From running payroll to tracking down receivables and calculating the value of inventory, ask any small business owner about bookkeeping and you’ll probably hear plenty of complaints. Learning basic accounting best practices is a great way to keep your books ready for potential investors and the IRS, if they should ever come calling.
Here’s what you need to know about bookkeep
Your ideal client is an individual with a name, a picture and specific demographic and other characteristics. An ideal client is not a real specific person; it is a composite of characteristics of many real people. You are describing your target client; the people that you want most as clients.
Whether we are business owners or working as part of a company team we are also parents, consumers, and home-owners, and it can sometimes be a struggle to juggle both our business and our personal lives. Being organized at work is a proven way for the small business owner to save both time and money, and it can also help to reduce stress along the way.
Here are four organizational tips that are easy to implement:
Money owing from customers in the form of accounts receivable is one of the biggest contributors to your company’s cash flow. While business success hinges on having positive cash flow activity, the money that flows into your business can’t really be counted as income until it becomes cash-in-hand.
No company can continue to operate if it consistently pays out more than it takes in, and it’s the ability to generate and use cash that allows your business to: