Sunday, August 26, 2012

Five Financial Management Tips For Small Businesses

Many small business owners are driven by entrepreneurial inspiration to start their own companies. Small businesses drive new jobs and innovative ideas. However, for all the "pros" which accompany running your own business - the thrill of bringing a new idea to market, fulfilling a goal, flexible schedules - there are also challenges. Owning the business may be the simple part. Running it smoothly and profitably often can prove difficult. Following are five financial management tips that should assist in running your small business more effectively so that you can enjoy all the "pros" that influenced the decision to own a small business in the first place.

1 Develop a Budget - This is critical to the success of any business. A budget that lists your projected revenue and expenses serves as a road map in guiding business decisions and making sure you carefully consider financial decisions with the "big picture" in mind. When you create a budget, you can see the cash inflows and outflows. A budget functions as a financial barometer, allowing you to project accordingly, optimize and manage cash flow, as well as anticipate future financial needs.

2 Stay Abreast of Your Financials - As a small business owner, implement a routine practice of reviewing your financial reports. Staying abreast of your financials also equates to maintaining up-to-date accounting and bookkeeping records, as well as managing your expenses, payables and receivables. Timely and accurate access to updated financials allows you to make informed decisions quickly that could significantly impact your company's profitability.

Thursday, August 23, 2012

Online Accounting Versus Destop Accounting

Every day, technology is changing the way we do business. This article is about desktop versus online accounting specifically QuickBooks Online. QuickBooks Online has a lot of positive characteristics and Intuit continues to improve all their product offerings; most of the functionality is the same. Online does have some additional features over the desktop and vice versa; however online is not necessarily for everyone. I personally find it is a matter of how you work, your budget and what your business needs are.


• No need to wait for the next version to come out to get updates and to upgrade. Intuit updates the program approximately every four weeks.

• No need to backup separately; your work file is automatically backed up on their servers all the time.

Wednesday, August 22, 2012

5 Habits of Successful Women Entrepreneurs

Think about something it took you a really long time to learn, like how to drive a car. At the beginning driving a car was difficult and you had to devote a lot of mental energy to it.

After some time of practice, you get more and more comfortable with driving the car. It got easier and easier from time to time, until at some point- you even stopped thinking about it.

Habits like exercising and brushing your teeth are activities you do over and over again until they become automatic.

There are habits successful women entrepreneurs share in common. Here are some: