Four Tips Small Businesses Should Consider Before They Outsource Accounting Services

There are several important guidelines that you should take notice of when you intend to outsource accounting services. It is no waste of time to plan carefully before engaging in anything you need to do. Proper planning in this particular case is very worthwhile since it can reduce errors by a great margin. Small businesses especially should definitely implement the following guidelines since failure to do so may lead your business into financial trouble; something that you do not want to happen to you.

1. Does the company really exist on paper or it is conning you?

First and foremost, when it comes to identifying the best outsourcing services, it is very important for you to find out whether the outsourcing company is legally registered. Now that the world is turning digital a lot of people are taking advantage of the change to dupe others and extract money from them.

It is the role of the authorities to look into this, but, at the same time, as a businessperson, it is wise to ensure that your business is safe. In order to accomplish this you should carry out comprehensive research on the legality of the outsource accounting services provider that you may want to work with. This way you will avoid losing your money to conmen. This is not just talk; these cases are on the rise, believe it or not.

In your efforts to establish the right outsource accounting services always check if there are any laws or rules that have been put in place to guide you. If laws and rules exist,then abide by them in order that you get the best result possible.

2. Will outsourcing your accounting services actually benefit you?

The next thing you need to consider is the value that the outsource accounting services actually brings to your business. Does it benefit your business, and if it does then to what extent? If your business stands to gain at the end of the day then the deal is worthwhile and it is right to go ahead. If what your business stands to gain is fairly minimal then it is just common sense to simply walk away.

3. Are they trustworthy?

You business should target building long term partnerships with those providers who administer your business with outsource accounting services. This is because long-term partnerships lead to the development of greater trust and confidence between you and the outsourcing services provider.

4. How easy is it to outsource? Is it productive or not?

The moment you realize that the outsource accounting services are productive then you are safe. At the same time,if you perceive that the service is not flexible enough and is less productive for you then you need to abandon any idea of using it.

In conclusion, if you want your business to be successful outsource accounting services can be of great use to you. However, to find the best one for you, always research prospective services thoroughly to ensure success.

Marketing Tip – Small Business Owners Need to Keep in Touch to Get More Referrals

The phone rings.  You answer it.  The person on the other line says, “Bob Smith suggested I call you.  He said you can help me.”  Ahhhh!  It’s a beautiful day!!!

How often does that happen to you?  Probably not often enough.  But with a little marketing planning, you can dramatically increase your referral business.  The result is bigger sales for your small business. The most important thing is to keep in touch with people on a regular, consistent basis.

Sounds simple, doesn’t it?  Most small business owners know they need to do these things.  But few have any type of marketing system for keeping in touch with the right people.  Even fewer small business owners know the right way to ask for referrals.

Who should be on your contact list?  

EVERYONE!  Past clients, prospects, business associates, friends, neighbors, even people who at one point thought they might use your services, then changed their mind.

The biggest mistake we make is to think, “Oh, those people know what my small business is. I don’t need to market to them.” 

Yes, your neighbor, your banker, and the people in your Rotary group probably do know about your business.  But when they think of you, they think of you walking the dog, making a deposit, or organizing a meeting. 
 
Because they don’t see you in your professional capacity, they don’t think of you that way–unless you use a smart marketing strategy to remind them.  And, as much as we’d like to think we are unforgettable to our past clients, they start to forget about us in as little as six weeks!

Obviously, when making a marketing plan to keep in touch with your contacts, time and budget need to be considered.  You will want to see some people once a week.  Others will simply get a monthly e-mail newsletter.  No matter what, talking about your business, mailing personal notes and cards, and sending regular e-mail newsletters to all of your contacts is vital to building business. 

 
By marketing to your contacts on a regular, consistent basis, you will ensure these people think of you whenever they hear of someone else who might need your product or service. The result? More referrals, more business and more sales!

Bank on It – Why Having a Business Bank Account is Essential

There are many reasons why a new business owner may forgo opening a business bank account and struggle on using their own personal account for their business transactions. Sometimes they simply run out of time, having focused on everything else and forgotten to open a business bank account, they suddenly realise that it cannot be done instantly and so opt to carry on using their personal account. Other times it is through lack of conviction, fear of business failure leads them to bulk at putting the business finances into black and white. Most often, though, it is in the mistaken belief that it will save them a little money if they do not have to fork out for business banking fees.

Not paying to have a separate business account can often prove something of a false economy, as, for the small amount that most business accounts might cost, a business can gain so much more than just a bank account.

The way that customers and other businesses with which you do business view you is very valuable; image is everything in business and having your business transactions move through a personal rather than a business account smacks of small time; your business is far less likely to be taken seriously and plenty of customers will be put-off by the impression of paucity it creates.

Trying to do business accounts when using the same account for personal and business finances has the potential for absolute disaster; even allowing for not making any important fiscal errors, the sheer time consuming nature of fussing around separating everything out will be very trying for most new business owners.

Make no mistake, HMRC will be watching you; there will of course be times when you will have to have contact with them, provide them with information etc. and other times when they will just be watching. Mixing personal and business bank accounts may cause them to look a little harder at you and your business, as it makes financial transparency more difficult to demonstrate at a glance. If the Tax Man wants to see that you are declaring everything you should, having to fight through hundreds of domestic transactions to locate those of the business will not endear you to them.

Business accounts can provide your business with more than just banking facilities; many banks will throw-in added extras, such as accounting software, deals on insurance and even offer the actual banking services free for the first year or more of business. They are also a great source of financial advice for the new business owner.

So, rather than viewing a business bank account as an extra overhead on your new business, perhaps you could look at it in terms of what it can provide in benefits for your venture. If a business bank account can help your business profile or simplify its record keeping maybe it is worth the effort of setting it up, if it can also help the authorities to look favourably on you and throw-in a bit of guidance and some cheap insurance to boot, well then maybe it becomes an essential to add to your list.

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