According to PayStream Advisors, about 55% of companies still handle their accounts payable processes manually, which is time-consuming and prone to fraud and errors. An automated system saves a lot of money and time. It also reduces data entry errors and helps prevent fraud through a “touchless” check system that runs in the background. Taken together, these features provide important benefits to companies that use accounts payable automation software. Accounts payable automation software helps reduce the number of manual tasks that finance professionals need to perform. For example, instead of manually managing supplier invoices and recurring expenses, companies can use an automated system to submit invoices, manage the invoice approval process, and pay suppliers.
Separating personal and business funds is one of the “Business 101” lessons that some small business owners ignore. In fact, according to a Clutch survey, more than a quarter of small businesses don’t have separate business bank accounts, and 23% of businesses say that mixing business and personal finances is a business challenge.
These owners’ concerns are justified. Combining business and personal funds is a risky practice that can make it difficult to monitor cash flow and ultimately erode company value. This is a big red flag for auditors, whether they are government or in-house.
To avoid this problem, open a business account and use it to manage all business-related inflows and outflows. This includes your own payroll. Payroll should be a fixed amount, not a lump sum at the end of each month. Your bank may even offer a business credit card that allows you to manage your cash flow while running your business, instead of using a personal card. This way, you can easily access and organize all your business-related items when you need to prove deductions or other transactions.
Ultimately, you need to realize your value proposition to grow, including your bank account. This is a constant challenge for small business owners.
If you don’t continually acquire new customers, you’ll lose them to your competitors. And while some boutiques and small businesses can get by with the same few customers each year, businesses looking to grow and profit need new customers to achieve their goals.
To attract these customers, business owners need to employ marketing strategies that attract, engage, and retain customers. This is where companies that get it right can truly shine.
Some businesses outsource their marketing to third parties, while others get creative and bring their marketing in-house. Guerilla tactics can help you get a lot of attention on a small budget. There are also plenty of how-to resources, such as Entrepreneur.com’s Marketing News and Topics section, where you’ll find relevant articles and videos to help you spread the word about your business and drive new sales. Even financial leads can help your social marketing efforts in surprising ways.
