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Top 5 Tech Trends Your Small Business Should Consider In 2019

Top 5 Tech Trends Your Small Business Should Consider In 2019

As the year is ending, companies and their professionals have actually begun trying to prepare for upcoming trends to make sure that they can maximize them in the coming Year. In our world today, small and medium-sized organizations are moving their trends to equip their business with tools such as an online accounting software. The most recent technology as it would certainly aid in executing business operations in a tactical means and additionally prepare their company to get the competitive edge. Below are the top 5 tech trends for small businesses in 2019.

  • Artificial Intelligence: With the eruptive development in the AI field, it is all-natural for small business proprietors to wish to capitalize on AI to assist their business to expand. There is currently an expanding number of ‘artificial intelligence as a service device for small businesses. Find out which AI resources are best fit for your organization by just browsing on Google since you don’t want to pay too much for services your small business does not need. As soon as you start incorporating AI technology right into your small business, you would be amazed at its effect to assist you in understanding your company better.
  • Upgraded Cloud Security: Comprehending the requirement for cloud security is essential. And as more small business owners make use of cloud services such as online accounting software to support the internal operations of their businesses, there is an increasing demand for upgraded security. From cloud-enabled services such as Amazon.com’s AWS or Google’s Cloud to safety and security oversights as even more business embark upon a digital change technique; the requirement for an upgraded cloud security regulation would certainly be essential in 2019.
  • Video content: With a larger amount of the web traffic being predicted to be gotten by video contents in 2019, it is not new that small businesses are attempting to take over this opportunity. A large number of web content being in video form does not only boost client retention but also helps about 90% of clients make purchase choices. However, small businesses need to focus on using small business accounting software and other tools in incorporating videos right into their company approach and also develop a narrative in order to make their business be in the mind of the customers.
  • Digital Twins: Numerous producers in different industries are currently making use of the idea of the digital twin and business accounting software to keep track of real-world assets as well as drive substantial financial savings in repair, maintenance, and also operations. Making use of digital twins would certainly assist in giving effectiveness in the company processes, along with producing more versatile, dynamic and receptive processes that can possibly respond to changing conditions mechanically.
  • Blockchain: Blockchain is an amazing technological concept that has actually allowed the extensive use of digital cryptocurrencies. Using blockchain technology in your small business would certainly boost the safety and security, accountability and transparency by developing a permanent, direct, electronic ledger that is decentralized and presently impossible to misstate or remove. This is also achievable by using online accounting software Since it is not limited by location, it is simpler to make use of the appropriate team or candidate from any area in the world thus, increasing the worlds of possibility for small business.

In preparing for 2019, it is essential to understand what the trends are likely to be, especially in the aspect of technology and online accounting software. So understanding and complying with the following as well as integrating any one of them into your small business shows a solid feeling of understanding and effort to boost your client base and revenues in 2019.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

 

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Small Business tips

Top 10 small business investment sites for your small business

TOP 10 SMALL BUSINESS INVESTMENT SITES FOR YOUR SMALL BUSINESS

It’s entirely possible and somewhat common to have a great business idea and no funds. It’s also possible to have your business up and running and lack funds to keep it that way. Anyone can get strapped for cash and any business can too. Aside that, no one hates some extra money. If you want to get some extra funding for your small business, you might want to look at our lists of sites that can come to your aid and very quickly too.

WAYS TO GET FUNDING FOR YOUR SMALL BUSINESS

There are a lot of ways to get funding for your business which includes bootstrapping, asking from friends and family, taking loans, seeking external funding like venture capitalists in very dire cases, grants and so on.

All of the websites that come within our top ten suggestions fall into one or more of these categories.

TOP TEN SMALL BUSINESS INVESTMENT SITES

Here is our very concise list of where you can quickly get funding for your small business on the Internet; although these places have physical locations of course.

  1. Accion

Accion is a nonprofit organization providing small business loans to entrepreneurs. It also affords such entrepreneurs the opportunity to connect with business experts and to access resources that are valuable for their small business’ growth.

  1. Kiva

Kiva is an online loan platform that cuts across eighty countries. It targets low income entrepreneurs and can quickly offer you the funds you need to boost your business.

  1. IndieGoGo

This is a crowdfunding website that allows small business owners to solicit the funds they need to launch their businesses. It was founded in 2008 and has since gone on to be incredibly supportive platform for business owners.

  1. Kickstarter

This is also a crowdfunding website with headquarters in Brooklyn. It is focused on businesses based on creativity and merchandising. Kickstarter has at the heart of its mission to “help bring creative projects to life”.

  1. AngelList

This is a website dedicated to startups and which brings business owners and investors to one place. The site makes the process of fund raising a lot less challenging for entrepreneurs and it is estimated that over 1,000 startups have been able to get funding on this site.

  1. gov

If you are looking to take a government grant for your small business, this is the first place you ought to visit. This website contains a database of a huge number of grants available to small businesses. It also has filters to help make your search easy.

  1. gov Grants

This was formerly called the Catalog of Federal Domestic Assistance. Some of the grants available here overlap with those on Grants.gov but it is still a great place to find funding options for your business.

  1. gov

This is more like a website that allows you to showcase your expertise in order to access funds in form of a prize. What you have to do is to solve challenges in your industry although most of the industries featured are technology inclined. You can still search quickly to see if your industry fits into one of those eligible.

  1. com

This site gives out loans periodically and also runs contests that give out grants to the qualifying small businesses. The basic criteria are the passion of the business owner and the kind of value that the business engenders for its immediate community.

  1. AT&T Aspire

AT&T offers grants through its Aspire program to small businesses that are education oriented. Applications are however accepted periodically and you have to constantly check to know when the next round of applications will begin.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

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Small Business tips

Cash is King: Maintaining Liquidity in your Small Business

Cash is King: Maintaining Liquidity in your Small Business

Cash is the single most important factor for the survival of any business. Hence the term, cash is king. Therefore, your business wellbeing is determined by how easy it is to get cash when it needs it. A liquid company has more cash available at its disposal than an illiquid firm. Therefore, it has a better chance at expanding.

A small business must be liquid to get loans, finance projects and handle an emergency. As essential as fixed assets like buildings are for a company, it cannot be quickly converted into cash. To maintain liquidity, current assets like investment and inventories, which you can quickly to change to cash, are more valuable for your small businesses than fixed assets, like vehicle.

No matter how prudent you are as an entrepreneur or a solopreneur, you would need to spend money on certain things. These are called expenses. Lower expenses boost your money reserve. You can reduce your small business overhead costs like rent, repairs, telephone bills and accounting fees. A great way to minimize accounting fees is by using online accounting software for small businesses.

Your account receivable and account payable are two essential variables you must manage effectively to monitor and maintain positive cash flow and further increase the liquidity of your business. If you cannot afford not to buy on credit, then try to negotiate longer term of payment with your creditor. More so, make your customers pay their debt on time by offering them incentives, like a discount, that would make them pay faster. You can also send billing notice as a reminder for late payment to your customer. The bottom line is; get paid quicker and pay slower.

There are times you have excess cash in your account. When this occurs, the best thing to do is to invest the excess cash. There are different forms of investments but the best one to keep your business afloat has to be open-ended and with higher interest. You must be able to have access to your investment when you want just like your savings, but it must also give you higher interest than your savings. A capital investment like machine might seem like a significant investment, but factors like depreciation and leakages must be considered when buying such items. This is because; it might tie down your money instead of keeping it.

Loans and personal finance are not just ways of funding your business; they also prevent it from drowning. A loan is one of the means of keeping your business breathing or even as a way to get start-up capital. However, to finance your business or getting cash through a loan, you must negotiate to spread the loan repayment for a longer period. This would reduce the burden on your business.

Since you are an entrepreneur, you can fund your business through personal finance when you are short of cash but do not make it a habit. Ensure you separate business finance from personal finance. In fact, one great way of ensuring that your small business stays liquid is to reduce the amount of personal drawing you make from the business.

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Simplified Invoicing Tips for Small Business

One of the major reasons for establishing a business is to make a profit but you cannot generate income if there is a pile of debt to be collected. As a document that describes details about a product given to a buyer, invoicing is quite necessary for small businesses. A well-written invoice gives detailed information of goods or service rendered, including the amount and the period a buyer is expected to make payment.

As essential as an invoice is, most entrepreneurs see it as a pain, which they would rather avoid completely. These tips will simplify the complex process of invoicing and increase your chance of prompt payment.

  • Use cloud-based invoicing system. Accounting system has gone beyond pen and paper to online accounting software. With so many tasks at hand, small business owners need to be constantly reminded of some of the less exciting works. Cloud invoicing tools like MyBooks make automatic invoicing easier and faster. It also keeps your invoicing records safe, secure, affordable and makes payment convenient for the buyers.
  • State the time of payment concisely. Ambiguous invoicing can lead to conflict between you as a small business owner, and your buyers. Prompt payments by the buyers ensure the growth of your business. Therefore, you need to be clear and precise while stating the schedule of payment. By making the expected period of payment clear to the buyer, you avoid the risk of bad debt through miscommunication.
  • Keep track of your invoice. Timely and polite reminder of buyers when a payment is due is one of the extra services you could offer as a business owner. Constant communication between you and the buyers set you aside from other sellers. This improves patronage, increase sales and promotes growth. Be sure to be firm but polite while reminding a buyer of a due payment as this shows how serious you are without sounding rude.
  • Be mindful of invoicing language. Keep it simple and clear. Make your invoice easy for your clients to understand. There must have been an agreement even before the transfer of item from you to the buyer. This agreement must be clearly defined. The term of payment, contain when to pay, how to pay and what to pay for, the clarity of this term increases the chance of being paid on time.
  • Solve payment problem. With the introduction of online payment, transfer of money is now faster. Consider different means of payment before choosing any suitable methods. Do not just rely on the traditional bank transfer, use online payment platforms and ensure flexibility in the way you accept payment. You would have different clients with a varied preferred method of payment; you can solve the problem of flimsy payment excuse by adopting more than one payment option.
  • Keep a record of your invoice. Keep a good record of your invoice items for later reference. By automating your invoice, you will be able to track and label invoice correctly. This allows you to address any invoicing complaint made by your buyers.

 Invoicing does not have to be tasking, with MyBooks Cloud Accounting Software, you can simplify the complications of invoicing.

 

 

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Small Business tips

Staying on Top of Expenses as A Small Business

As a small business owner, you cannot deny the headaches accounting causes you. It won’t ever cross your mind how difficult, confusing and time-consuming accounting can be when you are pumped up with adrenaline at the start of the business. In the end, it is that part of your day that your fear, yet you can’t avoid it. Accounting for small business even get scarier if you are not skilled or trained to carry out such task.

There’s always light at the end of the tunnel for you as small business owners with cloud accounting software or what others might call a small business accounting software. This online accounting software is your lifesaver when you are at a dilemma with your finances. With this cloud accounting software, you are able to do the following in a stress-free way;

  1. Educate Yourself On Your Finances

Not every small business owner has the skill to understand a financial statement. This is where a small business accounting software comes in as it makes every appear simple rather than the complex figures on the financial statement. On every financial statement, there are four areas that are essential; cash flow, balance sheet, income flow and lastly, the shareholders equity. Know these areas and you are good with your finances.

  1. Never Mix Personal and Business Finances

With a cloud computing software, you will be able to avoid the mistakes of combining your personal finance with business finance. Don’t record that new school boots for your teenage daughter as a business finance, it’s personal and should remain so. It’s better to keep a separate bank and credit card account for either personal or business purposes. If you do, things will get complicated fast and you will have yourself to blame. The functionality of a small business accounting software is to put you on top of your business finance and not personal expenses.

  1. Invest in a Small Business Accounting Software

With cloud accounting software like MyBooks, you can keep abreast of your finances from wherever and whenever. You have real-time insights to pull up your business financial data from home, office or even your leisure time. Imagine being on a basketball court with a potential investor, your online accounting software can help you pitch your business potentials easily to a prospective investor or client. No need for pulling up paper from anywhere, just access the cloud and you have it right in your hands. You will be sure of having no errors which are not avoidable by humans, and it’s hassle-free.

  1. Be Frugal and Always Look for Means to Cut Cost

It’s still a business that is yet to break-even still trying to make enough profit to stay in business. At this point, you should be more interested in means through which you can cut cost. For instance, rather than keeping accountants on your payroll, you can settle for an accounting for business software. This helps to lower recurrent cost while you are trying to up your profit margin.

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Small Business tips

Using Digital/Voice Assistants for Small Business

With rapid improvements in technology, life is moving quite fast into a more digitized era. A similar case can be acknowledged for the small business industry. Introduction of technology as intricate as it is for big business giants, the complexity and competition among small businesses have been intensifying. Therefore, small business owners are advised to keep up with the changing digital trends. And one of these latest trends includes the use of digital or voice assistants. Products like Apple’s Siri and Amazon’s Alexa are changing the game for managing small businesses.

How to Use Artificial Intelligence Powered Digital Assistants into Your Small Business

A voice assistant technology can be used in multiple ways for a small business. One of the common things in an average small business is fewer people doing more work. Often, the small business owner and managers will find themselves wearing more than one hat at work. It can become exhausting and complicated to complete multiple tasks when you have got only so many hands. A digital assistant, in this case, can be a problem solver, or at least, problem minimizer.

Here is how you can use a voice assistant for daily small business tasks and operations:

Manage Accountancy and Financials

With digitization becoming a hot trend across the small business industry, many have installed small business software like online accounting software. With the help of a voice assistant, the software can be accessed with minimal interaction with any screen you might be using. It saves time and allows you to access important information on the go.

Order Business Essentials

Your business’s efficiency can often become halted with the lack of seemingly minute supplies. The daily supply of things like printing paper, printer ink, kitchen essentials, office stationery, etc. are more important than many people think. With voice assistants, you can easily order them online with much less hassle.

Manage Business Travel Plans

The use of digital voice assistant can make your business travel pans much easier to manage. You can easily book flights, reservations, or rent a car. Whether you are traveling locally or internationally, your assistant can come handy in determining the destination’s weather, traffic conditions, and more so you are prepared accordingly.

Stay Up to Date on Your business Schedules

Voice assistants can help you schedule office meetings and other events. You can sync the technology with your email and calendar. It will remind you of the dates and times the meetings and events are due at. Not only will you have a less chance of missing out on an important event but you can also keep other parties involved up to date by sharing notifications.

The benefit of using voice assistants is quite clear from the multiple ways they can be integrated into a small business. They considerably reduce manual working and syncing with other technology can provide even more productivity out of small business software.

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