Thursday, December 23, 2010

Before Appointing a Business Advisor

To choose a perfect business advisor is always a most important and serious decision for the business. As there will be lot of legal and confidential matters will be handled by him/her efficiency, honesty and knowledge is the main things to consider while hiring a business adviser.

There are various kinds of business advisors like financial, legal, insurance etc. These people have specialized to solve the problems related to their fields. Almost all business owners sometime face a kind of problem in any issue like financial, legal etc at that time he/she needs an advisor to solve out the problem.

With respect to business as a business owner you have already taken a risk by starting your own business. The business always can’t profit if you don’t have a specific plan or business strategy. Sometime when business start to loss business owners may not be able to find out the exact reason for the loss. A professional business advisor can be a benefit not only finding out but also solving the problem by his/her expertise. The business advisor can guide you how to reach to your business goal.

A business advisor is like a doctor for any company. He/she has the expertise in finding out the disease from the business system and provides remedies and precautions to cure the business from the disease. To choose a perfect business advisor is always a most important and serious decision for the business. There some key points that a business owner should keep in mind when he/she like to appoint a business advisor for the company.

First you should do is to ask to your friends, co-workers, your CPA, your attorney, your banker, and your insurance agent etc who have already appointed or know a business advisor After collecting recommendations from the business network you need to investigate about the advisor more as much as you can. It will help you to analyze the efficiency and credibility of the business advisor. It is important that you select a business advisor who is competent, experienced and has both integrity and expertise-an individual that you can trust in this newly formed fiduciary relationship.

Find out the services offered by the business advisor because services likely to change from advisor-to-advisor. You should keep in mind your business goal and evaluate the best services for your business. You should also compare services provided by them as compare to their charges. It should not be out of your budget.

You should find out his/her interest in your business. If he/she is not giving enough importance to your business as needed, than you need to change the advisor as early as possible.

Before appointing a advisor you should also be able trust him. As some of your very confidential documents will be handled by his/her, you should discuss the bonds of confidentiality with him. To sign a confidentiality agreement is recommended.

You should ask about the strategy that he/she going to advice you for your business. You should ask them about the analysis done by them for the strategy. Asking questions about the strategy can help you to find out his/her potential or sometime it can also save you lot money that may wasted by that strategy.

Monday, December 13, 2010

How QuickBooks can be beneficial for a Business?

What Is QuickBooks?

QuickBooks is a software program that allows you to better run your business. You can easily track your customers, vendors and employees. By making the proper collection of this information you can accurately total your taxes at the end of the year and you will know how profitable your business was.

QuickBooks is an effective productivity tool designed to help to manage financial information more easily & more accurately. This software helps in accounting, bookkeeping and managing income and expenses. QuickBooks can be accessed directly from desktop or online, depending on the type of account that you want.

In brief we can say that QuickBooks is a complete accounting software package that is easy enough for a business owner with no accounting experience to use and thorough enough to help the business owner complete difficult and lengthy record keeping, tax filings and budget forecasting.

QuickBooks eliminates the need for a full-time bookkeeper and enables the business owner to complete some accounting tasks. By using QuickBooks business owner can save a lot of money in many areas.

Benefits of Using QuickBooks:

Keep the record of Transactions:

QuickBooks make the record of your each transaction into a single larger collection of transactions, so you can easily access or assess your all transaction from a single resource. You don’t need to find out from different resources. Your all transactions are well managed in QuickBooks so you not need to ask anyone about the records you can easily inspect all you transaction ever of the whole at a single click. You will be able to print checks, email invoices, and complete payroll in less time than attempting to do it all manually.

Payroll & Tax Management:

Payroll is a service that includes the calculating, filing and paying of each payroll tax form. Using QuickBooks-assisted payroll means that the software will assist with the busywork of filing and paying taxes along with issuing W-2 and 1099 forms at the end of each year. You don’t need to work out for the rules it will automatically cut off taxes as per rules once it is entered into the software.

Online Business Facility:

QuickBooks helps small business owners to create and maintain online stores so that they can sell their merchandise online 24 hours a day and 7 days a week. All transactions are entered into your QuickBooks file automatically with invoices, receipts, and so on automatically entered into the company file.

Creation & Management of Reports:

QuickBooks software generates various reports in no time as per the requirement specifications entered by the business owner. It’s very accurate that when business owner wants to see transactions he/she can see that with full detail & with no extra time to spend in making reports of those transactions. Today most of the QuickBooks software also provide e-mail facilities, so that it can be easy to send mails at a time with no effort in making them.The formats for business mailing are also provided in some of the softwares.

Design & Assess Business Strategy:

With the QuickBooks business owner can assess the business precisely & make the strategies for the business. One can accurately assess from by which strategy he/she can be more profitable & can grow business more effectively.

More information for QuickBooks Accounting

Tuesday, August 31, 2010

Technology Changed the Way of Business

It is doubtless an understatement to propose that technology has changed the way that business is done in world today. Many changes in technology we have seen in last few decades & it is almost clearly accepted by all of us that there will be a number of advancement will take place in the technological era. Today world in going through an information era & we can clearly see that in each & every business weather they are small or big adopting new technologies for better communication & better management.

In recent growing global economy, e-commerce and e-business have become a must to have component for the better business strategy and an effective catalyst for economic development. The combination of information and communications technology (ICT) in business has provided a significant boost in the relationships between different business organization & individuals. Technology has provided better efficiency in production as well as in communication due to that the better customer service can be provided by business organization at almost minor cost in comparison with the profit that is earned by technological advancement.

Due to the rapid development in the Internet and other Web-based technologies during last few decades especially in last 5 years made small business to get rapid growth in the global market. Earlier it was almost impossible for small business to grow that much faster because the communication is not that easy for them but in today’s almost any business can be globally exposed due to internet & web based technologies. The matter only remains is to make strategic positioning, the ability of a company to capture the emerging opportunities and make the most of the necessary human capital skills. To earn profit from most of these opportunities via an e-business strategy is simple, efficient and more convincing within the context of a global information surroundings and new economic environment. With the adoption of e-business strategies & policies of company it actually make possible for the small and medium scale enterprises to compete with large and capital-rich businesses.

If we look the effect of e-business & technological advancement on the other side, developing countries are given better access to the global marketplace, where they contend with the developed economies. We can clearly analyze that almost all developing countries are participating in e-business, in either of the way as sellers or buyers. Though to make the rapid growth the information infrastructure in these countries which relatively underdeveloped in compare with developed countries must be enhanced.

It is acknowledged that in this Information Age, Internet commerce is the most influential tool for the rapid economic growth of developing countries. There are certain signs of ecommerce benefaction among big firms in these developing countries; it seems to be a very less use of the internet for commerce among SMEs.

E-commerce can make better business for small & medium scale industries and rapid economic development for the developing countries. However, all this can be possible if the developing countries have strong political will with good governance. The private sector can also provide an effective boost in this with understanding their responsibility.

More information for Business Strategy Planning and e-Business Solutions.

Thursday, July 29, 2010

Why businesses need strategic planning?


The fact is that most small businesses fail to grow because they lack a strategic plan to realize their vision. And if that were not distressing enough, another fact that plays a part in this failure is the lack of effective implementation once a plan is developed.

Without a proper business strategy planning your business has no direction. Strategy maps where you want to go to. You can do your business without strategy, but the results are not what you want.

Strategic planning involves creating a strategy that your business is going to follow over a defined time limit. This can be for a particular department of your business, such as planning a marketing strategy, or as an integral part of the company.

Strategic plan is necessary for a small business which must contain a step-by-step instruction on how to achieve the set goals and objectives. Strategic planning is the notion, as a general rule, a "solution" to many business problems.

Many mid and small size businesses mistakenly believes that strategic planning is only for large corporate houses that can have enough money, the time and personnel to develop a sound business plan. Within hours, you can create a good draft of working plan that help keep you on course to becoming a solid competitor.

Strategic planning is to determine how your company can provide a realistic possibility, taking into account the environment and resources. If your company is successful and grows, it is important to be served in sufficient time to determine what is best for the company in accordance with the requirements of the existing resources. Check out the basic concepts that will make your business strategically positioned to develop in the direction you want it to go.

Even if the individual strategic plans may differ in some details, here are 10 basic elements, which are included in the plan:

• Identify your mission, your vision and your values
• Carry out an analysis and resource assessment
• Set your goals and objectives
• Decide your strategies for achieving your objectives
• Perform your action planning
• Make your organization and staffing plan
• Increase an operating budget
• Create strategic tools to evaluate and quantify progress
• Identify the support needed to accomplish your mission
• Communicate your strategic plan to the entire organization

One of the keys to winning strategic planning is to engage everyone in the business, to some degree, in the planning process. Employees are very important to the effectiveness and success and only the business owner is not efficient to implement the strategic plan.

Friday, June 18, 2010

Why accounting service is cost effective solution

In order to be more efficient, many companies nowadays are looking for professional accounting service. And so there are more and more companies are offering accounting services. Many companies now prefer to employ them than to hire their own accounting staff. For many companies, this strategy has proven to be very cost effective and they have earned great benefits from this practice.

Some companies give other people or another company to do a part of their accounting or their entire accounting system. An online accounting service can be one of the following. It could be cash-flow management, payroll administration, accounting reconciliation or inventory reconciliation. Besides this, other services would be tax services, VAT services, budgeting, credit card reconciliation and bank reconciliation.

Accounting is something that nobody can overlook and hence one must make sure that they search out the best professionals to work for them. There are fairly a lot of companies that offer accounting along with other bookkeeping services to individuals and businesses who are searching out for these services. There are more and more businesses are undertaking this strategy for their business success. There are several benefits of consulting a professional accounting service company, and this is why increasingly large number of businesses undertaking this strategy.

Every individual or business requires keeping a track of all the financial transaction that they do on a daily basis. Accounting will assist a business organization to keep a proper record of all the financial aspects. Often time it happens that the person managing business accounting and other financial aspects does not tend to keep track of all financial records on a daily or weekly basis. As a result, a business owner cannot obtain an accurate picture of their business – how good or how bad business is performing. This is the most obvious scenario with small and mid-size businesses. It is very important that all things are well organized and documented.

As noted earlier, a strategy that is necessary to maintain your business accounts properly is different from business-to-business. Therefore, the professional who provides the accounting help to your business must ensure that he is fully aware of all the different aspects of your business. Accounting, when done correctly, can do wonders to your business.

Thursday, June 17, 2010

Accounting services benefits to your business

Accounting services is one of the most commonly outsourced services in market. The reason behind it is very clear. Regardless of the size or condition, all the financial organizations require some extra financial accounting done.

In order to run a successful business each business needs high quality accounting planning, proper operation and management. Many small business which cannot perform this responsibility often time push accounting under the table. But, this might invite heavy financial loss to business. If you make a simple minor mistake or fail to do proper accounting planning, you will be victim of huge financial loss. Although all accounting activities can be carried out manually, but it is so costly that small business cannot pay for it, mostly new businesses. Due to this reasons, many of businesses are started using online accounting services as an alternative of getting it done manually.

But, how to choose a right accounting services for your business? Let’s take a look at few of advice on how to hire a right accounting services for you business.

An accounting and business advisor or consultant, if properly chosen, has the good academic and professional background necessary to tackle all the hindrances in the accounting world. It is quite complicated in the world of accounting, although of the many common and simple tasks.

Most of the accountants and bookkeepers are well trained and experienced in such kind of work as they go hand-in-hand. Accountants who gave assistance to other businesses will have great insight on issues that a one accountant might not have.

A professional accounting service has a great potential to advice and counsel administrative and financial staff of business. Constant contact with accounting professionals will pass on your staff with know-how of accounting and at a later stage your staff will have better understanding of accounting, thus stop making little mistakes on everyday accounting task resulting in a huge saving of time and money.

Your business can make better decisions, if accounting reports are created by professional accounting service. Report created by accounting professionals would allow you to see information in very different ways like ratios, graphs, statistics etc.

Systems created by accounting advisors will carry order to your cost control. Your company would have a better outlook of indirect cost and miscellaneous expenses.