An integral part of running a small business is analyzing your finances on a regular basis. You need to stay up to date on important financial aspects of your business such as your revenue, expenses, and cash flow. At PL Consulting, we specialize in putting together your financial statements and analyzing your financial position at the end of each cycle. However, you still need to understand the basics of accounting when it comes to your small business. Luckily, we have put together an overview of the financial statements you need to prepare.
If your company is still using a paper check system, you might be making extra work for yourself and sacrificing efficiency. Over 82% of employers in the US use a direct deposit payroll system and accounts payable system, which often benefits companies, employees, and vendors alike. Payroll reports and vendor payment reports are still easily accessible. However, the overall workload of payment is significantly reduced. Continue reading “Benefits Of Direct Deposit”
Growing a small business is not an easy task, especially since there is an ample amount of competition in today’s marketplace. As a small business owner, you might have limited resources when trying to expand and improve your business. However, your main goal should be to draw in a new customer base. Luckily, there are a few simple tips you can follow if you want to gain new customers. Continue reading “How To Gain New Customers For Your Small Business”
As technology is constantly improving, you do not need a traditional office space to start a small business anymore. Many successful small businesses are based online in the comfort of the homes of business owners. However, starting your own business requires a lot of planning and research. You want to ensure that your business idea will be something people will want to invest in and generate a profit in a timely manner. Luckily, there are a few simple tips you can follow for those of you dreaming to start your own small business. Continue reading “3 Tips To Starting Your Own Small Business”
As a small business owner, chances are you have a limited number of resources and a finite amount of time to accomplish tasks on a daily basis. It is essential that you learn how to use your resources wisely to make a profit. The key to having a constant stream of revenue and maintaining a profit for a small business is to be as productive as possible. So, you need to learn how to use all of your employees wisely. Luckily, there are a few simple tips to improving the productivity of your small business.
When it comes to running a small business, you want to be as productive as possible, especially if you are just starting out. If you want to have a productive business, you first need to work on being organized. The key is to create systems and procedures to allow for an organized work environment for all of your employees. Luckily, there are a few simple tips for organizing your small business. Continue reading “How To Organize Your Small Business”
For a small business, it can be difficult acquiring a new customer, let alone maintaining your current customer base. Often times, we focus so much on bringing in new business that we forget about making sure that the clients we currently have are happy. Customer loyalty is the real key to increasing sales, and ultimately, improving the revenue and profits of your business. The professionals at PL Consulting specialize in customer retention and growth. Luckily, there are a few simple ways to retain customers at your business. Continue reading “3 Simple Ways To Improve Customer Retention”
Several elements need to come together to keep a small business running. One of the most important aspects is cash flow, which is the total amount of money, physical or virtual, transferred in and out of a business. Having cash flow consistently into your business keeps your employees paid and the lights on. You need to learn how to convert sales into cash consistently and quickly so that you can build a safety net for the future. Luckily, there are a few simple tips to boosting cash flow for your small business. Continue reading “How To Boost Cash Flow For Your Small Business”
As a small business, you need to purchase supplies and items to maintain daily operations. Many times when you purchase an item from a vendor or supplier, they send an invoice, which is a part of your accounts payable process. The accounts payable process refers to a set of practices and policies set by a company to manage its vendor purchases. If you do not manage your invoices well, it can result in late payments, damaged relationships, and poor cash flow. Luckily, there are few simple tips to improving your accounts payable process. Continue reading “3 Tips To Improving Your Accounts Payable Process”
One of the most important tasks of any business is to pay their employees on a consistent and timely basis. However, if you are a small business just starting out, that might be easier said than done. Having an efficient payroll management system involves patience and having an extensive knowledge of state and federal tax requirements. Luckily, there are a few simple tips to improving your payroll process so that your employees can get paid consistently and accurately. Continue reading “Do You Want To Improve Your Payroll Process?”