Do you spend sleepless nights worrying about your business debt? If you do, then you’re not alone. Recently, Gallup, a research-based global performance management consulting company, conducted a survey and found that 49% of small business owners find it extremely difficult to manage their current debt. The fact is, handling debt can be one of the most difficult challenges a small business owner can face.
When things get really tough and there’s no way out, historically, many ailing businesses declared bankruptcy. But, new laws have made it more difficult to simply declare bankruptcy to get out from under piles of debt. Furthermore, bankruptcy is no easy way out, as it comes at a high price. Typically, a bankruptcy filing costs thousands of dollars in court and attorney fees. Even worse, your credit scores, not to mention your business reputation, will take a severe hit, making it nearly impossible to regain business stability.
Fortunately, there are ways to avert this type of financial disaster. Here are a few helpful tips to control your debt before it controls you.
When Roger had his living room remodeled, he handed the key to his house to the crew after locking all other rooms because he didn’t want them snooping around.
Now, think why you should grant all your staff access to your accounting software in its entirety, when you only want them to handle a part of it.
It’s not possible for a single person to perform all the functions concerned with business like setting budgets, accounting, well, at least not efficiently. It’s key that these functions are delegated to bookkeepers, accountants, sales staff, and contract workers and performed independently by all members of the staff.
The problem with giving them all unrestricted access is that there is every chance that your financial data is under risk. And there lies an impasse! Limiting access too much could make it hard for your staff to do their tasks efficiently.
When it comes to the annual gift splurge, Valentine’s Day is just shy of Christmas. And technically it’s not even a ! According to the National Retail Federation, this Valentine’s Day will bring in an estimated revenue of $19 billion for businesses. With wallets wide open this season, it’s time to saddle up and make the most of this romantic season.
these tips a shot and let the V-Day buzz do the rest to up your game this festive season.
Discounts are dandy but you can’t bank on them
If you are are going to compete with Walmart and Target, and offering discounts on a box of candies is your only strategy, you are destined to fail! Find ways to lead your promotion with that flagship product/service of yours. Read more
When we say Zoho Books is truly built for UK businesses, we aren’t kiddin’, mate!
We’re not talking mere language here. We know you favour your ’S’ over your ‘Z’, and you’ll rather organise than be organized. We’re talking about full-blown accounting software that truly understands the accounting needs of small businesses in the United Kingdom and helps business owners file their VAT returns with ease. Our UK customers can now sign up and experience the many benefits and customisations of Zoho Books UK Edition.
While the rules of credit and debit are the same worldwide, it’s the tax laws, regulatory requirements and government policies that vary across countries. The UK edition of Zoho Books is a time-saver for business owners who previously had to rely on tedious and error-prone manual work to access and report VAT and reclaim it from HMRC. Read more
Sifting through hundreds of emails in your inbox to find due bills is downright painful. More tedious is to have to manually type all that bill information back into your accounting system. Automating accounts payable processes has been the prerogative of larger businesses. Not any more. If you’re a small business dealing with more than 50 bills a month, it’s time you consider an effortless way to streamline your AP tasks.
Entryless, a leading accounts payable service, is now integrated with Zoho Books. Your suppliers can now email bills in any format—PDF, PNG, JPEG or even paper—to a personalized email address, hosted by Entryless. They will get automatically processed, categorized, and synced into your Zoho Books account, upon your approvals.
So how does this integration benefit your business? Read more
Ever since Square replaced the clunky traditional POS with its simple and sophisticated app,small businesses have been able to sell and monitor their sales, from anywhere. Square offers small businesses a flexible and straightforward medium to accept credit card payments sans the complexity of hidden fees and surprise costs.
Today, we’re happy to announce that Zoho Books now seamlessly integrates with Square. All sales in your Square Register will be automatically captured and consolidated in Zoho Books on a daily basis. With the advanced banking feature in Zoho Books, users can reconcile these transactions instantly to save even more time.
Take a look at everything the integration has to offer. Read more
Why is calculating the right sales tax crucial? First, you may be subject to penalties for collecting and reporting incorrect sales tax. Secondly, inaccurate financials makes your business susceptible to audit. You learn a few tax rates and believe you are doing the calculation properly. Just when you think you’ve got the hang of it, state and local government agencies change rates, AGAIN! Talk about frustration.
There are more than 10,000 taxing jurisdictions in the U.S. It is literally impossible to remember all the respective tax rates, not to mention keeping up with the constant rate changes. Shouldn’t there be a simple way to precisely determine the tax rate for any region in seconds? Well, Avalara AvaTax is a tool that does just that. Read more