When you are running a business every penny counts, and every minute counts. You’ve taken the time to follow your passion and hone your skills to provide your customers with the best products and/or services you possibly can. A lot of energy also goes into building strong relationships with customers and clients. In order for your business to succeed, you need to be paid for what you do, and working with a bookkeeping service in Atlanta can help.
Collecting money from customers isn’t always pleasant, nor is balancing the books over all. A few small business owners may know how to handle book keeping duties, but most have other things they would rather be doing. But one way or another, the money must be taken care of. Fortunately, there are resources available, and practices you can apply that can make this go much easier.
Develop a Consistent Billing Strategy
Not every business works well with an absolute point of sale, cash-only model. But the goal should be to have each item or service paid for as soon as possible after it is delivered. While this right may be central to the business model, some feel uneasy when it comes to putting their proverbial foot down and demanding payment. When the product or service is delivered before payment, clear expectations need to be set, along with clear consequences when those expectations are not met. Make it clear that payment is due on receipt, and have a process in place to send slightly stronger reminders every ten days if payment has still not received. By keeping the same strategy across your business, your customers will learn to do business within your parameters, and will recognize that even though your business is small you’re just as serious as any of the larger businesses out there.
Tighten Up Operating Costs
Book keeping and paperwork are a part of every business, and many of the practices that are convenient and cost efficient for employees are also ways that the business can maintain its financial strength. Practices such as insisting on direct deposit, and paying twice a month rather than every two weeks can cut down on administrative costs.
Put Your Cash to Work
Whatever money you are planning to use for future, rather than immediate business ventures can be kept in interest bearing accounts or even CDs. Not only does this give you the opportunity to earn some interest company, but it helps you cultivate your relationship with financial institutions where you might need to reach out to in order to get a loan.
It can be hard to juggle which money you need for you business now for both basic operations and paying employees. Staying firm about credit accounts for your customers, and making the most out of all your revenue to move forward. If you spend too much time dotting i’s and crossing t’s, your overall business plan can potentially suffer.
Getting help from a book keeping service like Sound Business Services can make a big difference. We can work with Bill.com to enforce a consistent billing strategy, help organize your payroll system, help with tax preparations, and get you ready to head to the bank for future expansion loans as they are needed.
For information on how Sound Business Services can help you keep your business;s finances is check, contact us for a quote.