POST CATEGORY : Finance

Setting Up Point of Sale (POS) Software

If you run any sort of retail business, you are almost certainly already using some sort of point of sale (POS) system. The old-fashioned cash register, limited as it is, is a very basic POS system. However, current computer technology means today’s POS systems can be extremely powerful, allowing adaptation to many different business models and maximizing flexibility in operations.

In addition to reporting that can present sales data in a dizzying array of formats, you can introduce such innovations as loyalty programs with specialized pricing. Though it might seem daunting, setting up point of sale software is actually relatively easy.…

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What Small Businesses Need To Know About Rolling Forecasting

Budgets are no longer unchanging entities. In the midst of the information age, with transactions moving faster, business spanning the globe, and technology providing helpful tools to re-plan and re-think budgets, many small businesses are adopting a new way of thinking about their financials.

What Small Businesses Need To Know About Rolling Forecasting

Conventional budgeting wisdom offered this guidance to small business owners: create a budget and don’t stray from it. An article from CFO Magazine points out that traditional budgeting is expensive, time-consuming, and quickly becomes out-of-date within a few months.

The benefits of rolling forecasting are vast, but overall, the methodology allows small (and large) businesses greater ability to adapt to what many people say is a volatile financial environment.…

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How Business Loans Can Help Small Business

Loans are an integral part of all businesses big or small. In times of financial needs these loans can help the businesses to keep their doors open. A business can require financial assistance for various different reasons and at different phases of its life cycle.

How Business Loans Can Help Small Business

You might need a loan for starting up your dream project or to expand and modernize or to recover from a financial wreck caused due to unforeseen situations, the reasons are plenty. However, understanding the need for a loan and how the money would add to the prospects of your business is of utmost importance.

There are plenty of sources of finance available to meet your needs.

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Cloud Questions That Your CEO Will Ask

One of the first things a young lawyer learns is “Never ask a question in the courtroom that you don’t already know the answer.”

Now put yourself in the conference room with your CEO. Topic of discussion: The Cloud. You’re boss will be taking the opposite approach of a lawyer; they’ll be asking you a lot of questions that they don’t know the answer to.

questions about cloud computing

Will you be prepared to answer all of your boss’s questions about how cloud services can help his company? It won’t take much to get up to speed especially if you use the following questions and answers as your guide:

1.…

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How To Reduce The Costs Of Technology In Your Business

Every company is concerned about the bottom line. Without that attention to detail they’ll constantly be throwing good money after bad. The quickest way to score points with upper management is to show initiative through developing cost cutting measures.

how to cut technology costs

One area where you might have an advantage is by taking a comprehensive review of the costs of your business’ use of technology. Here are some helpful factors to consider when approaching the issue of cost cutting technology.

1.   Find the Cost

There are many layers to a company’s technology infrastructure. In order to target costs you have to become familiar with those layers.…

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8 Do’s and Don’ts When Confronting a Customer about Delinquent Accounts

If you’re a small business owner who operates on credit, than you know all too well what it feels like when a payment date passes and you still haven’t received your check. To get paid, you have to confront the customer.

Confronting a Customer about Delinquent Accounts

However, this communication is crucial, so make sure when an account is first past due, you follow these 8 do’s and don’ts to reach out to the customer successfully.

“¢   Do send a letter first – When the payment date first passes, immediately respond with a reminder letter.

“¢   Don’t send a generic letter – Don’t send the same letter to all customers.…

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Five Ways New Business Owners Can Save Money

5 tips for cutting business expenses

Starting a new business is a gamble, especially in the current economic climate. You might have a winning concept, excellent leads and the drive to succeed, but how do you keep your business afloat until the money rolls in?

1. Review Your Bills. There’s no need for both landlines and mobile phones – cut out the landlines and call clients from your office for free with Google Talk. Your insurance plan is another area in which you could cut costs, at least temporarily. Go with a plan that offers a higher deductible to cut monthly premiums.

2. Shop Smart. Planning ahead when it comes to shopping is critical.…

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Tax Deductible Business Expenses That Many Small Businesses Miss

Tax Deductible Business Expenses

Far too many small businesses, particularly start-ups and sole traders, are paying tax on things they do not need to. Largely this comes from not understanding which business expenses are tax deductible. These business expenses are there for small businesses to exploit – so is there something your small business is missing?

Employee Costs

Many costs to you or your employees incurred by your business are tax deductible. Expenses include cell phone bills for business calls, union dues, relevant magazine or periodical subscriptions, staff uniforms or business attire and memberships to relevant societies amongst others. Even if you are not currently using any of these services it may be worth looking into them knowing you can use them a little bit cheaper.…

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5 Ways Entrepreneurs and Small Business Owners Are Bootstrapping Their Companies

5 Ways Entrepreneurs and Small Business Owners Are BootstrappingStarting a small business is hard. And in today’s economy, getting the most for your money often equates to the creative distribution of your financial resources.

That’s why so many entrepreneurs and small businesses are inventing ways to bootstrap their operations.   Luckily, there are a number of affordable tools and strategies that cost little but deliver big, which is ideal when your business is on a budget.

As a provider of business services and entrepreneur myself, here are five resources I’ve found that are currently working well for small businesses.

  • Inventive marketing – Generate interest in your business through creativity. For example, try promoting a contest like The Royal Society of Chemists.
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3 Critical Financial Steps to Starting a Local Business

3 steps to starting a successful local businessStarting a business is an exhilarating time. It can also be a very stressful and busy time. As a local business owner, you often end up wearing all of the hats (CEO, Accounting, HR, Marketing, etc.) in the beginning due to lack of funding early on.

In all honestly, this isn’t such a bad thing because it’s nice to know how things work and how all the pieces fit together if you’re the one running the business. At the same time, the goal is to be able to hire experts to handle other departments at some point in the future so you can focus on building and growing the business.…

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