Business Management

Game of Phone: 5 Great Apps for Entrepreneurs

BY ON January 23, 2018

We check our phones about 85 times a day. Chances are, you’re reading this on one right now – or it won’t be long till you check it again. A staggering 70% of internet traffic now comes from mobile devices.

 

This ‘smartphone addiction’ gets bad press these days. For any small business owners, rather than a distraction, the smartphone is now their secret weapon. It’s the operating system for your life – your connection to the world, from keeping in touch with colleagues and loved ones to answering any question instantly (thanks, Google), to managing projects, teams, tasks and expenses from a...

Improve your Odds of Getting a Loan with a Bulletproof P&L Statement

BY ON October 31, 2017

One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your company and what they can expect from you.

When applying for a small business loan, however, your P&L statement will contain important information like forwarding projections. As investors see all small businesses as a higher risk investment, it is up to you to convince them that your business has what it takes to make it. Proving your business’ viability is the only route to go.

Besides exceptional credit, your business plan, and a personal resume that speaks volumes about you, your P&L statement is one of the most important requirements for business loans. This begs the question; how can ...

How to Get Paid Faster

BY ON August 22, 2017

Research suggests more than one-fourth of start-ups fail due to a cash crisis. While profits look appealing on an income statement, cash pays the bills. If you’re struggling to convert your sales into cash fast enough, consider the following ways to get your business paid faster.

Invoice Immediately Using Email

Your clients aren’t obligated to pay you for completed services until you send a bill. To get paid faster, invoice customers immediately after finishing a sales transaction. To be even more efficient, email your invoices immediately after creating them through Xero. Posting your invoices only delays payment — firstly there’s the time they take to reach your customers, second, there’s a high chance your customers will put your invoices in a drawer and forget about them.

Use Clear and Kind Language

In your payment advice, encourage your customers to pay you using a payment ...

4 Big Benefits of Moving Your Business Accounting to the Cloud

BY ON August 1, 2017

As a small business owner, one important way to boost your bottom line and pave the way for future growth is by embracing cloud-based applications. Not only are cloud applications for functions such as accounting scalable and affordable, they are often more reliable and more secure than if you tried to install and maintain software on your company’s own computers and servers. Here are four big benefits of moving your business accounting to the cloud:

#1: You’ll boost your bottom line

First and foremost, cloud applications are scalable, meaning that you only pay for the resources that you need. If you’re a small business with only a handful of employees, why would you pay the same amount as a large enterprise with significant resource needs?

Moreover, think about the difference in how you pay for software: there’s typically a big upfront installation cost, and then a lot of updates and hidde...