A lot of business people are always reluctant when it comes to seeking professional help either because they feel that they know their product or service too well, or something else. Well, whatever the reason may be, it is not worth foregoing the perks that come with hiring a consultant to help in the marketing, bookkeeping or hiring for your business.
You may be an expert in sales and marketing but what about the others? Well, this is why you may need to a guru in the fields you are not perfect in. As much as this may sound great, a number of entrepreneurs get it all wrong when it comes to sourcing for a consultant. PKJ Consulting highlights the five factors to consider when hiring a consultant for your small business. #1.Noble Character The number one thing to consider when hiring a consultant in any field is their character. The person must be of impeccable character—a consummate professional. You want as much as possible to go for a consultant that will put your interest ahead of his or hers. Generally, a good consultant must be one willing to speak the plain truth about the client’s business no matter the consequences. #2.Well-Experienced Lack of sufficient experience in a certain area is the most likely reason for going for a consultant. If you are to settle for anyone short of experienced, then it would beat the whole logic of engaging a professional. The consulting space is usually known to have professionals with tons of experience in their areas of expertise, so never settle for a lesser deal. You want to go for a consultant whose experience is backed up by a traceable history and not merely paper-stated experience. This will reduce your chances of falling into the “not so right” hands—that is, lesser experienced individuals. Anything above 10 years of experience is worth taking to the bank. #3.Problem Solver A good consultant must possess outstanding problem-solving skills. It is, after all, the purpose of getting one. According to Marvin Bower, a renowned Management Consultant, an outstanding consultant should possess the right mental equipment—must have magnificent analytical skills and ability to process his or her thoughts speedily to reach a solution. In addition, the consultant must be creative, a quick and effective learner. #4.Good Communication Skills The ultimate consultant knows too well the importance of good communication. This definitely, is a factor you must be willing to counter-check when hiring a professional. The consultant must be articulate with the ability to communicate both orally and in writing. Also, be sure to watch out for his or her listening skills—communication is two-way. #5.Exceptional personality For any consultant to be of value to your business, he or she must be a trustworthy person—someone capable of revealing any confidential secrets of the business to. If you are unable to trust the consultant, it may greatly hinder his dealings with your business. The point is, you want to go for someone you are capable of establishing a close but professional relationship. Next Step Hiring a consultant could either be an opportunity to exploit what they have to offer to be able to trade competitively. This requires you to have a keen eye for the above stated factors. A great place to start may be PKJ Consulting, a renowned US-based consultancy out to help businesses that struggle with hiring the right staff, bookkeeping, business operations, and marketing. If this seems like you, feel free to contact us to run the race for you as you wait to reap the benefits at the finish line.
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6 Bookkeeping Tips To Implement Today! Are you the kind of person who maintains financial records in the head? Not only is it unreliable to other stakeholders such as creditors and customers but also dangerous to your health. Normally, you will be required to constantly think about every tiny detail of your operations. But that’s fine if you’re a genius, although a disaster in waiting for an average human. It goes without saying that proper bookkeeping is inevitable if success has to share a sentence with your business name. Well, after reading this article, you’ll learn about some of the best tips for bookkeeping like a pro that you probably aren’t, just yet. Let’s dive right in! Tip #1.Plan your Expenditure If there’s one thing that crumbles businesses faster than the common causes, is the failure to plan your business expenses. If you’re not going to involve a qualified consultant in your bookkeeping journey, chocking your business up with loans might be the least of your worries. You’re also likely to miss out on business opportunities resulting from misappropriation of funds. Tip#2.Separate Personal and Business Finances Sounds obvious, right? But impractical to many. One way of ensuring a clear separation of finances is through having a separate bank account for the owner and the business. This will spare you the pain of having to sift through your transactions to separate your personal and business transactions such as bank payments. Tip#3.Get Cloud Bookkeeping Software Long gone are the days when companies maintained huge files in cabinets that were more spacious than some studio apartments—well, almost that big. Cloud applications offer real- time access to information by the owner. Of course, this doesn’t eliminate the need for expert accounting guidance. Tip#4.Pay Taxes on time Taxes are the main income of the state—imagine how much you guard your income stream and equate your ability to do so to that of government. The IRS has been known to impose hefty fines and penalties to individuals or businesses that default in their tax payments. In some instances, businesses have had to be auctioned or liquidated for owing the state. At this point, closure would be your easier way out. Be sure to keep taxes in check by having a clear layout of the deadlines for filing and remittance of taxes and other statutory deductions. Tip#5.Keep an Eye on the Debt Level You’ve probably seen companies run out of business with a huge Trade Receivables list, right? Well, this is common to start-ups and can ruin a 100% Equity-financed business in what may seem like an instant. There is no lesson for anyone willing to be lenient to others and not to his or her business. Wake up and realize that worthy customers are not easy to come by, don’t expect them from every corner of the street. Tip#6.Always Set an Audit Trail An audit trail allows you to trace your financial transactions should need to arise. Developing such a habit sets a logical way of doing things which can be quite beneficial when filing your returns or during an audit. Over to You Bookkeeping is a complicated term for staying organized. As much as you may have your own code of conduct when it comes to proper bookkeeping, there really aren’t hard rules about keeping proper books of accounts. Tip: Be sure to understand the three golden rules of bookkeeping and accounting and apply them consistently. Did we leave out any tip that works for you? We’d love to hear about it in the comments section!
BENEFITS OF QUICKBOOKS ONLINE FOR SMALL BUSINESSES AND ENTREPRENEURS QuickBooks Online is the most powerful, simple, and easy-to-use online accounting software for small businesses and entrepreneurs that helps in the management of business’s finances in just a click. As a small business owner, you need to utilize every opportunity you can possibly get to improve on your business. Even if you do not have much technical knowledge or experience, QuickBooks take pleasure in several features that support small businesses and entrepreneurs in order to make them remain as efficient as they can. Just like the product or services you offer, accounting is as much a portion of your business that should be taken seriously. As business financials comprise of several areas, you need to remain well-versed for continued success while also ensuring you remain on top of the developments in your business. With QuickBooks, you can be there. By making use of the software to manage your accounting, you will be able to enjoy benefits such as the following - Easy Reporting: With QuickBooks, you can generate well-timed reports like your cash flow statement, balance sheet, profit and loss record and accounts receivable and payable aging. These reports make financial statement analysis on your business easy. Precise Money Administration – On the list of keys to running a successful company, particularly small businesses, knows in which every dollar will be down to one more cent. With QuickBooks at your disposal, you can effortlessly carry out tasks like record transactions and established due dates pertaining to recurring bills, in order for you to have a much clearer idea of where your company’s financial situation stand. Payroll Management – In case you have employees that are working on your company; QuickBooks Online will assist you keep track of what they are owed as well as time to pay them. This software offers an inbuilt payroll feature that keeps track of payroll in addition to assisting with payroll taxes within a user-friendly interface. Keeping track of sales and expenses: When you apply QuickBooks, this implies you have a way to easily keep track of your sales while also creating invoices for the customers who invest in you. The “class” feature it has will help you create tiny profit and loss statements per section of your business. From starting your profit and loss to handling your expenses as well as your cash flow, there are several things you will wish to keep track of so as to be successful in business. By making use of QuickBooks, you can generally guarantee that your financial records are accurate, which will assist you in making sound financial decisions to your business. Want more information on how QuickBooks Online can help you grow your company and achiever your financial goals? Contact PKJ Consulting at (702) 420-2408 or info@pkjconsulting.com! Accounting is an essential part of every industry, and it is one of the mundane tasks that is required to keep any business running. Bookkeeping is the most essential task in small business that several owners routinely ignore and struggle to manage in their operations .The process of accounting might seem like a terrific time waster to the majority of small business owners however, it is a silent element that could either make or break your small business. There are three most important financial procedures that are concerned in the management of bookkeeping details of a small business. This includes profit and loss account, cash flow statement as well as the balance sheet preparations. In addition to this, the method in which the accounting and other financial transaction of the business are dealt with is another factor that determines the success of any small business. As a small business owner, if accounting and cash flow management is simply one of your several responsibilities in your business management, there is no doubt to the fact that it might head to the bottom part of your to-do list. And consequently, your bills are more likely to end up being paid late, you most likely might be paying a lot more in taxes than you need to because you miss deductible expenses, customers who owe money will not be contacted, your business may derail from those aspects that are the most profitable and consequently make poor planning decisions. Above all, the entire financial well-being of the business will be adversely affected. If it persists for too long, the financial statements ceases from being a tool for handling your cash flow and even, your possibility to secure future credit may be jeopardized making it more complicated to get funding for expansion or new equipment. As a small business owner, you do not have to be everything at the same time if you really want to see your business flourish. Rather than handling multiple business tasks, it is important you focus on your passion and let the expert take care of your back end needs. Small businesses with organized bookkeeping are the ones that are steadily sustaining their growth and are doing well despite fluctuations in the economy. In addition, a professional bookkeeper will; • Help you plan ahead of time and forecast the future of your business; • Help you assess the overall performance of your small business to know if your small business is depreciating, stagnant or growing; • Help your small business make timely payments of bills, loans, taxes among others. Conclusively, the negative effects of letting the financial records of your small business fall by the way side far outweigh the cost of hiring a professional small business accountant. Thus, the best way to improve the success of your business is to focus on the tasks that really matter, and let a professional handle the busy work. Looking for more information or would like to schedule a consultation – please contact Phyllis Johnson at info@pkjconsulting.com or call (702) 420 |
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