Article Overview: How regular are you with your bookkeeping? Does it get out of control?
Free Download - How Often Are You Backing Up? By Kathie Thomas
Keep Your Bookkeeping Up To Date!
I try to make it a rule to do my bookkeeping on a weekly basis. By that I mean statement reconciliations, filing of papers, etc - I do thedata entrydaily as I complete jobs for clients.
However, sometimes I get behind with the busy-ness of life, and wouldn’t you know it, there are sometimes debits on my statement and I don’t recall the business name or what it was for. I used to have to write ‘miscellaneous’ for the time being until I could remember what it was the amount was or what happened on that day.
I say ‘used to’ because I hit upon a brainwave and perhaps some of you have come across this too? Googling the name that’s showing on my statement! And it’s amazing because often the name showing on my statement is a different name to the actual shop I went into or the service I purchased from online. But often there’s enough info in the Google search to trigger a memory of what it was I bought. Just thought this little hint might help some of you too!
Kathie M. Thomas is an Author, Blogger, Speaker and Virtual Assistant Coach & Trainer. She began her business ‘A Clayton’s Secretary’ in 1994 to be home fulltime for her 5 daughters. Today she runs a global business via the internet and is an avid blogger. She also contributes to printed and online publications and has published several books. Her passion is about helping women return home to work, using skills they developed in the workforce, so they can be home fulltime for their families. Her latest book “Worth More Than Rubies: The Value of a Work At Home Mom” was recently made available at Amazon.com.
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I believe that you are moving in the right direction.
Andreas
Wearing different hats in Business
- I have a business that produces beautiful custom rugs for home and business environments.
Different hats that I'm wearing...
Rug Fabrication - 10 [i:21cr28m8](partially outsourced to an outfit here in the US)[/i:21cr28m8]
Customer Service / Sales - 8-10
Bookkeeping - 1
Marketing - 6
Website development - 5 [i:21cr28m8](mainly outsourced)[/i:21cr28m8]
SEO, SEM - 6-8
Accounting - [i:21cr28m8](outsourced)[/i:21cr28m8]
Different Hats
- CEO Sales & Marketing & Leadership Development Company
Strategic Vision 10
Alliances & Growth Strategies 10
Hiring & Managing People 8
Mentoring 8-9
Strategic Planning for Clients 10
Execution of Marketing Campaigns 9-10 (i have great people who do the nitty gritty)
Financial Management 9
Bookkeeping 3 (outsourced as I really hate the fine details like GST0
Administrative Follow Up 6-7 (again have great staff)
Writing & Publishing 9 (getting better all the time!)
Speaking 10 (so I have been told)
Self Promotion 9-10
Web development & Promotion 6-7 (learning more and have brought on players who are 10+)
Babysitting Employees (1 - wont do it, that's why I work so hard to hire and motivate the people I have)
Great topic Kevin!!
Jude
Getting Started In Your New Internet Business
- I always think it’s fun and exciting to start a new Internet business. I know for me that I would do something that I’m interested and passionate about. Otherwise the new venture doesn’t last for long. As it’s just as important to have passion, motivation and interest, there are a few areas that help me succeed in business.
Promoting Your Internet Business
I would call this the “show me the money” part of the business. Without money or income, there is no business. Therefore it’s important to promote your business and turn your promotional activities into sales. At every opportunity, try to promote your business through passive means: e.g. through your stationary, letterheads, emails, brochures and any other promotional material you may use. Even if it’s just an article you write for a directory, remember to put your website address at the bottom of it. In the past, I made stickers of my logo that I could easily stick on my products. Also I made sure that every email I sent out to a customer had a company logo in it. This all helps with creating the brand for the business.
It’s crucial to develop a marketing plan that will not only sell your products, but also your brand. Here are some other articles I recommend to read to help you promote your Internet business:
* Spreading The Word: Turbocharge Your Traffic
* Converting Traffic Into Sales Part 1: Generating Leads
* Converting Traffic Into Sales Part 2: Profiting From The Back-End
* 12 Sales Effective Marketing Tips
Operating Your Business
This is the “lifeblood” of the business and I’m amazed at the amount of businesses that still operate without having good systems in place. An electrician I use from time to time asked me how I maintain my book work and said he doesn’t know how to do it. I was shocked because I’d known him to be trading for over 2 years and he probably doesn’t know how much money is being made in his business or let alone lost. What I am saying is to not be like my Electrician friend and make sure you buy an accounting software to track all your accounts and paperwork. I would suggest hiring a book keeper because it will save you the hassle and time of doing it all yourself. Some good software packages out there that are under $500 like MYOB Accounting and QuickBooks will be more than sufficient when you start out.
Another area that most people forget or get caught out on are getting the appropriate insurances for your business. The most common are public liability insurance, fire, burglary, vehicle and workers compensation insurance. All these can be easily found via a quick search on Google. I would recommend ensuring both public liability and fire insurances are in place before even running your business.
Keeping Pace And Staying Up To Date
This may sound all too overwhelming when you have to promote, operate your business and keep up to date with your industry. Believe me it’s not as hard as it sounds. Take the first step and join a trade association or your local Chamber of Commerce. You will find it both informative and beneficial to your business. To know what is happening in your area and within your industry can help you make better decisions for promoting your product or service. Whether it may be time to change a product line or add more services to your business, you will be keeping up with the industry and making sure you are not missing out on opportunities. Also it’s a great way to network and promote within your trade associations and Chamber of Commerce. Simply write an article to contribute and it can be used as great public relations (P.R) for your business.
Also I emphasise to have a well prepared business plan created before starting your business, because this will be your starting point. A business plan is useful for so many areas for your business from sourcing finance to implementing a growth strategy for the next 5 years. Once it’s written down, it will become a living breathing document that you can update and review over time. I’ve just finished preparing my business plan for this business which took nearly 3 weeks to complete but I can tell you that it is well worth the time and effort to do. Learn how to put your own business plan together and I can guarantee you that you’ll get finance and negotiate business deals much easier.
The Future Of Your Internet Business
Starting your Internet Business is rewarding and if you look into those areas I have mentioned, then you will have a good foundation to running a successful Internet Business. Take action today and know that you deserve to live your dream.
Tyrone Shum
Internet Business Coach
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