Whether you are a solo freelancer or run a growing startup, having the right systems and tools in place can help you effectively and efficiently run your business. Poor management has led to failure at countless small businesses. Make sure you have the right tools and systems to build a successful, long-term business empire.
Accounting and Bookkeeping
The core of your business financial systems is your bookkeeping and accounting. This system tracks every dollar your business makes and spends, so it is imperative to have one that is feature filled and efficient to use. You are too busy running your business to spend hours dealing with accounting every day!
You have many options to choose from in the world of small business accounting. Popular software packages include QuickBooks, Xero, Wave Accounting, and others. Choose a system that offers features you can grow into that will serve your business well for years to come.
If your business earns more than about $40,000 per year, you should be paying yourself a regular paycheck, not simply owner draws. When you pay yourself only through owner draws, 100% of your take home income is subject to the self-employment tax, an expensive tax that you may be able to reduce by taking advantage of a quality payroll system.
If you pay yourself a regular paycheck, only that income is subject to self-employment taxes. Any income beyond that is paid out to you as a dividend, on which you only pay your regular income tax rate.
Your payroll system should be easy-to-use and easily integrate with your accounting system for simple, quick payroll and bookkeeping.
Invoicing is your last step before you get paid, and is a lynchpin in the entire revenue stream of your business. A poor invoicing system could mean not getting paid for services performed. That wouldn’t be a good thing!
You have many options for your invoicing, including some systems built into your payroll and bookkeeping, though those typically charge expensive add-on fees. Invoicing gives your business options to get paid through a free digital wallet.
These invoicing tools are simple and efficient, freeing up more precious time to focus on your business while leaving the complicated parts to us!
You have a lot to do. As a busy entrepreneur, keeping everything straight can be a serious challenge. We are again lucky to be living in an age where your to-do list can be digital and automatically sync between your laptop and phone so you can literally run your business anywhere with an internet connection.
Popular tools today include Asana and Trello. Both platforms are great for individuals and teams working to manage projects in any industry. Each has its own benefits and quirks, so give both a look and decide which makes the most sense for your business. Both Asana and Trello are free to use with premium versions for additional features.
Over 200 billion emails are sent each day. That is millions of emails every second. Email is the number one method for businesses communications today. Many business owners complain that email takes too much of their valuable time and energy. If that sounds familiar, make sure you are using the best email system for your needs.
Gmail has left Yahoo! and Hotmail in the dust in terms of features. Plus, integrations with applications like Streak, Front, the optional replacement interface Inbox by Gmail gives even more power and efficiency to your digital communications.
Scheduling and Calendars
Juggling a busy schedule is a challenge even to people who are not busy running a business. As an entrepreneur, it is vital that you keep your schedule and appointments in order.
If you use Gmail, Google Calendar offers a simple, powerful interface with lots of integrations to popular tools. Level up your calendar with tools like Calendar.com for appointment booking and X.ai for appointment scheduling.
Microsoft Office remains the favorite business productivity suite for good reason. Programs like Word, Excel, PowerPoint, Publisher, Access, OneNote, and Outlook can handle nearly anything your business can throw at it.
If you are on a budget, prefer an online only option, or just love that Google product suite, Google Docs, Google Sheets, and other members of the G Suite offer an alternative without paying for an expensive Microsoft Office software license.
Embrace Your Unique Needs
Every business is unique and has individual needs. There is no out-of-the-box solution that is perfect for everything a business needs, but through the right tools and systems, you can save time, money, and headache and navigate your business to long-term success.