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QuickBooks enterprise hosting for Accountants, Bookkeepers, CPAs on secure & reliable cloud servers. Get your free trial of QuickBooks enterprise cloud hosting.

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Proven Tips to Manage your Business Finances like a Pro

According to the SBA (Small Business Administration), around 35 million small businesses are operating in the United States. However, with the business environment being as saturated and competitive as it is, the survival rate for small businesses has decreased significantly.

Small business owners always need to be looking for an edge over their competition. They need to find every advantage and use it to their fullest extent. For many small business owners, one of those advantages comes in the form of advanced accounting software. It provides many benefits that can give small business owners a leg up on their competition.

Many people get into the business world because they have the ability to efficiently manage day-to-day operations. While this is an important aspect of running a business, it only scratches the surface. To be a successful business owner, you must also focus on sound accounting and bookkeeping practices. These financial pillars will keep your business running smoothly and profitably.

Here are some common financial management mistakes made by small business owners:

Incorrect record Bookkeeping

Financial record keeping can be tedious, and it's easy to see why new business owners might want to cut corners in this area. However, poor financial record keeping is one of the most common mistakes made by new business owners. While efficient record keeping can add to your expenses, it’ll pay for itself many times over in the long run.

Overinvestment

Too much inventory can be a real problem for small businesses, especially if they have initial success. More inventories can mean more revenue, but it all depends on sales. If sales stay high, then it's no problem. But if sales drop, that extra inventory just becomes wasted money. When you have too much money tied up in things you don't need, it can cause cash flow issues for your business

Shortage of contingent funds

Having a contingency fund is vital for any business. Why? Because things don't always go as planned and you need to be prepared for when they don't. If you make any of the financial mistakes mentioned below, your business could lack the funds for things like bad debts and asset depreciation. Plus, your business might not be able to afford insurance against fire, flood and other accidents.

How Accounting Automation Can Help Achieve Long-Term Organizational Success?

Poor financial planning and data organization can lead to a lot of financial mistakes. If your company's financial data is a mess, it will be hard for the owner to get a clear picture of the business's finances. This can cause them to make bad decisions about the business. Also, when a business's finances are disorganized, it can slow down the workflow and hurt productivity.

Automated accounting is a great solution for businesses that need to improve their inventory management, customer relations, and cash flow. Accounting software like QuickBooks enterprise cloud hosting can help you plan for your business's future and keep track of your finances in one place.

It is a great bookkeeping tool that enhances an organization's financial and accounting processes. The software organizes your business's financial data and combines it into a single, convenient interface. Accounting automation allows you to easily consolidate your organization's data, so that you can have all of your business' finances at your fingertips. This saves you time and money, and reduces errors and mistakes. Vendor or customer calls you with a query, or you require some critical details to solve a problem yourself, it provides you with the information you need instantly.

Accounting is more than just a numbers game. When used correctly, this provides a plethora of benefits that can make your business run more smoothly.

But how do modern day accounting tools manage to do all of this? Let’s take a closer look.

Helps you find the right balance between expenses & income

Before you can even think about improving your business's cash flow, you need to figure out where the financial bottlenecks are. Cloud based accounting tools such as QuickBooks enterprise cloud highlights this information in your emails for both expenses and income. Not only can you easily view all your past-due invoices, but it also allows you to automatically send reminders and automates the process of delivery as well.

Better & improved customer interaction

Your customers are the bread and butter of your business, so you need to have a clear understanding of their payment history and details, as well as all current, past, and future transactions. Customer Information Records template not only provides all of that, but also gives you access to customer contact information and real-time status updates of their payments and invoices, time activities, etc.

More profitable & stable inventory

Maintaining proper inventory levels is the key to success for any business that sells goods. Overstocking unnecessarily ties up large portions of your resources, while under stocking will turn away potential customers and result in lost future business. Modern accounting software’s helps you keep track of your inventory so that you always have the right amount on hand. Its inventory tracking feature gives you a complete picture of your stock levels and sales, so you can tell when it's time to order more and how much to order.

Helps your business to grow & scale

Being prepared for growth is essential for any business, even if you have no intention of expanding. Opportunities for expansion can pop up at any time, and being ready with the necessary capital is crucial.

If you’re in the business of pitching proposals to investors or applying for business loans, then you know that a lot of financial information is required. This information comes in various formats, and in addition to regular financial statements, your potential lenders or investors might ask for specific types of reports. Accounting software like QuickBooks enterprise hosting has templates for lots of financial reports and statements, like Profit/Loss Statement, Balance Sheet, Cash Flow Statement, etc., and it can generate them quickly.

Final Words

Accounting automation with the help of modern day accounting software’s can help you not only keep track of your finances, but streamline a variety of business processes. By putting all of your data into one user-friendly interface, you're able to get a 360 degree view of your company's finances. This allows you to make sound decisions that will help your business be successful in the long run.

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4 Things to keep in mind before choosing a trustworthy cloud service provider

With more and more companies moving their data and applications to the cloud, the task of choosing a reliable commercial hosting provider has become increasingly difficult. There are some essential factors that can help make the decision easier, but selecting a trustworthy QuickBooks enterprise cloud hosting provider is still not a straight forward task as it involves your financial accounting data.

Here are few things to consider before opting for a cloud service provider

Roadmap of the service

When you're looking for a cloud service provider, it's important to think about their roadmap for service development. You should ask what steps they're taking to make sure they're always improving and innovate their services, as well as any plans they have for future growth. You should also find out what technologies they're using now and whether they plan to upgrade those in the future.

When you're trying to figure out which service roadmap is the best fit for your company, you need to make sure that it lines up with the way that you work. Making a switch to a new vendor can be tough- it takes a lot of time and effort to plan and execute the switch, and your employees might not be as productive during the transition. Keep all of this in mind when you're making your decision so that you can choose the right service provider for your business.

Review the technology

Review the technologies and cloud platform services offered by your service provider to verify that they fit your needs. Consider what standards, cloud services, and network architectures will work best for your workload preferences and management. You may also need to consider how much customization you want. For example, some companies in specific industries may need special customizations that not all service providers can manage.

Be upfront about the kind of customized plan your business is going to need to ensure that they can handle third party integrations as well.

Security

A risk-based approach to security is often ideal because it helps service providers determine exactly which areas to prioritize and protect. According to the Institute’s Cost of a Data Breach Report, the average cost of a data breach is $3.86 million. Small businesses are quickly becoming a favorite target for hackers because they often have little to no security safeguards in place. This makes them an easy target for attacks.

Preventing security breaches is critical for any company. You need to work with your service provider to develop a comprehensive preventative strategy that will safeguard your company's assets. The security system should include physical controls at all hardware locations, environmental safeguards at data centers, backup powers to ensure business continuity, and customer data integrity protocols.

It's important to know what security measures your cloud service provider intends to implement. You'll need to take into account factors like:

· The security of data and systems

· Governance processes around security

· The maturity of security protocols

Disaster Recovery

When it comes to understanding a cloud service provider's provisioning, one of the best places to start is by looking at their disaster recovery processes. Even with the best security mechanisms in place, having a strong disaster recovery plan is essential. A robust disaster recovery plan will typically include integrity checks, data backup and restoration, data scheduling, and a clear understanding of which data is critical.

Losing business information can cost your company dearly, and preventing such delays is critical. By having a vendor service agreement that outlines roles and responsibilities, as well as escalation processes, you can be sure that everyone is on the same page and knows what to do in case of an emergency.

Conclusion

Data security is always a concern for businesses, both big and small. Hackers attempt to infiltrate company databases to get unauthorized access to confidential information all the time. This is why physical security and cyber security solutions are important, but they can also be expensive. This is why it's important for businesses to budget for these solutions. Cloud service providers who have a good reputation offer high levels of security, like multiple layers of encryption and a firewall, to make sure that your private and sensitive business data is protected from cybercriminals.

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