultancy firm that has more than 17,000 clients in countries around the world. Most impressively, Howroyd began this company in 1976 when she had very little money to work with.

Kiran Mazumdar-Shaw

Kiran Mazumdar-Shaw founded an Indian biopharma company known as Biocon. In the early days, Biocon was operating out of a shed that Mazumdar-Shaw rented. When the company went public in 2004, it became just the second Indian company to reach the $1 billion milestone on the first day of trading. Now, Mazumdar-Shaw is one of India’s wealthiest individuals with a net worth of $4.1 dollars. 

Zhang Xin

Zhang Xin co-founded the real estate development firm known as SOHO China. The company went public in 2007 and became a huge success. Many refer to Xin as the individual who is responsible for building modern Beijing. She came from humble beginnings as a factory worker, and now she is worth $3.5 billion.

Beyonce

Beyonce is one of the most recognizable and loved performing artists of her generation. She first found success in the women’s singing group Destiny’s Child in the 90s, but she had an even more successful career as a solo artist. Since then, she has built a global brand, signed endorsement deals with huge companies, and started her own company called Parkwood Entertainment. She is focused on producing movies, clothing items, and music.

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What Is Business Credit and How Do You Establish it?

Running a business is going to be a lot easier if you can buy things when necessary. Many business owners don’t have enough cash to go out and make big purchases on a whim. This is why business credit is important to the success of so many businesses. What exactly is business credit, though, and how can you go about establishing it?

Understanding Business Credit

Business credit is very simple to understand. It’s simply a term that refers to your ability as a company to purchase things without having to pay for them right away. You might have a line of credit with a bank or you could have a business credit card. This will allow you to buy things such as vehicles, equipment, and other business essentials.

In order to utilize business credit, you’ll need to maintain a good business credit score. The credit score will dictate how much credit will be available to you. Businesses that have poor credit scores might not be able to use business credit at all. This can easily put a business in a tough spot.

How to Establish Business Credit

Establishing business credit works pretty much the same way as establishing good credit as an individual. First, you’re going to need to ensure that your business is a separate legal entity. You’ll need an Employer Identification Number from the IRS and then you’ll need to open a business bank account. It’ll also be wise to have a business phone number.

You can then go to banks or credit card companies to attempt to get a line of credit or a credit card. Since your business is new, you might need to cosign for a loan or business card as an individual. Making your payments on time and using the line of credit responsibly will help you to maintain a good score. When you have strong business credit, it’ll be far easier to get large loans because you have a reputation for paying things on time and doing what you need to do.

Keep tabs on your business credit score to see how you’re doing. It should improve over time as you keep doing things the right way. If you start missing payments and using the credit line irresponsibly, then the score will decrease.

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The Link Between Human Rights and Business Sustainability

Human rights have been a hot topic of conversation in the business world as of late. Many business leaders are putting a focus on human rights issues for the sake of business sustainability. Why has this become such a big focus for so many prominent business leaders? Read on to learn everything that you need to know.

Human Rights Are Important to All Aspects of a Company

It’s easy to see that human rights are an important topic that this topic is relevant to all aspects of a company. Different functions of companies have to deal with human rights issues all the time. Whether you’re talking about collecting data, work conditions, or the environmental impact of certain decisions, it will all relate to human rights. Companies need to understand human rights and be ready to engage with their customers in meaningful ways.

Human Right and Sustainability Go Hand in Hand

You can also say that human rights and sustainability go hand in hand. To build a sustainable company and help strive toward a sustainable world, it’s important to put human rights at the forefront. Considerations such as security, basic needs, and privacy all relate to human rights. These are things that you need to think about when developing a sustainability strategy.

Companies Need to Truly Understand Human Rights

Some companies make the mistake of focusing their corporate social responsibility efforts in the wrong direction. It isn’t about checking certain boxes to ensure that your company is seen in a positive light. To build a sustainable business, you need to be able to put human rights at the front of everything that you do. The decisions that you make for your company should put you more in line with what people need.

If you want to find success, then you must first speak to the people about what’s important to them. Some say that human rights are the voice of the people. Listening to that voice and allowing it to guide you toward a better future will be the right route to take. You can address human rights issues and improve your company substantially by listening to people and making real changes.

 

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Three Signs That It’s Time to Hire a CFO

Every company, no matter how small, needs a CFO. Your business is no exception. According to today’s business experts, there are three signs that it may be necessary to invest in the guidance of a CFO.

What Is a CFO?

CFO stands for Chief Financial Officer. This is the person who handles the company finances, such as paying bills and collecting revenue. They also set up accounting departments to track the financial data of each employee in your organization.

The CFO’s main responsibility is to ensure that all financial operations are carried out effectively within a small business.

Three Signs That You Need a CFO

  1. It’s Time to Scale Your Business

At some point, you will want your business to grow and scale within the industry. It is essential to be prepared for this step, especially because once you start hiring more people, it can become difficult to manage everything on your own properly.

If you have a small business and hope to expand, it’s time to bring the CFO on board. Your company will need someone who can help with tax planning and managing investments as your company grows.

  1. You Are Raising a Large Amount of Capital

If your company plans to raise a lot of capital, such as going public or selling shares, you will need someone who can help lead the way. The CFO will be responsible for the business growth plan and financial forecasts per the overall objectives.

  1. Your Business Is Increasing in its Complexity

If your business is growing in complexity, then you will need someone who can keep things organized. In addition, the CFO will also help to streamline accounting operations. This reduction of overhead can make your company a lot more profitable in the long term.

Once you begin to notice that your organization is growing and changing around you, it may be time to start looking for a new employee with plenty of experience.

Are You Ready?

No matter what type of business you are running or how big you dream it will become, the CFO is an important part of each company. Make sure to find a CFO with experience with your specific business if you want to see your company succeed.

 

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Simple Ways to Make Your Business More Sustainable

This is a guide for those who want to learn how to make your business more sustainable. This is not just about protecting the environment but also about making an effort to use resources more smartly.

You can’t just be environmentally friendly once; it’s an everyday decision that starts with small changes that lead up to big ones. There are many things that you can do to better your business’s sustainability.

  1. Move to a Remote Workplace

The move to hybrid working environments has been one of the best ways that companies can increase their sustainability. A hybrid environment involves the use of a central workplace and a number of other satellite workplaces such as home offices, retail locations, or branch-based locations. A hybrid environment enables businesses to increase productivity at minimal cost and helps in resource optimization.

  1. Invest in Green Supplies

Believe it or not, but office supplies can be eco-friendly. There are lots of suppliers that offer environmentally friendly products such as recycled paper and digital copies. One good way to start is by switching from traditional copying machines to using a digital version that saves up to 80% of the energy used in making a paper copy.

  1. Recycle Older Electronics

There are many ways that you can recycle your older phones, laptops, and other electronics to make them reusable. One common way is to place a recycle sticker on the electronic, which is then sent back to the manufacturer for repair or re-manufacturing.

  1. Use the Internet for Promotional Purposes

There’s no denying that businesses can’t survive without advertising their goods and services. However, advertisers need to be more responsible in how they advertise as well.

Advertisers should go for simple yet creative adverts using black backgrounds and white text as well as images to catch the attention of their potential clients.

  1. Reduce Carbon Footprint

It’s not just consumers that contribute to the reduction of the carbon footprint. Businesses can as well through steps such as reducing operational costs and energy consumption, minimizing waste production, and implementing sustainable business practices, amongst other things.

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Four Types of Financial Strategies for Business

Financial strategies can help businesses to overcome their financial difficulties and ultimately prosper. However, some financial strategies are more effective than others for certain types of businesses.

Businesses that find themselves in a cash-strapped position should focus on these four different types of financial strategies.

  1. Cash Flow Planning

Cash flow planning considers the likely sources of cash for a business over time and identifies how much will be required. This helps businesses to determine which investment opportunities should be taken on and if the new debt should be raised or not.

The objective is to ensure that businesses have adequate cash reserves throughout their financial year but do not have too much cash.

  1. Investment Planning

Investment planning is used by businesses when they have idling cash and are considering investing this idle money. The difference between cash flow planning and investment planning is that the former predicts how much will be required from a business over a set time, whereas the latter predicts how much free money or surplus there will be in any given period.

This is useful for businesses when they want to invest in a business opportunity or purchase new equipment.

  1. Dividend Strategy

Businesses often use a dividend strategy to return cash to their shareholders and thus secure continued investment in the company. If businesses are not paying dividends, they may be considered poorly by potential investors who will look for opportunities elsewhere where they can receive a dividend.

  1. Capital Structure Planning

Capital structure planning is when businesses identify the assets and liabilities they have, their current level of debt, and how that will affect a business in the future. This helps to anticipate future improvements in business cash flow or capital restructuring cost-saving measures needed to resolve any difficulties.

It also helps businesses consider any opportunities for a change in corporate structure, i.e., converting a sole trader business into a company limited by shares or reverse.

Businesses can use other financial strategies to resolve their cash flow issues and improve their short-term liquidity positions and the long-term viability of the business.

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The Driving Forces Behind Employee Engagement

In today’s business world, enriching employment experiences have become increasingly unusual. Instead of a fulfilling career or an engaging organizational culture, many workers endure arduous schedules, low wages, year-end bonuses that amount to a day or two of pay, and a toxic work environment.

But what makes an organization’s culture engaging? Even if you have worked for decades in the same industry, you might not realize how powerful small shifts can be when it comes to improving your employee engagement levels. Here are the top influential factors in employee engagement.

  1. Leaders Who Exemplify Values

If employees don’t know what matters to their leaders, they won’t be as engaged as possible. When employee engagement surveys are conducted, the leaders’ lack of clarity about organizational values comes up frequently. 

  1. Supervisors Who Are Vulnerable

Leaders who can admit their unmet goals and make time for difficult conversations create a culture where employees feel safe taking risks.

  1. Teamwork in the Workplace

If your team members are focused on winning and blame-placing, you can be sure that they aren’t as engaged as possible. A team that can appreciate its accomplishments together while learning from its mistakes is a team of workers who know that they can do better.

  1. Individuals Who Receive Recognition for Their Work

If leaders consistently refuse to acknowledge and reward their employees, it should come as no surprise that employee engagement levels are low. Workers who go above and beyond deserve to be recognized for that extra effort.

  1. Co-Workers Who Are Passionate About Their Work

If you’re like most leaders, it’s difficult to remember what led you to your current role. If someone doesn’t feel as passionate about their work as they once did, it might be because too much time has passed since they were allowed to learn and grow within an organization.

  1. New Employees Who Feel Supported

Time and time again, employee surveys find that new hires are thrilled with the start of their career. But after a few years on the job, they become disillusioned. This is because employees who feel supported early on in their tenure at an organization often stop getting support as they climb the corporate ladder.

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