Choosing the right accounting software for your small business
Ontrack Bookkeeping
by Bizink
2M ago
Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems ..read more
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The importance of budgeting, forecasting, goals and understanding the numbers for your business
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
2M ago
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing ..read more
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Financial best practices for small business
Ontrack Bookkeeping
by Ontrack Bookkeeping Ltd
2M ago
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy ..read more
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The Power of Financial Models
Ontrack Bookkeeping
by Bizink
3M ago
Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data. Input variables such as projected sales, estimated expenses, and planned investments. This will allo ..read more
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Navigating financial metrics: Why the Current Ratio is key for your business
Ontrack Bookkeeping
by Bizink
3M ago
Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations with its short-term assets. Think of it as a snapshot of your financial flexibility. A healthy current ratio means you’re sitting pretty and can easily hand ..read more
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Are your customers really happy, or can you do better?
Ontrack Bookkeeping
by Bizink
3M ago
Most businesses understand that customer satisfaction is crucial to their success. Happy customers are more likely to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company’s reputation. In an increasingly competitive marketplace, having an effective customer service system is no longer enough: you need to be able to provide customers with a positive and memorable end-to-end experience at every touchpoint. Creating powerful experiences that exceed consume ..read more
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Record keeping for construction businesses
Ontrack Bookkeeping
by Bizink
3M ago
If you’re a contractor, it can be challenging to manage a hectic schedule and complex projects, all while ensuring your paperwork, documents, and contracts are in order. It’s important to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly. This is not only a mark of professionalism but can also help you if you have an insurance or legal claim to deal with. Contractor paperwork documentation and procedures If you haven’t already, you should develop documentation and ..read more
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Navigating cash flow challenges
Ontrack Bookkeeping
by Bizink
3M ago
In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues like business decisions and performance. However, with careful planning and smart accounting practices, you can cushion or even avoid ..read more
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Your email signature – beyond the sign-off
Ontrack Bookkeeping
by Bizink
3M ago
The power of a well-crafted email signature is often underestimated by professionals and businesses alike. Your email signature is essentially your calling card: it’s where you can share information about yourself and your company, like your website and social media profile links.  It can also include the company logo and highlight current promotions or links to products you want to boost sales of. Here are 4 tips for creating your email signature: Keep it concise and consistent: Your email signature should be clear, concise, and consistent with your brand. Include key information such a ..read more
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Cracking down on retail theft – tactics for shoplifting deterrence
Ontrack Bookkeeping
by Bizink
3M ago
As a small business owner, one of your biggest concerns may be the threat of retail theft. It’s understandable that the thought of someone stealing from you could be both frustrating and disheartening, especially when you’ve poured so much effort into building your business.  Shoplifting can have a significant impact on your bottom line, making it essential to take steps to deter potential thieves and protect your merchandise. In this post, we’ll discuss effective tactics for cracking down on retail theft and keeping your store safe, ensuring your hard work and dedication are safeguarded ..read more
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