Accounting systems: Tips to help make your small business a success
If you are an entrepreneur, you will know how challenging it can be to set up a successful business. But what many new business owners don’t realise is that getting a business up and running is only the beginning of the hard work! It is a well-known fact that many new businesses fail within their first year of trading, but if you are smart and make use of comprehensive accounting systems, your company stands a good chance of not only surviving, but being a success.
Read the following 5 tips to discover how some of the most auspicious entrepreneurs have kept their businesses going through the tough first few years.
1. Time management
Small business owners often can’t afford to employ many staff members and thus have to take on a copious amount of tasks themselves. If you find yourself drowning in the day-to-day administrative tasks relating to your company, consider using accounting systems to assist you with the financial aspects of your business.
Accounting systems can keep track of when suppliers need to be paid and when payments from your customers are due. Accounting software, such as QuickBooks’ SimpleStart, can help you to manage your sales, expenses and customers’ accounts.
2. Have passion for your business
Starting your own business is a lot of hard work. Entrepreneurs must be prepared to work long hours and tend to problems that can occur at any time of day. If you don’t have a passion for the work that you are doing, you will not be motivated to make your company profitable.
Ideally, you should start a company because you are passionate about the product or service that you will be providing, rather than because you want to make large amounts of money. Your business might take a while to start making a profit and passion will give you the patience to stick with it.
3. Prepare for the future
Many new business owners spend a lot of time finding enough capital to start their business, but it is important to plan for the foreseeable future as well. Small businesses often only start to make a profit a few months after they begin trading, once their brand becomes better known.
A significant customer base can take months to develop and until your company starts to make profits, you will need capital to pay for ongoing expenses such as rent and electricity.
A business’s need for start-up capital does not end when it opens for business, but rather when its income exceeds its expenditure. Accounting systems are useful to analyse your enterprise’s profit margin and will make it easier to know when capital will no longer be necessary.
4. Don’t misjudge your profits
One of the major pitfalls that a young company can fall prey to is premature growth. After a sudden surge of profit, many small business owners jump at the chance to expand their company. If this is done too soon, a business can find itself in the red when income drops back to its original level. An increase in profit should be monitored for a few months to ensure that it will continue to increase and was not merely a once off occurrence.
Accounting systems such as QuickBooks Pro can help you to make an informed decision as to whether it is the right time for your company to expand.
5. Hire and keep good staff
Surrounding yourself with enthusiastic and skilled employees is one of the smartest actions that you can take as an entrepreneur. Your company is more than likely something that you care about and don’t want to leave in the hands of untrustworthy staff.
Once you have hired the ideal complement of staff, it is vital that you keep them happy, or they will not remain loyal for long. One of the primary ways in which you can encourage your staff to stay is to pay them correctly and on time. QuickBooks payroll software provides business owners with an easy, convenient and reliable solution to paying their employees.
Make your new business a triumph with QuickBooks’ accounting systems
Starting your own business isn’t easy and it takes a lot of energy and patience to turn it into a success. Anything that can make the daily running of your company easier will give you time to focus on making a profit.
Contact QuickBooks now and give your small business an advantage with our comprehensive range of accounting systems.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Startup is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Startup interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
