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Accounting is key to managing finances but, for small business owners, accounting is a cumbersome and time-consuming process. The easy way to manage business finances is to utilize the tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparations for the future. These tools make handling your small business easier and simple. Expensive software is not recommended for a small business because a small business has to manage simple accounting operations and general ledgers. Cloud-based accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks such as bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

Here are five cloud-based accounting software with reasonable prices.

1. Fresh Books

Fresh Books is an online accessible accounting application. Fresh Books is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

You can access it from a desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates. Many useful reports are also generated by this application, i.e. Profit and Loss reports, taxes, and accounting reports.

It is easy to use the app and can be used by owners with no financial background. The Fresh Books Help boxes guide the user to the next step while performing any task. And the user doesn’t find it difficult to use. 

A 30 days free subscription of Fresh Books is available for new users. After that, it costs $19.95 a month.

2. QuickBooks Online Simple Start

QuickBooks is a simple accounting software, accessible from smart phones and is especially useful for small businesses.  It is used to generate customized invoices, track expenses and sales, and download bank transactions.  The data saved on QuickBooks can be exported to other apps like excel for generating required accounting reports. Payroll can also be processed by using QuickBooks. Its 30 days free trial is available for beginners.

3. Kashoo

Kashoo is a cloud-based accounting app for small business, accessible from the Web browser and iPad. It has a simple dashboard for pending transactions. It has the following features:

  • Creates professional invoices
  • Categorizes income and costs
  • Connects with online credit cards and bank accounts
  • Online Sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

4. Outright

Outright is an online cloud accounting system for small businesses used for tracking expenses, profit, sales and customers. Bank accounts and other sites like PayPal, eBay, Fresh Books and web stores can be connected to Outright and data can be easily exported from one app to another. The data can be organized into categories approved by the IRS, so workload and stress due to tax are decreased. This app is also accessible from an iPhone and mobile devices. There is a free version of Outright, with limited features available.

5. Xero

Xero online accounting app is used to manage bookkeeping for small business. It has the following features:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by small businesses
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, and inventory management packages are also available on demand.

Conclusion

The above mentioned Fresh Books, QuickBooks, Kashoo, Xero, and Outright are the examples of online cloud-based software which are affordable, simple, and easy to use. These software and applications make bookkeeping and accounting operations easy and less time-consuming.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Cloud service icon with options and devices
Small business owners who have recently stepped into the marketplace, which is raging with cut-throat competition, are actively seeking ways to improve their accounting methods to achieve a stronger footing. Technology has made the lives of many giants, like Walmart and JC Penny, effortless and convenient. Not only have they improved their vendor and distributor relationships using ERPs such as SAP and Oracle, but they have also attained greater accessibility to their business operations world-wide. This kind of accessibility is useful in order to provide consistent service to customers throughout the world. For small businesses, it is therefore essential to get in line with these giants in order to remain competitive. Cloud-based accounting tools, such as QuickBooks, can bring a few of the benefits that these big organizations enjoy.

1. Centralized Database

One of the most important outcomes of using cloud-based accounting tools is the centralization of data across the organization. This enables small business owners to keep track of operations at all times. Real-time updates are available on the go. Not only does this centralization help with being up to date, but data or any significant information may be procured easily from anywhere around the world through a smartphone application. This reduces the effort of having to be present in the office for all important updates around the clock. You have your workflows and statistics accessible for monitoring, even while on a family vacation in Hawaii!

2. Improved Relationships with Vendors and Distributors

Cloud-based accounting tools leverage the opportunity to improve relationships with vendors and distributors. Failing to settle vendor obligations can lead to a delay of services from the supplier’s end. This may eventually result in lower customer satisfaction if orders are not processed well in time. Hence, keeping both entities happy and satisfied is of critical importance, especially for small business owners as they have fewer alternatives available. Moreover, switching costs may be higher for small business owners if any of their suppliers decide to discontinue service. Unhappy customers may as well be problematic, provided the existing competition in the market and the dire need to survive.

Cloud-based accounting tools enable the settling of invoices as well as making payments through the online portal accessible to both entities involved in the transaction. Moreover, with this real-time collaboration between stakeholders, communication is quick, two-way, and more efficient. Late payments can no longer be backed by irrelevant excuses – ‘I failed to keep track of your payment deadline owing to my busy work schedule’.

 3. Paperless and Eco-Friendly Environment

With the help of cloud-based accounting tools such as QuickBooks, bookkeeping has become paperless. For small business owners, the need to maintain accounting records in paper form seems like a hectic job. Traditional bookkeeping became obsolete centuries ago. Keeping paperwork alive means adding to the workload. With a little extra cost, the workflow can be automated using cloud-based accounting tools that are both eco-friendly and time-saving.

Moreover, this automation leads to reduced manual errors and risk of losing data. Losing a vendor’s invoice can turn out to be quite detrimental to any business – small or big. Cloud-based accounting tools ensure a secure digital space for all of your useful business data.  Cutting down on the use of paper means lesser deforestation and a greener, cleaner air to breathe. Who’d have thought automation through cloud-based accounting tools could lead to higher levels of oxygen in the environment.

Conclusion

Cloud-based accounting tools can bring about these aforementioned advantages to small businesses and help with streamlining various accounting activities in an efficient and cost-saving manner. This type of efficiency allows small businesses to grow and secure a standing in the market alongside big organizations.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Cloud synchronizing between devices concept with a virtual screen showing mobile phone, tablet and laptop computer syncing data and with a business person

Cloud accounting is the same as traditional accounting and bookkeeping procedures, but done on an accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud’, where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on the desktop software. The internet or other network is used for the process. Users access the cloud accounting tool through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

1.  Smart Management and Organization from Anywhere

Cloud accounting tools have multi-user access. A user has access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time on other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. You have an up-to-date view of the financial status of your business to make the right decisions at the right time. All team members can access required information whenever and wherever needed. A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.

2. Relationships with Vendors Improved

For small business owners, vendors are important. They play a vital role in the success of small business. Small business owners want to have a pleasant relationship with vendors and suppliers. Relationship with the supplier is often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.

3. Eco-Friendly System

Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for accountants and business owners. Small business owners need time to interpret accounting information. Accounting software makes it easy to interpret accounting information. Cloud accounting tools reduce upfront business costs. You do not face regular maintenance and upgrading the system.

 

A Few Cloud Accounting Tools and their Benefits

Here are five cloud-based accounting tools with reasonable prices for small business owners.

FreshBooks

You can access FreshBooks from a desktop computer and mobile phones. You can easily track expenses, make online payments, generate customized invoices, generate reminders of late payments, see purchase history with time-tracking, client records, and management of different projects with different rates.

QuickBooks Online

 QuickBooks is used to: 

  • Generate invoices with the logo of your company and with all details required by the customers
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage Inventory
  • Track expenses

Kashoo

  • Create professional invoices
  • Categorize income and costs
  • Connect with online credit cards and bank accounts
  • Online Sharing of data with accountant

Outright

Outright is an online cloud accounting tool for small business owners and is used for tracking expenses, profit, sales, and customers. Bank accounts and other sites like PayPal, eBay, FreshBooks and web stores can be connected to Outright and data can be easily exported from one app to another.

Xero

  • Dashboard with bank balances, expenses, and invoices
  • Tracks cash flow in real time
  • Data can be shared and is accessible to accountant and others
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud Accounting tool provides small business owners a great feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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Public cloud environments like AWS, Azure, Google, and Microsoft are known for being cost-effective for IT infrastructure. Sadly, this doesn’t happen each time because of the constantly increasing complexity in what the cloud offers to it’s users. Due to lack of knowledge and visibility about the cloud environments, most organizations fail to deal with the cost and unknowingly overfill money into public clouds. This is one kind of an error that makes it very difficult to be controlled or fixed.

Here are five mistakes that you should definitely avoid to increase the cloud instancing optimization and resource efficiency without affecting the performance risks in new environments.

1. Not having Command on Detailed Application Workload Patterns

It is not necessary that all workloads are designed irrespective of which public cloud you’ve been hosted with. You meet the error when you go deeper into cloud instance selection. For selecting the cloud instance, you have to be well informed about the reason for the workload, along with the utilization pattern.

The system of a batch of workload is different than the usual application. In apps, constant varying from peaks to valleys occur. While in public cloud, the workload does its work at least once at the end of each day. In order to understand the workload pattern between the days and its variation over a business cycle, you wisely have to select the right cloud instance and resources.

2. Inability to Meet Benchmarks to Normalize Inter-Platform Data

‘Like for Like’ is a common approach to deal with resource allocation when migrating from one cloud environment to another. There is a dire need to utilize benchmarks in order to standardize the workload information. It gives a more clear idea of how the workload will perform in the new environment.  This way you can expect more optimized performance on the new platform, which is likely to have better hardware than the previous one.

In simple words, we can say that normalizing the data is the only way to make an apple to apple comparison.

3. Focusing too much on the Sizing

Now, while sizing is an important issue to consider, it shouldn’t be the only focus. When you migrate to an environment that is running on more advanced and powerful hardware, you can reduce cost by modernizing workload as well. Compared to the savings delivered by right sized instances on the public cloud, modernizing can add 20% more value.

Modernizing requires proper understanding of the workload, catalogs, and cost, along with the ability to normalize the data. It all adds up to performance optimization. The analysis of all of these aspects should be an ongoing process, especially for apps that are regularly updated.

4. The Bump-Up Loop

One of the major culprits behind overspending or over-provisioning is the infamous bump-up loop. Certain workloads will use as many resources as they are provided. When more resources are provisioned, those apps will take more of it and they would do it for short cycles. This is the bump-up loop and it can literally hog resources and multiply the spending.

In order to prevent this expensive situation, you need to analyze and understand the behavior and pattern of each workload. This way the overall resource allocation and utilization will be optimized. 

5. Unmanaged Zombie Cloud Instances

Zombie instances occur when the short-term instance is deployed but not shut down. A single zombie instance may not cause much harm, but a pile of them can send the cost skyrocketing. A reasonable approach to avoid such waste is to keep an eye on the workload pattern across a certain time period i.e., a monthly or weekly cycle. Tools that are unable to provide long-term visibility into the workload are usually incapable of identifying zombie instances.

Conclusion

Avoiding all of these mistakes can optimize your cloud instancing, not just for cost but also for performance.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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What do a construction project manager, a creative design director and a pastry chef have in common? Evidently, as small-business owners, each one of them opened up an outlet to serve clients and do what they love rather than spend hours on bookkeeping or accounting.

 

Being a small-business owner, you might have an inborn entrepreneurial attitude, but you are less likely to be adept at accounting. Hence, it is possible that you will have found bookkeeping a tedious activity, better say a dry distraction, especially when your main focus lies on building your brand and boosting your business.

 

Fortunately, many modern-day artistic entrepreneurs and small-business owners can leverage an ever-growing suite of business tools and organizational technologies. They can help lower the stress of managing invoices, receipts and bills while spending more time on grabbing new business opportunities. In fact, how businesses record their expenses and revenues has radically changed over the last few years. In addition, more and more businesses are switching to cloud computing to benefit from the online accounting and bookkeeping tools and to help streamline their core functional processes. Therefore, you should also consider migrating your present accounting data and workflows to the cloud. The tools securely host all of the relevant and necessary databases and servers, helping you access your data anytime and anywhere via an internet connection.

 

Here are the top five logical reasons to incorporate cloud accounting into your business to ensure improved efficiency and increased profits:

1. Have easy access to your data anywhere, at any time

The main reason that cloud-based invoicing and accounting tools are so popular is that they allow easy access to your financial data from anywhere, at any time. Since they host remotely, you do not have to worry about any kind of time-consuming downloads and updates. In fact, busy professionals like you can keep up with their business information on the go and even access their invoices by using the mobile app of the online accounting software. This renders added flexibility and peace of mind as you do not have to be sitting in your shop or office to access your accounts or check your cash flow. Also, you will be making important financial decisions quickly instead of having to go through endless piles of paper containing old and outdated information.

2. Enable smart business for a distributed workforce

As accounting information and financial data stored in the cloud can be accessed or added anywhere, your team members can easily and quickly finish their work, irrespective of their physical location. Whether a project manager has to verify an invoice for a supplier or a sales representative has to add expense receipts, having cloud-based invoicing and accounting tools in place makes accessing any organizational information as simple as taking a picture of a document or searching by a date, vendor or amount.

3. Verify Discrepancies

Vendor-Customer relationship is a top priority for almost every business. However, we have all seen situations where accounting discrepancies put vital relationships at stake. Cloud-based accounting and bookkeeping tools make it easier to better verify and locate exactly where error or omission took place through advanced yet easy-to-use searching capabilities. Hence, small-business owners no longer need to spend hours and hours searching through old invoices as smart tools are waiting to benefit them.

4. Maintain Vendor Relationships

When an accounting omission or invoice discrepancy is located through online accounting software, it can promptly be brought to the vendor’s attention. This easy and smart process ensures that it is easier for you to maintain relationships with suppliers because, instead of being frustrated with how long it took to identify the discrepancy, they will appreciate you for quickly finding it and thereby resolving it.

5. Reduce Overhead

It can cost you a lot to maintain your own business server, local storage devices and networks for your small business. However, you will no longer be required to bear the costs of maintaining a server system, upgrading to new software versions, or hiring an IT professional to keep up with your system when you migrate from traditional ways of recordkeeping to smart tools of cloud-based accounting technology.   

6. Leverage a broader suite of secure apps

Cloud-based accounting and bookkeeping applications such as QuickBooks Online and XERO not only provide easy and secure access to information and data from any remote device having internet connection, but they also integrate with many other cloud-based tools. Hence, as soon as you begin using cloud-based recordkeeping technology, it is fast and easy to extract and leverage accounting data across a number of different online platforms and save time spent on manual data entry.

Final Note

One thing is for certain, revolution in accounting technology has definitely taken place. Desktop-based system software is dead while cloud-based applications are ruling everywhere!  If you want to spend more time on doing what you love and be smart and more efficient with your record keeping, then cloud accounting is an unbeatable option for staying on top of your business finances.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Man analyzing financial data and charts on computer
Accounting is a key to manage finances and bookkeeping in a business. The easy and error-free way to manage business finances is to utilize tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparation for tax time. These tools make handling your small business easier and simpler. An expensive software is not recommended for a small business because small businesses need only to manage simple accounting operations and general ledgers. Cloud accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks like bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

CLOUD ACCOUNTING: Cloud accounting is the same as traditional accounting and bookkeeping procedures done on an accounting software. The cloud accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud’, where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on desktop software. The internet or another network is used for the process. The users access the cloud accounting software through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

Benefits of Cloud Accounting for Small Business

1.  Having access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time in other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. An up-to-date view of the financial status of the business allows you to make the right decisions at the right time

2.  Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for accountants and business owners. Small business owners do need time to interpret accounting information. Accounting software makes it easy to interpret accounting information.

3.  Cloud accounting software has multi-user access.

4.  A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.

5.  The Cloud accounting software is automatically updated.

6.  Cloud accounting reduces upfront business costs. You do not face regular maintenance and fees for upgrading the system.

 

A Few Cloud Accounting Software and their benefits

Here are five cloud-based accounting software with reasonable prices.

  1. FreshBooks

You can access it from the desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates.

30 days free subscription of FreshBooks is available for the new user having a business that costs $19.95 in a month.

  1. QuickBooks Online

QuickBooks is the bookkeeping and cloud accounting tool for small business and is used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by the customers.
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage inventory
  • Track expenses

  1. Kashoo:
  • Creating professional invoices
  • Categorization of income and costs
  • Connectivity with online credit cards and bank accounts
  • Online sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

 4. Outright:

Outright is an online cloud accounting system for small businesses and is used for tracking expenses, profit, sales, and customers. Bank accounts and other systems like PayPal, eBay, FreshBooks and web stores can be connected to outright and data can be easily exported from one app to another.

 5. Xero:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of Payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting software and applications make bookkeeping and accounting operations easy and less time-consuming. Cloud accounting software provides small business owners a great feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Effective business performance is key to survival in the start-up phase of any company. Implementing simple tactics can ensure success in a short span of time. Here are certain areas that entrepreneurs need to be mindful of in the initial stages of the business:

Small Business Owner working on making her start-up business successful

1.  The Right Focus on Your Target Audience

It is important not to try to please every person, as it leads the entrepreneur nowhere. In the words of Sally Hogshead: “If you’re not generating a negative reaction from someone, you’re not fascinating anyone.” Icebergs do not freeze up overnight. Hence, it is essential to start with something smaller, focus on a particular element and broaden it up later. Facebook is one such instance, as it was only for students at particular universities. The rest, as they say, is history. Apart from students, there are now Facebook accounts of juveniles, parents and even grandparents. This is the perfect instance of proper focus on the right audience.

2.  Social Media Utility

Direct interaction with your potential customers through social media is one of the most useful techniques for accessing the mass market. It is one of the most efficient methods for initiating a movement for a product or business. Apart from a wide coverage of target market, it is also a rather personalized method of marketing, which is quite cheap, if not free.

3.  Sticking to the very basics

In the start-up phase of a business, it is advised not to chase big ideas but rather focus on unique selling points. Business performance will work best if you turn your focus on the product’s unique characteristics relative to your competitors. In the beginning, it is recommended to focus on small, specific groups for which you have the most accurate idea of tastes, preferences and demands. They need to be observed for their behavior, interests and desires. It will not be too complicated, then, to find out which approach will be best for your target market.

4.  Keeping a Stringent Budget Line

It is perhaps the most obvious course of action which is often the most overlooked. Entrepreneurs need to remember that, in the start-up phase of the business, cash would run out if you do not keep track of the money spent. How the customers are going to be approached and retained matters less than how the cost will be managed. It is a good idea to keep a flowchart and spreadsheets for keeping track of costs and revenues. They also need to be updated and edited on a regular basis. To ensure your small company’s overall financial health, you must know the various tactics available for systematically and effectively getting rid of meager as well as serious cash outflows. From cutting down excess expenses to restructuring loans through a third party, adopting a proactive approach and formulating a payback plan enables small business owners to manage what they owe before it becomes unmanageable.

Check out America's Best Bookkeepers
5.  Planning Loan Contingencies

Resorting to loans is common in a start-up business. There needs to be a clearly formulated and laid down approach on how the loans will be repaid. They have a tendency to spiral out of control and can seriously damage business performance.

6.  Maintaining Liquidity

This is perhaps one element that most businesses do not put much emphasis on. The rule of thumb for entrepreneurs is that liquid assets must be twice the number of short-term dues. Then, and only then, a business can be considered covered. This should be a priority for doubling liquid assets.

7.  Going the Extra Mile for Customers

Satisfied customers are key for improving business performance in the start-up phase of a company. Entrepreneurs have to constantly look for ways in which customers can be satisfied. This can be determined by either after-sales services or efficient customer service.

8.  Polishing Economic Drivers of the Business

Every business in its start-up phase has key economic drivers that can generate maximum revenues. Rather than deploying every driver into earning revenues, it is smarter to focus on economic drivers that can greatly boost business performance. Once these have been capitalized, the focus can be shifted to other drivers as well.

9.  Customized Logos

This is also one area on which entrepreneurs do not place much emphasis. Logos are an efficient instrument to attract potential customers in the start-up phase of the business. Along with customers, it also develops a feeling of affiliation among employees, if logos are considered to represent them. Hence, this aspect is significant for effective business performance.

10.  Keeping a shorter chain of command

For a start-up business, it is recommended to keep a short chain of command for effective communication. A large chain of command can lead to a breakdown in the channel of communication and, subsequently, business performance

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.