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small business-payments

5 simple steps to prevent payment delays

5 simple steps to prevent payment delays

Running a small business comes with its fair share of challenges, and one of the most common is the dreaded payment delay. Late payments can have a cascading impact on a business’s cash flow, leading to further complications such as inability to cover operational costs, pay suppliers, or even meet payroll requirements.

The good news? With a bit of proactive planning and a few strategic adjustments, small businesses can significantly reduce, if not eliminate, payment delays. Here’s a step-by-step guide on how to do it:

QuickBooks® Point Of Sale Has Reached End-Of-Life

 

Here is what you need to know if your business uses QuickBooks POS

Intuit announced that QuickBooks Point of Sale Desktop 19.0 is being discontinued and has reached end-of-life. As of February 8, 2023, new customers of QuickBooks point of sale can no longer purchase licenses. Existing QuickBooks Point of Sale users do not need to panic just yet. They can continue to operate as usual, add-on point of sale software licenses, and receive technical support through October 3, 2023. But after that date, users will need to find a new solution for managing sales and inventory.

 

5 Important Things for QuickBooks POS Users to Know:

  • New customers will no longer be able to purchase QuickBooks Point of Sale Desktop 19.0 licenses. This means that if you’re thinking about using this software for your business, you’ll need to look for an alternative solution.
  • For existing QuickBooks customers, new licenses can be purchased until October 3, 2023.
  • Until October 3, 2023, your business can operate as usual.
  • After October 3, 2023, you will no longer be able to purchase licenses, technical support will no longer be available, and there will be no future versions of QuickBooks Point of Sale.
  • If you’re using Intuit Merchant Services with QuickBooks Point of Sale Desktop 19.0, this service will also be discontinued after October 3, 2023. This means that you’ll need to find a new payment processing solution for your business too.

Why Your Business Needs a Year-End Accounting Review: 4 Essential Reasons

 

For many businesses, the end of the fiscal year is a busy time. There’s the rush to finalize last-minute deals, evaluate overall performance, and set goals for the year ahead. In the midst of these tasks, one essential activity often goes overlooked: the year-end accounting review. This comprehensive financial check-up is essential for any business, no matter the size or industry. Here, we delve into four critical reasons why a year-end accounting review is non-negotiable for your business’s health and growth.

The Importance of Bookkeeping for a Home Service Franchise

 

A home service franchise, just like any other business, operates on money. Whether it’s for repair services, cleaning, landscaping, or any other home-related work, a strong financial structure ensures a thriving business. Among the core pillars of this financial framework is bookkeeping. It’s more than just recording transactions – it’s a critical tool for informed decision-making, sustainability, and growth. Here’s why bookkeeping is not just necessary but imperative for a home service franchise.

Mastering Your Financial Future: Unveiling the Power of Cash Flow Projections

 

While optimism is vital, understanding your business’s financial position tomorrow is equally crucial. Regularly tracking your cash flow and mastering the art of periodic cash flow projections can safeguard your business from future financial woes. If you’re unfamiliar with cash flow projections, this comprehensive guide will lead you through the essentials.

8 Time-Saving Small Business Accounting Hacks

 

Owning a small business entails a multitude of details to contemplate. Organizing the foundational aspects of your small business accounting early on—monitoring income, expenditures, and earnings—will spare you from drowning in administrative tasks and financial mishaps. This will enable you to dedicate your attention to the vital task of expanding your business.

Initially, handling your own financial records might be viable. However, as your business expands and tax deadlines loom, you could find yourself somewhat disoriented. The costs associated with inaccurate tax submissions or disorganized bookkeeping can be substantial, not to mention the significant time investment required to rectify errors.

Rather than waiting for complications to arise, it’s prudent to think about engaging a bookkeeper or streamlining your accounting processes using the various business accounting software tools at your disposal. Options such as QuickBooks, FreshBooks, Xero and Wave are available for this purpose.

Bookkeeping is an indispensable responsibility for any business. It aids in operational management, future planning, and the avoidance of audits by providing the necessary information to the Internal Revenue Service (IRS). To continue progressing towards your long-term objectives and enhancing profitability, adhere to these established tips for small business accounting.

Should You Open a Franchise in a Crowded Market?

 

Frequently, the initial response individuals have when contemplating entering the franchise arena within an already congested industry is a resounding “no.” The question arises: why venture into an arena where competition already rages?

While at first glance, it might appear obvious to shy away from establishing a business amidst a host of competitors, there are merits to adopting this perspective. Here are a few rationales for considering the initiation of a franchise within a saturated market.

5 Benefits of Bookkeeping for Painting Franchises

 

In the world of franchising, painting businesses have emerged as a lucrative venture. With their evergreen demand and potential for growth, these franchises offer entrepreneurs a chance to make a colorful mark in the market. Amidst this vibrant landscape, the importance of bookkeeping cannot be underestimated. Effective bookkeeping serves as the foundation upon which successful painting franchises are built. In this article, we will delve into five key benefits of efficient bookkeeping for painting franchises, highlighting how it can streamline operations, enhance decision-making, and contribute to sustainable growth.

5 Crucial Questions Every Franchisor Must Ask Their Franchisees

 

When it comes to running a successful franchise, effective communication and collaboration between franchisors and franchisees are paramount. Franchisees are the lifeblood of the franchise system, and their insights can be invaluable for refining strategies, improving operations, and fostering growth. To ensure a healthy and thriving franchise network, franchisors need to engage in meaningful dialogue with their franchisees. This article outlines five essential questions that every franchisor should ask their franchisees to foster a strong and prosperous partnership.

A beginner’s guide to accounting ledgers for 2023

 

Discover the Accounting Ledger: Your Business’s Financial Command Center

An accounting ledger, often referred to as a general ledger, serves as the primary repository for your business’s financial position. It acts as a comprehensive log of all financial activities and serves as the basis for generating various reports, such as balance sheets and income statements.

Exploring these ledgers will provide us with a deeper insight into their significance and the crucial role they play in maintaining well-organized accounting for your small business.

What are the 15 kinds of accountants & what do they do?

 

Accountants are sought-after regardless of whether the economy is flourishing or faltering. Both individuals and businesses frequently require financial management advice during periods of growth and downturns. While the common perception is that accountants mainly focus on preparing taxes during the intense months from January to April, the reality is that their services are needed year-round. Tax-related tasks are just a fraction of what they do. The realm of accounting is vast, with a diverse range of specializations almost as varied as the areas of expertise and interest within the field.

The Necessity of Bookkeeping for Electrician Businesses

 

The world of electricians is defined by its technical complexity, the intricate designs, and the meticulous handling of equipment. But beyond this technical expertise lies the heart of any electric business — its financial health. Just as circuits and wiring systems form the backbone of any electrical setup, bookkeeping serves as the fundamental spine supporting the success and growth of an electrician business.

 

Understanding the importance of maintaining a sound bookkeeping system is crucial for any industry. However, for electrician businesses, where tasks range from small household fixes to large-scale industrial installations, effective financial tracking becomes even more paramount.

 

In this article, we will delve into the four primary reasons why bookkeeping is indispensable for electrician businesses:

What is a payroll expense? A guide to payroll expenses

 

Payroll accounting begins by comprehending your expenditures, which encompass taxes and obligations as an employer. This comprehensive guide aims to unveil these aspects.

 

The cost of maintaining employees can be significant, wouldn’t you agree? Beyond just the payroll itself, there are additional expenses to consider.

 

We’re referring to federal and state taxes, insurance premiums, and other similar financial commitments. These are commonly referred to as payroll liabilities. Let’s delve into the details to grasp how these elements influence your financial statements.

Why should you move from Excel to accounting software?

 

Why Excel Falls Short as a Long-Term Solution

Excel is known for its versatility, ease of availability, and widespread use in the business sphere. It’s capable of performing an impressive array of tasks, and many consider the application itself to be robust. However, the spreadsheets created within Excel often lack the same sturdiness.

A startling study conducted by the University of Hawaii revealed that a staggering 88 percent of spreadsheets contain errors. This alarming statistic has caused businesses to reassess their reliance on Excel for long-term solutions. As a result, many are now turning to specialized accounting software, viewing it as a more reliable and robust alternative.

Excel’s limitations are becoming increasingly apparent, especially in an era where precision, efficiency, and integrity of data are paramount. While it may serve well for temporary tasks and basic computations, Excel’s susceptibility to errors makes it an unsuitable choice for long-term, mission-critical functions, especially in the ever-evolving and demanding world of business accounting.

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