Starting a New Business – Here Are Some Tips !

  10 Tips on Starting a New Business   Starting a new business can be overwhelming. You have to consider what products or services to provide, which type of customer you want to work with, and how to earn enough money. These 10 tips help the small-to mid-sized business owners make the right choice. #1: Create your list of services. Don’t try to do everything. If you’re doing consulting, be specific about the type of consulting you want to do. #2: Find your jam. In other words, what niche do you want to work in, and how will it differentiate you? Your jam can be anything from your ideal industry, to the services you provide, to the software or apps you use. #3: Determine your business structure. Depending on what type of business you have, you may need to set up a sole proprietorship, partnership or company. Check with your accountant, or lawyer, to determine the best structure for the type of business you run. #4: Design processes.  Think about what processes would help you – lead tracking (essential), onboarding new clients, finances and weekly/monthly/quarterly processes. #5: Establish revenue streams. Plan for your revenue stream. To develop these, look at your core services and determine what other things you may provide. #6: Get out there. “Remember Field of Dreams,” where Kevin Costner kept hearing a voice saying, “If you build it, they will come?” That’s the mistake many small business owners make. They decide to open up shop, so they set up a website and expect to immediately have clients. To get clients, you have to work hard. Social media, in-person networking,...

Separating Personal from Business Finance

  As a small business owner it can be easy to intertwine business and personal finances, but keeping the two apart is vital. To build long-term financial growth and keep track of ongoing expenses and taxes, making sure your business and personal capital are separate is essential. While as a growing small business it is tempting to save on as many costs as possible by claiming tax deductions, failing to see the difference between personal and business expenses could see you facing an audit or other legal consequences. Here’s how to keep your personal cash away from your business finances. Use Separate Accounts It seems like a no-brainer, but having two different accounts for your personal and business finances is fundamental. Even for those in the early stages of their business who see it as a one-man-shop, it’s all the more important to track business and personal incomings and outgoings separately, or risk facing a headache at tax time. Also, if you use accounting software , make sure you also have two separate systems for your personal and business financial activity. Keeping clear records all year long will provide you with proof of your business expenses in case the Australian Tax Office (ATO) queries any claims or you are audited. Have a Business Credit Card When it comes to buying stationery for the office or paying for transport to meetings, having a work credit card at the ready will help you separate your business financial activity from your personal purchases. No matter how big or small the expense, it’s important to keep your business finances on the company card...

Xero Announces New Features 2017 (Expenses & Projects)

Xero launches new expenses and projects The cloud accounting provider makes its “biggest ever” announcement of new apps and features.     Xero expenses The idea behind Xero expenses is that a user captures a receipt, and “we’ll take care of the less,” Xero expenses lead Samyak Shah told Xerocon 2017 attendees. Xero has developed a separate mobile app for expenses, as most employees don’t need access to other accounting-related functions. This app, for iOS and Android, lets a user photograph a receipt and submit it as an expenses claim. Behind the scenes, Xero extracts the relevant data and creates a corresponding transaction. Alternatively, the transaction can be entered in the traditional way via the main Xero web application, in which case the item can be entered on behalf of another person. Either way, claims can be approved by an authorised person via the app or the web, and then approved claims can be paid as a batch or individually. Other features of Xero expenses include reports such as a bar graph of a person’s expenses by category. Xero expenses is now live for selected users ahead of a general rollout. Plans for further development include the addition of mileage claims. Xero projects Xero projects is designed to make it easy to capture, track and report on the time and money spent on each job. Features will be added to support different market segments,  to include architects, engineers, and larger accounting and legal firms. Small business in Australia is fragmented and diverse, said Xero Australia managing director Trent Innes, so there will still be opportunities for boutique project management products...