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Most business owners do not realize that they simply cannot accomplish everything in one day. Don’t follow in their footsteps! Read through this helpful article to help you have more productive work days.

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It gets tricky when you’re your own boss. Read through this article to help you find your balance!

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Do you use Google+ for your small business? If so, you may not have noticed, but there have been a few changes! Read through this quick article to find out how these changes can actually help you!

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“Almost every small-business owner hopes to hit a rapid growth stage. But when fast growth hits, it can bring more than you bargained for if you’re not prepared. One way to handle rapid growth is to create and structure your team properly.”

Click on the link to keep reading!

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It’s Tax Tip Thursday! Take a peek at this article to gain some tax wisdom.

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Turning your passion into your job is easier than finding a job that matches your passion.

Seth Godin

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“5 lessons my dad taught me from running a small business”

This article gives great advice from the point of view of a man who grew up in a small business family. He definitely knows what works and what doesn’t work; he’s had a lifetime of experience! The article can be seen below, and the link will be placed at the end of the article. Enjoy!

I am the product of a small business family.  My dad started his first business the year I was born and by the time I left high school, he was running his third business.  Right now, he’s on his fourth.

Being part of a small business family wasn’t always easy.  There were good times, but there were also tough times.  The hours were long and everyone had to contribute.  Growing up, I started to notice the difference between our family and my friends’ families, where their parents had a regular, corporate job.

Today, I am nothing but grateful for what my dad has given me. In fact, I feel very lucky and privileged because I got to witness my dad doing what he loved.  Like so many small business owners, he wouldn’t have been happy doing anything else.

I don’t think he ever specifically told me he loved his work, and I don’t remember ever discussing the trade-offs of starting a business.  But what I did learn from him is that we should all do something that makes us happy.  This is an incredible gift which has shaped key decisions in my life. I also learned some great business fundamentals – lessons which I reflect on and share with others whenever I get the chance.

1. Dream big

Someone has to have a vision for your business and it should be you. Share your vision with your team, suppliers, customers … anyone who will listen.  We all love a story and love to be a part of something bigger than the here and now – your vision adds to the intangible elements of what you deliver to your customers, they will value it.

2. Act small

Understand the little details that make people love your business. This is the strength of startups and small businesses. It’s harder for a big business to compete on this level, so use them to your advantage.

It may be the fun way your team interacts with your customers, or the technology you use to shape your brand. Whatever it is, make sure it is done 100% of the time and done with an edge that makes you different.

3. Cash is king  

Measure and track your cashflow, understand how cash flows in and out of your business, and prepare a forecast.  There will be tough times, so being on top of your cashflow will let you steer your business proactively in both good and bad times.

Lots of business owners find forecasting difficult.  If this is the case for you, don’t avoid it, just get help.  Your bookkeeper or accountant can assist.  Keep it simple but make sure it captures the main drivers of the cash cycle of your business.

4. Ask for help

You’ll be doing so many things for the first time and there will be so much to learn.  Don’t ever be nervous or shy to seek out help. Most people will say yes and if they don’t, they’ll generally make up a polite excuse.  There are many experts who are willing to help you, whether it be help in search engine advertising, creating a presence on social media, questions about managing staff or any other topic.

5. Prioritise, prioritise, prioritise

I once heard a small business owner say, “We’re lucky, we get to choose which 8 hours of the day we don’t work.” It really struck a chord with what I saw growing up and have seen in so many startups and small businesses since then. The days are long and the commitment unquestionable, but there are still too many things that don’t get done.  The only solution is to accept that you only have 24 hours in a day so make sure the important things get done.

Source: http://myob.com.au/blog/5-lessons-my-dad-taught-me-from-running-a-small-business/

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Excuses will always be there for you, opportunity won't.

Unknown

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Improve your business with mid-year resolutions

If you’re like many people, January feels like a lifetime ago. Now that we’re already halfway through the year, it’s a good time to reflect on how your business has performed. Are you where you thought you’d be? If you want to improve your business, let’s look at some mid-year resolutions so you can stay on track and keep inspired for the rest of the year. The year is a little past being half over, but these tips still apply!

Keep your business in shape for the rest of the year

People often make New Year's resolutions to live a better life. For example, they might resolve to eat a healthier diet, exercise more often or cut down on alcohol.

You may have made resolutions for your business for the same reason – to help it stay in top shape for the year. Since your business thrives on money, it makes good sense to look at its financial health and see where you can make improvements.

Here are ten ways to help you understand what you might be able to achieve in the rest of the year. Some you can put into action right now.

1. Reconcile your accounts

Having an accurate view of your financials is always a good place to start if you want to improve your business. It doesn't hurt to go through any sales receipts and invoices you have, and check your bank account to make sure the figures add up.

Quality accounting software will make this easy for you – in fact it will do most of the work automatically. It will also enable you to quickly see the big picture for your business and gauge whether you’re reaching your goals.

2. Talk to your accountant or bookkeeper

One good reason for making sure your accounts are reconciled is so that you can pass them to your accountant or bookkeeper for checking.

Some accountants or bookkeepers might not want to look at the detailed figures until nearer the end of the financial year. But if you can persuade them to take a quick look now, they may be able to give you a rough idea of what your tax bill will be.

It's good to have that knowledge sooner rather than later. That way you can ensure you save the right amount of money, avoiding any unpleasant surprises.

3. Review your business year so far

Take some time to reflect on the year and ask yourself some important questions:

Did your business grow?

Is your business thriving?

How did your revenues and profits compare with the previous year?

Plot sales graphs in your accounting software. Is the trend going up?

Look into expenditure over the past 12 months. Any concerns?

If you made a list of goals last year, did you achieve them?

In short, try to understand how your business has changed since the start of the year. If it's grown, give yourself a pat on the back – and keep going.

If it hasn't grown, ask yourself why, and dig into the figures to find out more. Now might be a good time to get professional advice from an accountant,bookkeeper or business advisor. This will help you stay on track for the rest of the year.

4. Stay up to date with tax law

Tax laws and codes change on a regular basis. Talk to your accountant to make sure you're up to date, and understand how any changes affect your business.

Be sure to update your internal systems too, such as online payroll. With the right software this will be easy to do.

5. Confirm important filing deadlines

Talk to your accountant or financial advisor and make sure you know when to file and pay. For example, if you have to pay quarterly, set up your calendar with the appropriate alerts and reminders for the coming year.

Having an accurate view of your financials is always a good place to start if you want to improve your business.

6. Update your payroll

Mid-year is a good time to revisit payroll. Items to consider include:

Handing out bonuses Check local legislation – you can probably do this now instead of waiting for the end of the tax year. It might help your tax accounting to do it sooner rather than later.

Setting up direct payments Get your employees on direct deposit payment schemes to save everyone time, money and resources. Ensure that W-2 form filing happens on time.

Reviewing employee status Make sure you know the difference between an employee and a contractor or consultant. Check the status of all your employees. If you get this wrong it will cost you money – you may be penalized by the government.

Distributing pay stubs In most countries you have to keep accurate records of employment, including hours worked and wages paid. Legally, you may not have to supply this information to your employees, but it can be helpful to do so. They may need it one day, such as when they apply for a loan to buy a house.

Making pension or superannuation payments There's still time before the end of the tax year. Use it to think about whether you want to pay more money into your own pension or superannuation scheme. Review the schemes you've set up for your employees too, and check they're still appropriate.

Read our payroll guides for more useful information on this topic.

7. Revisit your accounting software

When you’re busy with the day-to-day of running your business, it's hard to think about upgrading or changing your accounting software. So choose a quiet period of the year to consider doing this.

If you're still using desktop software or Excel, think about the benefits of moving to online or cloud accounting. Cloud accounting software lets you access your business accounts online from anywhere at any time, using a laptop, tablet or smartphone.

You'll also reduce your IT costs, because all the software maintenance and upgrades are handled for you. And it's secure, with powerful encryption and remote backups. So there's less chance of your vital business information being lost or stolen.

Do your research, find out which accounting software might be suitable, then try it out. Most have free trials so that you can see whether the product is right for you and your business.

8. Look at the big picture

If you end up with some extra time on your hands, try to use some of it to relax. It's important to wind down and give yourself a break from work. Taking time off to spend with family and friends will help you recharge, ready for the rest of the year.

This quiet period can also help you get a broader perspective on your business. When you're not concentrating on day-to-day tasks, you're free to think outside the box. Some of the best business development ideas occur when people are relaxed and enjoying other things.

So kick back, relax and switch out of work mode for a while. You and your business will benefit.

9. List your goals for the rest of the year

If you want to improve your business, make a short list of your business goals. See if you are on track with reaching them – and see if you need to revise them at all. These goals might be about sales target or revenue figures, opening new stores, taking on more staff, or simply improving business relationships with existing clients.

Try to combine ambition with realism and give yourself some goals that you know you can achieve if you try. Work towards these and check them each month to remind yourself where you're going.

10. Keep your accounts in mind

A well-run business has well-managed accounts. With the right financial tools you'll know the financial health of your business at all times. This will help you make the right decisions – not just daily decisions, but long-term strategic ones too.

So if you only make one business-related mid-year resolution, make one that counts. Resolve to improve your business by managing your accounts well and planning your business finances carefully.

Get help from an accountant, bookkeeper or financial advisor if you need to, so you can map out a financial plan. And use whatever tools you need to help you keep a close eye on the money flowing into and out of your business.

If you can stick to this resolution, it will be much easier to improve your business and keep it on track for the rest of the year.

source: https://www.xero.com/us/small-business-guides/accounting/improve-your-business/

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"Strive not to be a success, but rather to be of value.

Albert Einstein

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Non-Profit Accounting: The Basics

Running a non-profit organization is different from managing a conventional business – and the accounts are handled differently too. So what do you need to know about non-profit accounting? Keep reading to find out!

Non-profits are businesses too

Non-profit businesses are sometimes called not-for-profit entities, especially by accountants. Unlike a conventional business, a non-profit company's main aim isn't to make lots of money.

Instead these entities are often charities or small clubs. They handle money, such as donations and membership fees, but in a different way to a for-profit business.

In other respects a non-profit company works just like a regular business. Money comes in, money goes out, employees are paid and day-to-day operations are carried out.

All of this has to be accounted for, by law. There are legal processes that not-for-profit entities have to go through – when they are formed and on a regular basis from then on. Non-profit accounting is a big part of this work.

In this guide we'll look at what you need to do to set up your non-profit company and keep it running smoothly – and legally.

Is your business really non-profit?

Not all types of business are suitable to be run as non-profit organizations. Here are some questions to ask yourself:

What's your motive? What is the purpose of your business? If it's to provide charitable services, or to handle the accounts of a social or sports club, there's a good chance it qualifies as a non-profit.

Where will revenue come from? Non-profits tend to get most of their income from donations, membership fees, fundraising events, grants from the public or private sector and perhaps investment income.

Are there other non-profits like yours? Whether or not your business will be granted non-profit status depends on a number of factors. It will help if there are other not-for-profit companies with a similar structure.

The regulations vary depending on where you set up your business, so check local laws for guidance.

Six steps to get started as a non-profit

There are some hoops to jump through before you can start running your not-for-profit business:

Incorporate your company File the necessary paperwork with the appropriate government agency. It's easy to forget to do this, but you may be liable for extra taxes if you don't do it on time.

Apply for tax exemptions Laws vary: in the US, for example, you can apply for Federal and State tax exemptions as a 501(c)(3) organization. Again, do this early on to get the most benefit from it. Note that although your business is tax-exempt, your employees will still have to pay taxes.

Create a business plan Good quality non-profit accounting software can help you here, allowing you to run through different forecasts and scenarios. Play with the numbers and see which plan works best for you.

Plan your fundraising You'll probably have no products or services to sell, at least at the beginning. So how will you raise money? A well-thought-out fundraising plan will help keep cash flowing in.

Look into financing Non-profits can apply for various grants and other forms of finance, from the public and private sectors. An online search can be helpful here. Check your government's business website for details.

Structure your outgoings How much can you afford to spend? Your business was set up to provide a useful service, but you'll need to budget carefully to make sure expenditure doesn't exceed income. Again, accounting software can help here.

You might need some assistance with all of this, so consider hiring an accountantto help you.

Record all revenues

Non-profit companies can have many different sources of revenue. Each of these must be accounted for:

Pledges A pledge is a promise to give money. Some pledges might be conditional on a future event (such as the same amount being matched by another donor), so record these carefully.

Donations These might come as a result of street collections, postal campaigns, cold-calling, web advertising or email marketing. All donations must be recorded, whether cash, check, money transfer or internet payment.

Volunteer time Time is money, and must be accounted for as such. That's especially true if it adds value to your organization, or if the person concerned has a special skill such as bookkeeping.

Membership dues These are collected by social clubs and societies in return for access to facilities or services.

Special events If you collect entrance fees for a fundraiser or other event, this is revenue to be recorded.

Investments Larger non-profit organizations might buy investments such as stocks or land. There are rules about this, so check your tax office for details.

Grants and other lump sums Remember there are grants available for non-profit companies, from central and local government and also from the private sector. All the money you receive in this way must be recorded in your accounts.

Think like a regular business

Just because you're running a not-for-profit company doesn't mean you can't strive to make your business successful. The more efficiently you run your organization, the better the service you'll be able to provide to the people who need it. Here are some ideas:

Hire the right employees A non-profit organization doesn't technically have an owner. But it does still have people in positions of responsibility, such as the secretary or treasurer. It's important that these people fulfill their roles to the best of their abilities. So make sure you hire well.

Strive to earn more than you spend You're not technically trying to make a profit. But if you collect more in revenues than you spend, that extra money can be either reinvested or spent on extra services or facilities.

Look for business opportunities Network with business owners, talk to advisors and your peers. Learn about opportunities to raise money for your non-profit company or improve the services you offer.

Talk to your 'customers' The people receiving your company's services can be considered as customers. Whether it's the members of the club you run or the recipients of your charitable services, talk to them. Find out what they really need from you, then tailor your organization to match.

Choose good accounting software to keep an eye on the numbers

Just like any other business, a non-profit company is best run with one eye on the accounts. If you have the right accounting package you'll be able to do this easily. Look for these accounting features:

Ability to handle non-profit organizations That might seem obvious, but some accounting software was written only with conventional businesses in mind. Try to find a package that was designed with at least some input and feedback from not-for-profit entities. It's likely to work better for you.

Full reporting You might want to track things like accounts receivable ratios, liquidity graphs, monthly timelines of income and expenditure and other useful statistics. High quality accounting software will let you do this, with a 'dashboard' of useful numbers that you can access quickly and easily.

Collaborate from anywhere, at any time Many non-profit organizations are tight on money with no fixed office space, so they need to have employees working remotely. Cloud-based software make perfect sense here, allowing your accountant or bookkeeper to update the accounts wherever they happen to be.

Tools for growth Your business might stay small, or it might grow as you reinvest revenue to help people. Choose non-profit accounting software that can be scaled up for extra users, and extended with add-on apps to handle new features that you might need.

Automate those manual time-consuming tasks If you're running a non-profit business in your spare time, you'll want software that can handle all the important tasks for you – in one place. That way you'll get more done in less time.

Make the most of your non-profit status

There are advantages to running a not-for-profit organization. Obviously the big one is not having to pay tax on net income (subject to local laws).

The paperwork tends to be lighter, too, as governments try to keep non-profit red tape to a minimum. For example, you may be exempt from providing regular balance sheets and statements of income.

All of this will hopefully leave your business with more money in its accounts. Use it wisely. Your organization was set up either to serve its members or improve the welfare of a group of vulnerable people – or society in general.

By following best practices and carefully monitoring all the money received and spent, you'll be able to serve those people well – and make a real difference to their lives.

Source: https://www.xero.com/us/small-business-guides/cloud-accounting/non-profit-accounting/

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How to get your work-life balance right in 2015

Running a business can be stressful, because it's often hard to take time off or relax. But your business will run more smoothly if you get a good work-life balance. Here's how to do it. Trust me you’ll want to read through this quick article!

All work and no play harms your business

Business owners tend to be workaholics. They believe that working hard is the route to success. And so it is – up to a point.

Unfortunately, too much hard work can kill you – literally. Excessive stress can lead to high blood pressure, heart problems, ill health and lack of fitness. Death through overwork and stress is still common in some cultures today.

But driving yourself and your employees too hard is not only dangerous and unhealthy. It's also an inefficient way to run a business. It stifles creativity and kills motivation. A good work-life balance is essential if people are to perform to the best of their abilities.

In this guide we'll explore how you can balance your life with the optimum running of your business. This will help you and your employees get the best of both worlds.

Take a scientific approach

Psychology and scientific research have taught us a lot about how our brains work. If you want to get your work-life balance right, these lessons from science can help you make the most of your work time:

Don't force creativity The creative parts of the human brain often kick into action when we're distracted by other things, and especially when we're relaxed or tired. This is why good ideas often "pop into our minds" overnight. The best way to solve a problem creatively is to concentrate on it for a while, then forget about it and relax.

Early riser or night owl? Some people work better in the morning, others in the evening. There's little you can do to change this – but you can adapt to it. Ask yourself which type of person you are, and save the most challenging work for the time of day when you're at your mental peak.

Schedule your day sensibly The afternoon lull, usually between 2pm and 4pm, is a bad time to do intensive intellectual work. That's true regardless of whether you're an early riser or a night owl. Unfortunately, taking a siesta or "power nap" at work might not send the right message to your employees. Use this period to get simple admin work completed instead.

Stress is good – in moderation There's evidence that small amounts of stress from time to time may help our bodies stay in peak condition. However, long-term stress is bad for us, weakening our immune systems and prematurely ageing our bodies. If you're permanently stressed by your work, the cortisol and adrenaline in your bloodstream from the "fight or flight response" are damaging your health. Time to ease off.

Find the right work pattern

Hard work is unavoidable if you want your business to succeed. But that doesn't mean you have to work hard all the time.

There will be times when your business needs you to put in extra hours of hard effort. This might occur when pitching for a new client, applying for investment funding or opening a new store.

Keep track of such times and try to compensate for them later. For example, after three weeks of hard, intense work, you might take a long weekend away to recharge your body and mind.

Think of your work pattern as being like a bank. You "pay" in relaxation time so that you can "spend" with hard work when you need to.

Five practical tips for balancing work with life

It's one thing to have good intentions about your work-life balance, but quite another to carry them out. Here are some ideas to get you started:

Learn to delegate The most successful business managers are those who can delegate the right work to the right people – and then let them get on with it. If you're a micro-manager or someone who finds it hard to delegate work, try to change. Your business is more likely to flourish if you learn this skill, and you'll feel better too.

Take all your holidays And encourage your staff to do the same. Without a holiday, life can start to feel like being on a treadmill. That's no way to run a business. Take breaks when you can, and make the most of your time away from work.

Get regular medical check-ups The warning signs of overwork will be clear for everyone to see – except you. Business owners tend to be blind to their own symptoms of stress because they're so wrapped up in their work. So get regular check-ups. Simple tests will indicate whether you need to reduce your workload.

Stay healthy Eat sensibly, avoid stimulants, exercise regularly and get plenty of sleep. Keeping your body healthy will help your mind cope with the pressures of running your business.

Switch off Learn how to switch off properly at the end of the day and at weekends too. Resist the urge to check your business email or log into your work systems out of hours. Relax and switch out of work mode entirely.

Improve your working environment

You can't escape work, but you can make the experience as pleasant as possible. Here are some tips:

Redesign your office Pool tables, break-out areas and bean bags look great if you're a tech startup. But you can take simple steps to improve your working environment. Sometimes a fresh coat of paint, a few plants and rearranging the furniture are all it takes to brighten up your workspace.

Take the office with you Online computing means you don't have to be in the office to be connected. Whether it's email, accounting software, inventory management or conferencing tools, you can take it with you. Online applications let you reconcile your bank account in a café, send invoices from the beach and catch up with emails in the park. You can do a lot of your work from anywhere, at any time.

Enjoy natural daylight This is important for your mental health and sleeping patterns. It’s common for people to have difficulty sleeping if they don't get enough daylight. So if your office lacks windows, get out at lunchtime and take a break in natural light.

Be sociable Closed doors and cubicles make it harder to interact with your employees, and for them to interact with each other. The most successful modern businesses have offices that are specifically designed to encourage people to meet, chat and circulate thoughts and ideas. This improves well-being and productivity. So tear down those cubicle walls and encourage your staff to mingle.

Resist the urge to check your business email or log into your work systems out of hours.

Remember why you're in business

Think back to when you started your business, and ask yourself why you did it. Perhaps it was so you could have more independence, more money, greater intellectual challenge, or extra free time to spend with your family. Maybe it was all of those things.

Keep your goals in mind at all times, write them down and have them in a place where you can easily see and refer to them. This will make it easier to avoid work becoming an end in itself. It's important to keep a sense of perspective. As the old saying goes, nobody died wishing they'd spent more time at work.

Your work-life balance affects how successful you'll be at running your business. Slaving away all the time will have a negative effect on both your business and your personal life. If you take the time to get the balance right, you'll have a successful business – and the health and freedom to enjoy it.

Source: https://www.xero.com/us/small-business-guides/

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A river cuts through a rock not because of its strength, but its persistence.

Unknown

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Payroll Myths and Mistakes

“ Payroll is an essential business function, not unlike sales and customer service, it isn’t just a bookkeeping annoyance. Because it’s the primary way employees are rewarded, late or incorrect paychecks can lead to a dissatisfied, unmotivated workforce, and perhaps even worse since it can be difficult to retain people when their payroll is always messed-up.”

This article discusses some common myths and costly payroll mistakes and is definitely worth checking out! 

http://www.intuitiveaccountant.com/payroll_merchant_services/payroll-myths-and-mistakes-%E2%80%93-part-1/#.Vafk16RVikp