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5 Easy Ways to Support Small Businesses

5 Easy Ways to Support Small Businesses

Small businesses play a vital role in the US economy. Moreover, it is no secret that the coronavirus pandemic has had a major impact on spending habits. In rural areas, for instance, small businesses serve a reduced population that would not be considered profitable for larger companies.

When you shop small, you don’t just get to enjoy quality products and services, you also help to support the passions of entrepreneurs living and working in your local area. Whether your favorite small business offers a unique inventory of locally sourced goods, or provides personalized services to a limited client base, championing the work they do is vital to their survival.

Independent businesses fuel growth, create jobs and contribute to the economy in increasingly impressive ways. So, let’s discover 5 simple steps you can take to help small businesses in your area.

Shop Local

If you do not already do so, now is a great time to check out some of the local businesses in your area. For example, instead of shopping at a large big-box chain, head to a small local store to stock up on your groceries.

If you are lucky, you might even be able to buy locally sourced fruit and vegetables that have been grown and harvested close to where you live. Buying your groceries locally minimizes the impact your food has on the environment as it eliminates highly polluting transportation processes.

During the holiday season gift shopping for friends and family can also be done locally so do be sure to pop into independent boutiques for some unique ideas. For instance, clothing, accessories, and ornaments can all be found in smaller stores. 

Small businesses have also adapted to social distancing requirements, mask mandates, customer limits, and other precautionary measures. Shopping locally is, therefore, a safe and comfortable option if you are not ready to face larger stores. Additionally, if you prefer to shop online, most small businesses now have an online presence so you can also show your support digitally. 

woman in bakery with mask on

Order Takeout

Ordering takeout food has a number of advantages. Not only is it incredibly convenient, but it also helps to keep your local eateries in business.It is well known that restaurants have been hit hard by the pandemic. However, by offering takeout menus and home delivery, takeaway businesses have been able to provide tasty meals for people to enjoy from the comfort of their own homes.

Ordering food has never been easier or safer thanks to the wide range of contactless dropoff and curbside pickup options. Plus, if dining in a restaurant still feels daunting, ordering takeout is a fantastic compromise for foodies looking to try something new. Some independent restaurants also source their ingredients locally, so purchasing a takeaway meal can even help to support local food suppliers.

BONUS TIP: Tip Generously If You Can

Small business workers have lost out significantly on tips from in-house customers. If you can afford to do so, tipping your delivery driver or server is a generous way to show your appreciation for local workers.

Buy Gift Cards

Purchasing a gift card is a fantastic way to show your appreciation for a small business. Local small businesses like fashion boutiques, independent restaurants, and pet supply shops all tend to offer gift cards that can be purchased and used both in-store and online.

Even if you do not use the gift card straight away, revenue from gift card sales is hugely beneficial to smaller stores. Giving a gift card to a friend or relative does not just give them a chance to purchase something that they really want either. For a small business owner, a gift card can be considered as a tool to encourage new customers to visit local stores that they might not have known about.

Interact With Their Social Media Posts

If you are wondering how to support a small business for free, you might want to consider interacting with their social media posts. Liking, commenting, and sharing all help social media posts reach as many people as possible and are all quick and easy ways to advocate for your favorite business.

Talking about new products and services on social media is a natural way to support local business, so engage with any posts you see on Facebook, Instagram, Twitter, Snapchat and LinkedIn to help boost their exposure. Even a simple story or picture of a recent purchase can lead to an extra sale or two.

Close up of man on phone with plaid shirt

BONUS TIP: Leave A Review

We all search for things online nowadays, and if a business only has a couple of low-scoring reviews, we are much less likely to purchase their products and services. Why not write a review about a positive experience you had when shopping with a small business in your area? Businesses of all sizes still rely on word-of-mouth marketing to attract new customers, and leaving positive reviews could have a huge impact on online sales

Start A New Hobby

With so many people spending more time at home than ever before, there has never been a better time to take on a new hobby. Small businesses in various sectors have all updated their products and services for people who want to experience new hobbies at home. Similarly, with the ongoing pandemic forcing everyone to think about their wellbeing, and with access to gyms limited, some fitness studios have launched online workout classes.

So, if you want to keep fit or get in shape, signing up for online classes with a local instructor is another great way to support the local economy.

Small Businesses – And The People Running Them – Need Your Support

Ultimately, being there for smaller businesses is all about thinking more carefully about where to spend your money. Above all, shopping small uplifts your community and contributes unparalleled value to the local economy.

How do you show solidarity to small businesses in your area during these challenging times?

Posted by David Presutti in Industries Talk, Think Business
Trading Volume: Why It Matters

Trading Volume: Why It Matters

Crypto is a booming industry. But how has it developed, and why do we care? One of the primary drivers of crypto’s popularity is the number of people buying and selling the new coins released every day. We discussed this in our article about the market cap rankings for the top 100 coins, but there’s more to it than just the number of coins traded.

It’s fair to say that the cryptocurrency market has been on a roller-coaster ride lately. In April 2017, Bitcoin prices hit an all-time high of $1,242, before plummeting to around $200 in October. Since then, Bitcoin had weathered many storms, including a turbulent November and December when prices spiked as high as $20,000, before fluctuating wildly in January and February.

Despite how popular crypto has become, there are still a lot of people who don’t know what they’re investing in. Many people see the price of a coin and think it’s all they need to know, but that’s far from the truth. As an investor, you need to know what a coin’s daily trading volume is and why it matters.

Cryptocurrencies don’t trade like stocks, at least not yet. They trade like the more familiar commodities, such as oil and gold, but with a few key differences. The first is that because cryptocurrencies are decentralized, no exchange handles all the trade. Instead, most cryptocurrencies are traded on a peer-to-peer basis on various exchanges, which specialize in a particular type of cryptocurrency.

Market capitalization measures a company’s stock price, multiplied by the number of shares outstanding. In other words, it’s a ratio of how many dollars it would take to buy a given number of shares. Many people only think of market capitalization when they’re trading stocks, but it can also be useful in cryptocurrency trading.

Few things have changed in the cryptocurrency space over the past year. The biggest one being there is no longer a shortage of coins for buyers. This, in turn, is causing a larger than usual supply of coins for sellers to move. To get a fair price, you need to know how much supply there is out there; this is the essential purpose of most trading volume indicators.

In the world of cryptocurrency investing, a trading volume is a metric used to determine the amount of money flowing in and out of a specific crypto market. The amount of money flowing in and out of crypto markets can impact the price and performance of cryptocurrencies.

Trading volume is one of the most important metrics on any exchange, as it shows liquidity and thus a measure of confidence from investors. High trading volume, particularly in a rising market, often indicates that investors are increasingly confident that a price increase is imminent.

The volume of a trade is a very important factor that we all need to consider in our trading strategy. The more volume a trade has, the more likely one is to be able to make a profit on that trade. This is why we always recommend that new traders follow the guidelines of successful traders, especially those traders that consistently make profits on their trades.

One of the most difficult things to learn as a trader is how to properly interpret trends or what to look for to predict future price action. Since it’s not possible to accurately predict the future, when it comes to price movements in the stock market, traders must rely on indicators, patterns, and price action to give them an idea of what the future may hold.

Despite the massive interest in cryptocurrencies over the last few years, few people have attempted to answer the fundamental question of why traders buy and sell. If you have experienced a crash in your Bitcoin or Ethereum holdings, it probably left you feeling like you had lost something that you would never get back. The truth is that, as with any market, supply and demand dictate the price at any given time. Whether you are buying or selling, you are likely to be influencing the price.

Posted by David Presutti in Industries Talk, Money and Shares, Think Business, 0 comments
Three Considerations To Safely Monitor Your Crypto

Three Considerations To Safely Monitor Your Crypto

Cryptocurrencies are created, traded, and stored electronically. As a result, it’s difficult to tell what is truly happening behind the scenes. Cryptocurrency startups are run by individuals who have a vision for their business. They may be well-organized, honest, and hardworking, or they may be disorganized and lazy. Either way, the same questions about their business and the truth about their business prospects can be asked of all cryptocurrency startups.

It is a great time to join the cryptocurrency craze, with the prices of Bitcoin, Ethereum, and Ripple all skyrocketing in recent times. Clients can even use cryptocurrency as an investment, buying and selling digital currencies while they are still worth a lot of money.

When you first start investing in Bitcoin and other cryptocurrencies, you may be excited by their potential. Unfortunately, the market can be a confusing place, especially if you’re new to the world of cryptocurrency investing. To make sure you don’t mess up, or make a bad decision, follow these three guidelines.

As the cryptocurrency market continues to grow, many new cryptocurrencies have emerged. These include both the new and older coins, such as Bitcoin, Ethereum, Ripple, and many others. While most people understand the need to keep their wallets safe, what about their online accounts? Here are three considerations to help you keep your cryptocurrencies safe.

Cryptocurrencies, like all other assets, are prone to volatility. But one thing you can guarantee about these digital assets is a high degree of risk. If you want to monitor your investments and not lose everything if the market crashes or your coin goes on a downward spiral, here are a few things you can do:

Have more than one strong password

The crypto world is currently in turmoil as EOS-based crypto, called EOS, has been hacked, and we have seen a general decline in activity across the crypto universe. Although there is no single answer as to why this has happened, some point to the fact that the EOS hack results from a lack of security measures. To protect users, it is important to create strong passwords and take measures to keep your crypto safe and secure.

The crypto mogul market is on a rampage after the prices of BTC, ETH, and others have increased massively. This has led to a lot of speculation on how to increase the value of cryptos. The answer is simple; you must use a strong and unique password for your accounts. This is because, if your password is weak, you could end up losing all your crypto assets to hackers.

Understand the different ways you can protect your crypto

Bitcoin facilitates instant payments, through peer-to-peer technology. In the simplest terms, each bitcoin is made up of digital bits, and the currency is effectively unregulated, meaning that transactions can be made without the need for a central authority, such as a bank.

In all likelihood, you’re currently using one or more of these tools to protect your cryptocurrency portfolios, such as your wallet, private keys, password, or hardware security modules. These tools have many benefits but also have drawbacks. The most important thing to understand is that all of them have limitations, and some are more effective than others. Whether you’re talking about the wallets you use or the hardware security modules you use, that’s true.

Use wallets that have a good rating

The crypto market is still relatively new, and it’s natural to want to try and cut down on the risk of losing your investment. Although there are several ways to ensure your safety, one of the most important is to make sure that your wallet is in good hands. There are many different types of wallets available, but all of them have a rating that you can use to determine their safety.

Do you care how much money you are spending on cryptocurrencies? Do you want to choose the best wallet for your coins? If so, you should look at some of the top-rated wallets on the market. These wallets get their high ratings from a good level of security or supporting a good number of coins.

Posted by David Presutti in Money and Shares, Think Business, 0 comments
How to Handle a Potential Stock Market Crash

How to Handle a Potential Stock Market Crash

Of course, everyone wants to know how to handle the next financial crisis. Will it happen? Should you be concerned? How can you prepare? What should you do to protect your investments? And how much should you be prepared to lose? There are many views on this topic, so I’ve decided to explore them all. Hopefully, you’ll find this post helpful.

It’s becoming more common to hear people talk about it these days, but few of us know what the stock market crash of 2008 is really all about. As some of you already know, some of the leading investment banks were caught red-handed manipulating the markets to their own advantage, which some people are still looking to this day for evidence that it was an insider trading scam.

The stock market crash of 1929 and the global financial crash of 2008 ruined many people’s lives and fortunes. While we can’t predict the future, we can try and prepare for the worst-case scenario.

The U.S. Stock Market has recovered from the worst crash in its history in October of 2008, but there are still too many experts who believe that it is just a matter of time before the market goes down again. This is not an unfounded fear. There are several reasons why experts think that the market will soon suffer another significant decline. The world economy is beginning to show signs of slowing down, and the U.S. economy is not the only one that is carrying the burden of the global downturn.

The stock market is one of the most important aspects of our economy, and it affects virtually every American in some way. With a decline in the stock market, the financial markets could collapse, causing a lot of financial issues. The truth is that there is no way to predict when a stock market crash will occur, but it’s always a smart idea to prepare for the worst.

Understand your investments

The stock market is the key factor responsible for most people’s wealth. The main function of the stock market is to provide a market for the ownership of companies. When the price of a company’s stock rises, the value of the company rises, and when the price of a company’s stock falls, the value of the company falls. Most investors are not aware of the rate at which their stocks are rising or falling, so they cannot accurately assess the value of their investments. The result is that they are losing money because they don’t know how to gauge their investments.

Pay off all your current debts

For most people, being debt-free is a dream. And that’s okay—we all have different reasons for wanting to get rid of debt. But, if you want to pay off all your debts to prepare for the stock market crash, you may want to consider paying off your debts first. Why?

Because of their (potential) connection to the stock market, it has become common for people to wonder why they should pay off all their debts, to prepare for an economic collapse. The answer is simple, but it also takes some time to understand. You should pay off all of your debts because this will lower your interest expenses, and if the stock market collapses, interest rates will skyrocket. The more debt you have, the higher the interest rate you will pay.

Always have a plan

While it is impossible to predict exactly when the next financial crisis will come, the best way to prepare for it is to have a plan. Whether you live in a country where it is common for markets to crash or live in a country where it is not, there are certain things that you can do to prepare for a potential stock market crash.

Nothing good comes from sitting around and waiting for a major economic event to happen. We all have a responsibility to prepare for a potential stock market crash, no matter how little or how much we think those chances are. The worst part is that the only way to protect yourself from the inevitable pain of a significant decline in the market is to plan ahead. There are multiple resources online available to help you plan for this, should it become a reality.

Posted by David Presutti in Industries Talk, Money and Shares, Think Business, 0 comments
Becoming Your Own Brand: Using Your Name for Your Business

Becoming Your Own Brand: Using Your Name for Your Business

When you think of advertising, you might think of a person or company with an interesting story trying to convey a message about their product or service. But what if you want to create your own ad campaign? You can do it, and you can do it cheaply. The Internet is a buzzword these days, but its impact on our everyday lives is still stunning. It’s made it easier for us to stay connected with friends and family far away, and it’s made it easier for us to shop and research for products at the samhttp://dashboard/link/liste time. But the Internet has also made it easier for us to build our own personal brand online.

That does not mean that traditional forms of branding, such as getting company brochures and books printed (check https://www.printivity.com/books/perfect-bound-books for more on that) do not work anymore. It’s very likely the opposite – combining traditional branding with online approaches can help build the brand name faster and in a better way.

Whether a brand name is associated with a person or a product, the name carries meaning for the public. Whether you consider yourself a Mike or a JDM, it’s easy to believe there is some magical significance to a brand name. So why do companies spend huge sums of money changing their brand names? The answer is that a name can act as a proxy for an entire product and company. Names are memorable and allow us to create a sense of “identity” for a product or company.

Advantage of using your name as a brand

You may have heard that you should build your business around your name. What that means isn’t too clear, but there is one way this idea can help you get ahead: by using your name as your brand. This is a popular concept in business, but it can be challenging to apply. Everyone has a different name, and it can be a challenge to put your entire identity on a business name. Did you know that when you started a business with your name on the door, you were essentially starting a business in your own name? Using your own name as a brand can be a good way to promote the brand without giving your company away for free to another company, as many bloggers do.

The name of your business matters, and it should be something that represents your brand. According to the SmallBizTrends study, only 14% of businesses have a name that matches their brand, while a full quarter of businesses have a name that doesn’t represent their brand. Using your full name in your business name can help tie your name to your business and differentiate you from the competition. Here are some more reasons why it’s beneficial to use your full name in your business name:

Businesses exist to make money. Not just any kind of money either-it’s your money that’s on the line. So, you should likely be the one who decides how that money is spent. That’s why it’s important to use your name as much as possible. Businesses that use their own brand name, rather than a “brands” name, tend to earn more money than those that use a “brands” name. So that means you should consider using your own name for your business. You can be your own brand and help your business to be more profitable with a name of your own. After all, you are a business, and you should be able to take care of business, right?

If you’re going to spend any time explaining yourself in the business world, wouldn’t you want to establish a name that stands out above the rest? As a small business owner, you’re probably already using your name to promote your business, but what if you could do more? What if you could put your name on your business in a way that was entirely your own? You would tell people what your business is about and what they can expect from it. You would use your name to help you tell your story and get your business name recognized. It’s an unfortunate truth that many people have trouble using their own names to promote their businesses. However, it doesn’t have to be difficult by any means. One great way to use your name is to create a brand. By making a brand, you’re giving people a clear idea of what you’re all about. Sometimes, the best way to promote your identity is to put your name on things-such as a business logo or a website name.

 

Posted by David Presutti in Think Business
Top 5 Reasons Why Business Partnerships Fail

Top 5 Reasons Why Business Partnerships Fail

Most people have heard of the old saying “don’t put all your eggs in one basket” — that is, don’t put all the eggs in one business. This is because if it fails, you’re in a heap of trouble. However, the saying does not take into account business partnerships. A partnership may be the most stable way to begin a business, but there are a few things to watch out for so that it will survive.

Being a business owner is one of the toughest jobs in the world. Good business owners are able to start and run a successful business, while bad ones go bankrupt or just stop working. But why do some fail while others succeed? There are many reasons that business partnerships fail, but it is important to know which ones are the most important.

• Lack of Communication

It has got to the point where companies cannot get partners to communicate. They expect you to be an expert or be able to provide the right solution for their needs. Or, if they have no idea what you need, they tell you they will get back to you when they never do. Last week, we featured a post from the “World’s Worst Bosses” blog. In this post, one of the bosses revealed his personal feelings about his business partner, the CEO. It was an awkward conversation, to say the least. This week we feature another post from the blog, which discussed the lack of communication between business partners. Many of us have had the experience of wanting to tell our business partner something but not being able to find the words. The case discussed in this post centered on a project manager who wished to bring up a concern with his boss. He was so surprised when he discovered his boss did not know about the issue he was going to bring up. And in the end, the boss still did not find out.

• Different Vision

Two heads are better than one, and two heads are indeed better than one when it comes to business partnerships. But, as any business owner can tell you, sometimes it’s difficult to find a business partner, but equally difficult to have a partner who is a real asset to your business. There’s a reason why it’s so important for business owners to understand their own business and why they should always work with a partner who has a shared vision, and that’s to ensure that both parties are on the same page.

• Lack of Transparency

Business partners help each other succeed by working together. Unfortunately, the trust and benefits that come with working together often stop short of the actual business partnership. If the business isn’t transparent about its goals, products, and services, business partners may be kept in the dark and ultimately unable to achieve the benefits of the partnership. The lack of transparency can lead to business partners pursuing their own agendas at the expense of the partnership, which can be damaging to both business partners.

• No Defined Roles

“When you work as a business partner (partnering with another business, company, or person), there are certain things that need to be established first. These may be one of the most important things to consider when deciding whether to partner with another business.

As a partner, you will be sharing responsibility and authority for your business. For this reason, it is important to establish what each party will share and what each party will do as part of the agreement. If there is no defined role for each partner, then there will be no clear idea of which partner is responsible for which area of the business.

A lack of clear roles can lead to confusion and difficulty in working together and can also make the other.

• Difference in Contribution

Business partnerships are a great way to grow and develop a business. They can be as simple as two people working together or as complex as a board of directors for an organization. However, this doesn’t always work out as planned. According to Ascend2, “There are many tensions and problems that arise in a business partnership.”

Posted by David Presutti in Think Business
3 Ways to Automate Your Business

3 Ways to Automate Your Business

So, you want to automate your business? That is great! You will be leaving the manual work to your marketing software. But if you are wondering where to begin, here are three ideas for automating your business.

Setting up automated tasks is a great way to take your business to the next level without having to spend time on the mundane aspects of running a business. There are numerous ways you can use business process automation, some of which are very simple to set up and manage. Here are three examples of how you can automate your business using the same.

  1. You can use social media to follow people who follow you on Twitter automatically. It is a great way to grow your social media base using little effort.

Social media is a powerful way to connect, grow, and expand your following. The problem is, sometimes you get so many followers that it is hard to keep up with them all. The answer is simple: use some of the best social media automation tools available to automate following those who follow you. This way, you can be sure you are growing your followers while maintaining a good ratio of followers to friends.

The best way to grow most social media platforms is to follow people. But many people are not likely to follow you back unless you have a lot of followers. So, the best way to get people to follow you is to follow them first. This way, you can automatically follow people who follow you, and then they are much more likely to follow you back.

If you use social media, you know that finding new people to follow can be a pain. Sure, you could spend hours following people manually, but there are much better ways to go about this. If you want to grow your social media base, then you should take advantage of the social media follow back, which means that you follow people on social media who follow you. This allows you to follow many people and it also means less work for you.

  1. You can use a mobile app, like Field Agent, to conduct surveys.

When it comes to gathering information, there are several approaches to take. Some take the approach of surveying people they already know, but this is a hit-or-miss experience since you are not always sure you are asking the right questions or that you are getting the right answers. Others use surveys on the internet, which allows for asking a random sample of the population. There are quite a lot of CRM tools that could help in this regard. For example, if you want to align your sales and marketing teams together under one platform, you could look at the basics of zoho vs hubspot and decide on which would be better for your business. Indeed, there are a few tools available online -and we are going to show you how to use apps like Field Agent to conduct surveys.

Field Agent allows you to survey people for target markets, consumer trends, and opinions, but it is not the only app that you can use for this purpose. Several similar services, such as SurveyMonkey, are available, and you can also use apps that were created specifically for survey-taking. The benefit of using apps made for this purpose is that they have features that help you with survey-taking, such as reminders, timers, and built-in data-gathering.

  1. You can even automate a process that uses a variety of different apps and software.

Many businesses today are too busy and do not have time to check their different business tasks manually. In this case, the best solution is to automate these tasks with different apps and software. Business software packages like Microsoft 365, notably using MS Word, Excel, and SharePoint, are widely used by numerous companies. Companies like KWizCom can offer companies improvements their webpage, lists, and add ons through SharePoint. You can also use APIs to streamline business process automation. Software companies like MuleSoft provide solutions for automating workflows to transform your business into a scalable digital platform. There are reliable mulesoft professional services that partner with a client company to implement the integration software professionally. By doing this, you will have more time for other important business matters, and your business will be more productive.

The above-mentioned examples represent the core of the tool’s functionalities. However, as the system is modular in nature, it is possible to create different plug-ins for the tool. For example, available plug-ins include plug-ins that can create blog articles that match the criteria of different blog publishing websites (e.g., ScribeFire plug-in).

The Main Purpose of The Tool Is to Enable the User to Save Time

Automating your business is the best way to get more things done in less time and a great way to increase your profits. There are many apps out there that make automation possible, but the basic ones are Zapier, IFTTT, and Edial. Zapier and IFTTT are more popular because they are free and easy to use, while Edial is a little harder to set up, but it has more functionality than the other two.

Posted by David Presutti in Think Business
4 Situations Where an Accountant is Required

4 Situations Where an Accountant is Required

In the main, two different types of accountants exist – those who are involved in financial records and those that work out costings for a manufacturer. Also, accountants, like those found at Porte Brown, will audit financial records to ensure financial standards are being met. So, we shall explore from all angles the role of the accountant and just where they are useful in business.

Sole Trader or Small Business

An accountant is an ally to a sole trader because the chances are that they will not have the financial skills needed, but more likely, skills in other areas such as selling. They may, for instance, have started up the business because they have specific knowledge about the product that it is predominantly what they now sell or deal in. Financial skills can then either be learned, involving expense and time, or an accountant can be hired to take care of the accounts, the VAT, and matters involving taxation so that returns are submitted on time to avoid any fines.

Accountants will show businesses how to layout their accounts in a standardized way and then they can be easily finalized at the year-end by the accountant who can work out what tax is owed. If a business is over the VAT threshold for turnover ( 85,000 at the time of writing) then things are a little more involved day-to-day. It might be worth hiring a book-keeper who will record transactions daily or weekly, deal with invoices, and complete VAT returns.

Limited and Public Limited Companies

Generally, larger companies will employ in-house accountants and financial teams to take care of their invoicing, bank reconciliations, VAT, end-of-year returns, and tax affairs. It is invaluable to have an accountant on board who knows about how best to reduce a company’s tax bill by knowing about the different government schemes and tax incentives. Better still, accounting service providers like Dua and Co. (read up more about them at – dua.co.uk) could help them not only with their taxation but could also give them insightful business advice.

Factory

Manufacturing businesses also employ some of the best Accountants Adelaide (or where they are based). They can calculate the breakeven figures in respect of the production. This will take into account fixed costs, which do not change however much you produce, and work out how many items need to be made before the costs of production make it viable. This kind of accounting is about the day to day profitability. It is what works out the gross profit as opposed to the net. These firms will, of course, still need to employ or call on the services of accountants at the year-end to sort out their finances. Generally, this same accountant will not do both and their production accountant will be specialized in cost accounting only. It is, after all, a full-time job in itself if a factory is to be run efficiently.

Auditing

Accountants, like those from this Phoenix CPA firm, are also used for auditing accounts. This is required by law in the case of, for example, a public limited company, and is also required when it comes to regulating charities. Firms will often want to do it periodically themselves to make sure that accounting procedures are being correctly followed and nothing dishonest is taking place with the company’s money. Financial roles are responsible ones and positions of trust. It is for this reason that financial work is paid at a higher rate than general office work. It is partly the skills required to do it and also the increased responsibility of managing the money.

For those interested in auditing, audit regulation is concerned with five elements. These are setting standards, formal adoption, implementing in practice, monitoring the compliance, and then enforcing. Auditors, to ensure this takes place, will take a sample of transactions and make sure that the money received ultimately ends up in the bank of the business concerned. The accounts should be laid out in either computerized or manual ledger form so that an auditor can easily follow these transactions. Clarity is important to quickly eliminate suspicion. Financial records should be held securely and copies made as a back-up, as authorities will generally require them to be kept for at least 5 years after the tax submission deadline.

So, at least four situations where an accountant will prove useful whether it involves the financial or manufacturing side. Auditing is something that accountants also get involved in to ensure companies are complying with financial standards and that nothing irregular is taking place.

Posted by David Presutti in Think Business
Steps to Manage Your Money Wisely

Steps to Manage Your Money Wisely

Don’t waste your time spending money on things that won’t do any good in your life – an example of bad money management. Did you know that almost half of the American citizens don’t know how to properly manage their cents? Studies have claimed that some Americans, many of whom are not in the fully-developed states, don’t have adequate money management. If you think you belong in this group, we have got you covered. In this article, we are going to share with you our tried-and-tested methods in managing money. So, if you want to know more about it, then keep reading and enjoy!

Create a Budget

The first thing you should do is make your budget if you still don’t have one. You may be asking if this is necessary. Then let us answer that question with another question – Are umbrellas essential when raining and sunny? You should trust us. The first step to a good money management habit is to create a budget first.

We cannot deny that making and following a budget is quite challenging. But these challenges are only present at first. Once you figure out little tips and tricks to save you money, such as making a habit of checking sites like Raise (https://www.raise.com/coupons/macys) to see if there are any coupons or codes going for your favorite retailers, you’ll become much more at ease with your budget and how you’re going to spend your money wisely. In the end, all of these challenges you have faced will pay off. Budgeting is an important aspect to see full transparency and clarity of our financial situation.

This is the first step you can take to save for the future and pay off all your debt. We can save for our retirement and purchase luxurious things we didn’t have when we were young with budgeting. This step will be the basis of your financial life. Not only that, but it also gives you peace of mind knowing that you know how much you are saving and spending.

Understand Your Income

Try to ask someone you don’t know about the money they make per month. Most of them will deny their income, even though they know internally. This is a concept that talks about the difference between expenses and income. Most people know how much they earn monthly but are unaware of the amount they spend every month.

Nonetheless, this step’s main idea is to find the difference between the total income and expenses of a person per month. A negative result means that your monthly payments are more than your income. To prevent this from happening, you can try to reduce your monthly expenses gradually.

Remove or Slash Unnecessary Expenses

Are you one of those Starbucks lovers? If you tend to purchase Venti Caffe Latte regularly, you are spending around 4 US Dollars from your income. Multiply 4 US Dollars to 365 days; you will be spending approximately 1,400 US Dollars per year by just buying your favorite Starbucks product. To avoid overspending, why not try creating your drink at home? This would save you tons of money in the future.

Take note that you need to learn how to properly manage your money by keeping close attention to how much you spend every day.

Review and Understand Your Credit Report

Your credit card is necessary because they are. When you have a credit card, you usually receive a credit report with a number between 150 to 900. It serves as your grade or score after considering your past and current loans, reported debts, mortgages, and credit cards.

This number helps to know your creditworthiness. This can also affect your capability to borrow money in the future. Reviewing and understanding your credit card report is a must. This helps you ensure that it contains all valid information about you and determines an error.

Use a Financing App or Tool

We cannot deny that most of our finances are complicated. But let us break it down into a way more straightforward concept to understand. But how?

The first step to do this is to remove yourself from a room with a Casio calculator or abacus. Please take note that we are living in a technology-oriented world. This means that we can find free and new tools that can help us to manage our money while making simpler computational and budgeting works. You can find many tools on the internet, such as Quicken. This allows you to control, manage, and consolidate your income in a single place.

 

Posted by David Presutti in Think Business, 0 comments
Key Ethical Practices to Keep Any Business Competitive

Key Ethical Practices to Keep Any Business Competitive

I always try to ensure that my business is competitive by taking a brutal analysis of my ethical behavior and striving to set an excellent example for everyone around me. In industry, ethical behavior refers to conduct that applies fairness and honesty to colleagues and clients. Treating everyone ethically helps our businesses by building customer loyalty, attracting and retaining talented employees as well as avoiding legal problems. The following are some key ethical practices I follow that I have learned over time are crucial to the competitiveness of a business.

Building Customer Loyalty

Treating customers unfairly, for example, by overcharging them is unethical. If clients are unjustly treated, they will not become repeat customers, and they may end up spreading the word to their peers, which leads to losses in our businesses. Having a strong and loyal customer base is one of the critical successes I have seen in companies. Companies may forge this loyalty in a number of ways, from personalized offers and discounts (you could take a look at this SheerID page to see why this is such a good thing to do), to keeping in touch via a newsletter, to anything they can think of to keep communicating with customers and make them feel valued and important to the business as individuals. I find that serving and working with an existing customer is more economical than acquiring a new one. With this in mind, some businesses may want to improve their customer loyalty. To do this, businesses could find out here about the services that Epsilon offers. That company could help business owners to build relationships with customers, ensuring that they stay loyal to the business.

Improving Company Reputation

Having a good company reputation helps create a positive image of any business. Reputable businesses can expand their client base through word of mouth referrals more than adverts put on any platform. Although, incorporating the best online reputation management software into the running of your business will do no harm to your chances of being able to build a positive reputation. In fact, it will only enhance it. However, having a reputation for unethical dealings in our companies may hurt any chances the company might have of obtaining and retaining new customers. This is especially so in this era of social media and networking where dissatisfied clients are quick to spread negative information about any bad experience they might have had when dealing with our companies.

Retention of Good Employees

Talented employees at any level in our businesses and organization want to be fairly compensated for their dedication to the work they are doing. I try to reward them by advancing them in their careers through job promotions depending on the quality of their work and dedication and not at all by favoritism. Our employees want to be a part of a company whose management tells them the truth about how the business is faring in case there are instances where there will be layoffs and reorganizations. When we practice fairness in our organizations and deal with the employees reasonably, we will have a greater chance of retaining the talented ones. Further, I may also get help from ERP companies like SYTE Consult (sytecg.com/) for team building approaches which can improve employee engagement and the business output. Having a good quality employee engagement can create a positive work environment, hence helping the organization to retain its best members.

Avoiding Any Legal Problems

A few business and company owners tend to cut corners to maximize their profits. We may decide not to comply with the environmental regulations, labor laws, and might ignore workers’ safety or even use substandard raw materials while making products. When the law catches up with us, we may end up paying hefty penalties such as legal fees and being fined by government agencies. In the long run, this ends up impacting our business negatively and even more financially from a large number of fees and fines that will be charged.

One advantage that companies may enjoy when they observe the regulations put in place by government agencies is having a good image in the eyes of the law and the public. They also avoid financial losses associated with breaking these laws.

Conducive Work Environment

Employees also have a responsibility to be ethical from the moment they are interviewed. They should be honest about what they are and what they are not capable of and the level of their experience. When the employees are ethical, we, as the employers and their superiors in the organizations, will be assured that the team we work with can have a great and positive co-existence. We will also be able to trust them with the organization’s confidential information and business secrets.

Employees who are caught up in lies ruin their chances of being advanced by their supervisors and might end up getting fired. Some of our business might end up facing significant losses, for example, in some industries like restaurants and grocery stores where untrustworthy employees steal foodstuff or in finance departments where employees might steal money or misappropriate funds leading to massive losses in our businesses.

We always try to cultivate a culture of honesty and ethics among our employees. We have a simple but detailed code of conduct that we need our employees to read and commit to when we offer contracts. We also hold regular training programs to help our employees understand ethical behavior for their own good, the good of the business, and that of our clients.

These are practices I believe can contribute to the competitiveness of any business in all sectors of the economy.

Posted by David Presutti in Industries Talk, Money and Shares, Self-Employment, Think Business, 0 comments