Tag Archives: Accounting

Tame your software subscriptions

Software subscriptions out of control?

Tame them with these simple steps

Online software subscriptions are all the rage. They’re pretty much how I run my business, and there are some great tools out there. But the phrase “buyer beware” applies as much here as it does elsewhere, and I have to say I’ve learned some hard lessons over the years. Here are a few things I do to save money and make sure I’m in control of my subscriptions, not the other way around.

Set calendar reminders 

We all get busy, and whether you have just one subscription or several that automatically renew, it can be hard to keep track of renewal dates. Creating calendar reminders that alert you a few days ahead of a renewal date gives you a chance to review the subscription before your credit card is charged to see if you need to:

Cancel because you no longer use it. Sometimes subscription use falls by the wayside, so periodic review is always a good idea. Only a few companies offer a partial refund when you cancel a subscription in the middle of a billing cycle, and there’s nothing worse than paying for something you don’t use or need.

Review your subscription level.  If you still need the software but aren’t using all the bells and whistles, you can often downgrade to a less expensive option.

Beware the annual subscription

Many software companies offer discounts when you pay for a year in advance, even throwing in a couple of months for free. Don’t be in a hurry to do this. Many companies are reluctant to issue mid-year refunds, so if you have to cancel mid-year, you can lose a lot of money. And sometimes, you have no choice but to cancel. Companies can make changes to their software during the course of a subscription, and what began as a useful tool for your business can suddenly become a handicap. This happened to me with my project management software recently, and I was forced to stop what I was doing midstream and find different software because it had such a negative impact on my productivity.

Watch the webinar

Before subscribing to online software services, take the time to sign up for a free trial and the free introductory webinars. Webinars are usually 30-60 minutes long and go a long way toward helping you decide if a product is right for you. In addition, if you decide to subscribe, you’ll already be a step ahead of the game since you’ll already know how to put the software to work for you.

Time taken to research and review your software subscription plans is time wisely spent.  Just like the old saying goes, “Short-term pain, long-term gain.”

Tame your software subscriptions with these simple steps.

How I Use Automation in My Business

I’ve been asked to share how I automate some of my business processes. However, I will start by saying that what works for me, may not work for you. But I do hope you can apply my example to your own business situation. Remember, it’s all about choosing the right tools to best serve your ideal client.

The contact request form on my website adds a contact record to my CRM (contact relationship manager) software as well as QuoteRoller, the software I use to prepare proposals for prospective clients. The proposal is emailed to the client and another application, RightSignature, is used for electronic signature acceptance of the proposal.

The next step is to have QuoteRoller create an invoiceID-100157962 in Freshbooks, the time and billing software I use. The invoices and payments automatically go to Xero, my accounting software.

Did you notice no printing of paper was involved in this process? Even better than that, only a minimal amount of typing was involved.

By narrowly defining the services I provide, I was able to set up a catalog of services in QuoteRoller so that preparing a client proposal is done with a few mouse clicks and minimal editing.

By choosing software tools that integrate AND understanding how that data is shared, I set up a reliable and accurate business system that supports my business process.  If client information changes, I update ONE system and the rest automatically get updated.

Where should you start building your business system? Start with documenting your business processes and then think about what tools you need in order to support and automate those processes. Please do not over think this. Keep it simple! Focus on the tools and processes you need in order to best serve your ideal client. I wrote about software integration here.

By the way, most of the links in this post are affiliate links which means I may earn a few coins if you sign up via my link. It is no way effects the price YOU pay for the subscription. I only support software that I firmly believe are solid products. This is also not an all inclusive list of the tools I use for my business. If you peruse my blog, you can read about some of the other tools I use.

If you’d like help with this process, get in touch. I’d be happy to assist.

When to Hire an Accountant

There are many articles written regarding when to hire an accountant, and opinions vary. Here’s my take on when and why you should hire an accountant.

Setting up accounting software

There are some tasks involved with running a business you should not attempt on your own and this is one of them. What are the most common problems I come across?

  • Adding an excessive amount of income and expense accounts (categories).
  • Not entering beginning bank and other account balances.ID-100200640

Most business owners complain about doing their own accounting but set up an overly complicated system when attempting it on their own. Be nice to yourself and keep it simple! Better yet, get professional help. Continue reading

When to Set Up Accounting Software For Your Business

ID-10058688I am often asked when a business owner should set up accounting software for their new business. The short answer: the moment you decide to start a business.

The moment you decide to start a business you start incurring expenses; web domains, business licensing, logo design, product development, legal fees, etc. These start-up expenses must be tracked not only to get all those deductions on your tax return, but to know the financial facts about your new business.

Xero cloud accounting software has partner editions available for as little as $9 per month for start-up businesses. As your business grows there are subscription levels to grow with you. This also allows you to stay with the same software as your business grows and avoids the additional expense of converting to new software. Once you know how to use the software, your learning curve is limited to learning features newly added to the software or just now becoming important to your business.

Here’s something else to consider. The sooner you set up accounting software for your business, the sooner you build the habit of tracking income and expenses as well as building a budget and learning to read your financial statements.

The Hidden Value of Networking

networkingThere are thousands of articles written on how to make the most of networking events. Most of the articles offer advice on how to find clients at those events.

Here’s another reason to network: finding future consultants, partners, and employees to help grow your business. At some point you will need to hire a virtual assistant, accountant, project manager, etc. How will you find the right person/firm to hire? Let me tell you, it’s much harder than you think.

Before you begin your search for the right person to hire, you must narrowly define the mission, vision, and ideal client for your business. Why does this matter? Because the consultants and employees you hire can’t help carry out the mission of your business if they don’t understand it. Continue reading

Why You Should Use QuoteRoller

I confess. I used to use Microsoft Word to prepare client proposals. I dreaded preparing them even though it meant bringing in new business. I copied the last proposal I did and carefully changed all client name references, dates, fees, etc. And then I read, re-read, and re-read the proposal to make sure I didn’t overlook anything. It took forever. When I finally overcame the fear there was something I forgot to change, I emailed the proposal to the prospective client. And then I had to wait for the client to open the file, read it, print it, sign it, scan it, and finally (hopefully) email it back to me.

From Inefficiency to Efficiency

And then I found QuoteRoller. I could add my client’s contact information to QuoteRoller. It was easy to create templates to reuse. I could track when the proposal was viewed by the client and, of course, when they accepted it. I could even use the RightSignature integration to get a real live signature instead of an electronic acceptance.  I could create and email a proposal to a client using one of the templates I setup in QuoteRoller while we were speaking on the phone and close the deal in short order. Generating proposals for prospective clients became something I no longer dreaded.

QuoteRoller Features

QuoteRoller has myriad features to benefit any business. A dashboard allows you to see how many proposals you’ve sent, which ones have been viewed, and what your acceptance rate it. In addition to the text content, you can add pictures and videos to your proposals. And clients can ask questions or make comments on your proposal.  In other words, you can wow your clients and win the job.

What’s Your Time Worth?

We business owners try to accomplish too much each and every day. Using QuoteRoller to prepare proposals will save you time and allow you to use your valuable time more efficiently. The basic subscription to QuoteRoller starts at $14.99 for a monthly plan, $8.99 per month for an annual plan. Even if you currently only prepare a couple proposals a month, as CEO of a business, your time is certainly worth $14.99. Isn’t it?

*This post contains an affiliate link.

Budget is not a bad word

Just say the word “budget” and people change the subject. Their eyes glaze over.

Budgets are useful for personal and business purposes and don’t have to be some giant detailed document that rules your life. It’s a guide; a plan; and it’s certainly not cast in stone. A budget reflects what you think/hope/want to happen. It can help you make decisions – whether to spend or not your money, look for another or additional job, or raise your prices.

Let’s create a quick budget. Grab a piece of paper.

Write down all your fixed expenses for the month. Examples would be rent, insurance, utilities, software subscriptions, loan payments, etc. Include amounts put aside for equipment purchases and taxes.

Now write down your best estimate for your variable monthly costs. These would be merchant and/or bank fees, independent contractor fees, continuing education, office supplies, salaries and travel expenses.

Total up all those numbers you just wrote down. That’s your “break even” point; how much you have to sell just to keep the doors open. Now add in how much the business should be paying you each month (if not already added in above).

If nothing else, just writing down a quick budget like this can quickly streamline and prioritize your to do list.

Take a look at your accounting software to see if it has a budget feature. If it does, enter the numbers from the budget you just created. This will allow you to run budget versus actual income statements which can be very helpful. And don’t be afraid to change your budget. It’s a tool, not a ball and chain.

Travel and Work from Anywhere

Do you ever read about business owners that travel the world and work from anywhere? Wonder how they did it (and feel a bit jealous)? Here’s how I did just that.

I live in Arizona while my family resides in Pennsylvania. This past holiday season, I flew to Pennsylvania in December and returned to Arizona in January. I did not ship anything ahead for my business nor did I pay any excess baggage fees.

How did I do it? My business has been paperless from the start. What I don’t scan and file myself, Shoeboxed does for me. Clients share documents with me via Dropbox and any paper that does come my way is scanned and shredded (mostly). This eliminated carrying piles of paper with me.

So what did I carry with me?
• MacBook Pro
• iPad
• wireless mouse
• wireless keyboard
• 3-4 folders with documents that I needed hardcopies of
• 2 wire-bound notebooks
• Calendar/Planner
• assortment of writing utensils
• iPhone
• bluetooth headset
• and of course the chargers for all of the above

And it all fits in this Mobile Edge laptop backpack.

I like this laptop backpack because of its slim design, but the best feature is it is TSA friendly. That means I just unzip the laptop compartment and send my bag through the scanner without taking my laptop out of the bag.

While using my iPad as a second monitor to view documents, I was able to work very efficiently. And with my Bluetooth headset and Join.me screen-sharing, meetings were a breeze.

I will admit to some trepidation at traveling so far away for so long. What if I forgot something important? Having the right tools made all the difference. In the end, there was nothing I had left behind (documents or other) that caused any sort of panic and I had a pleasant stay with my family.

*Note: Links may be affiliate links and I may earn a few coins if you clink the link and buy something.