Category: Strategies

Do you have recurring problems with your bookkeeping? If not taken care of, bookkeeping issues can bring your company down. Failing this process can make you suffer losses, fail to pay required wages on time, and suffer other financial inconveniences. You should never leave a bookkeeping issue to persist in your company.

How do you solve these problems? There are many measures you can adapt in your accounting department to ensure bookkeeping problems do not occur. In this article, we will discuss some of the effective measures approved by experts. Here is the list.

Understand the difference between profits and cash flow

As highlighted by experts, it’s easier to spend money than earning it back. If you spend as much as you gain from the sales, you can run bankrupt and lose your business. You might accrue more assets with less cash to pay for business expenses. Growing your business too quickly can lead it to have debts with minimal cash flow. The investments will only leave you running your business using loans, which then accrue interest. To solve this situation, you must understand the difference between cash flow and profits and separate them. Cash flow is the money that gets in your bank account. The gains get taxed in every financial year. You can be making profits but having issues with cash flow. It is essential to keep track of your expenditure and minimize things like buying too much stock or having massive expansions, which you can’t manage with the cash flow.

Take bookkeeping seriously

Some businesses do not take their bookkeeping seriously. Some do not have the accounting departments or professionals to check on their book records. It would be best to have an accurate picture of your business’s finances at any given time. This situation will please the taxman and provide the direction where your business is heading financially. Besides hiring an in-house account, it’s crucial to get outsourced bookkeeping professionals to check on your books regularly and advise you on your company’s financial matters. Through their bookkeeping, you will pay your bills on time, prevent fraud in your business, and will help you save money. They will ensure you get a good credit score on your pending loans and will seal leaks that make you lose money in your business. Other than this, it would help if you had bookkeeping software for accuracy in your accounting department.

Understand the impact of assets

Do you keep on buying assets regularly? Please read this keenly. Buying assets in your business is a good thing. However, you shouldn’t exceed the limit since it can deplete your cash, leaving your business at risk of closing down. Also, assets are not expenses. What you spent on is not easy to recover even when you decide to sell the asset. Only buy the crucial business assets and save on the cash flow. When purchasing more considerable assets, including vehicles, please consider taking a loan. This will avoid stagnating all other processes, keeping your business running.

Reconcile accounts with bank statements

At times, your accounts department can make mistakes on your profit and loss account. It is essential to reconcile the accounts statement with that of the bank to avoid discrepancies. This ensures every transaction is accounted for. It also saves time and money going over processes again in case of losses. It is essential to have accounting software to help you with these tabulations. Going through this will help track your business’s financial situation and point out smaller spendings that go unrecorded, affecting the business’s financial statements.

Keep all accounting records up-to-date

Do you usually wait until the end month or at the end of the financial year to update your records? This situation creates more problems for your bookkeeping procedures. The accounts department must update all accounts statements and financial records regularly to ensure the business runs smoothly. Ensure that invoices, receipts, and other documents are updated every day to reflect the current situation. This idea also prevents inconveniences and issues, especially when the taxman requires such records. Staying on top of the daily transactions makes you manage even the larger transactions. You will know what your profits or losses are on time and gives you confidence in running your business. 

The above five points can help you significantly manage your bookkeeping process. Always try as much to be top of your records, reconcile everything on time, and get experts to manage complicated processes. When you do this, you will be sure of running your accounting department flawlessly. One extra point, try as much to separate personal finances with that of your business.

You’ve successfully established your online presence. Now, all you need to do is think of ways to get more viewers to your website so many can be aware of your products and services. There are a lot of marketing hacks you can try, from social media to a more conventional way. However, there are a few techniques that are proven effective. 

In this article, it will help you figure out what is the importance of increasing website traffic and some methods that can improve your website to get more views. 

Implement Good SEO

If you are in the business industry for quite some time and don’t have an idea of how SEO works, you better start knowing more of this. Learn about the magic of SEO so that you are engaging in the right type of delivery strategies. Plus, by fully understanding the power of SEO, you can get a high number of views. According to a Hong Kong SEO Agency that is managed by Google Search and Scoring experts, SEO is very important, not only because it attracts many visitors, but also can help a business increase their return of investment if implemented properly. By creating a website that ranks at the top of search engine results, you are doing your business a favor.

Write Good Content

As long as you create good and insatiable content on your website, you’ll have more and more potential customers to become loyal customers. Plus, if you have high-quality content, the more engaged your visitors will be. They will even share your link to their social media, helping you promote your services out to the world. 

Use Instagram

We all know that Instagram is one of the most popular apps in the world today. Most people post their stories there almost every day. It is a platform that lets you share photos and moments with other people around the world. Yet, a few businesses know how to use this to their advantage and drive traffic to their site. If your business does not have one, you might consider creating an account there. According to experts, many people have reached their target market solely by using Instagram alone. Instagram is free. You may use it to promote your services and utilize it as your strategy to drive more traffic to your site. 

Mobile Usability

If you are intentional to drive more viewers to your website, then you need to make your site available to all kinds of devices as much as possible. You need to ensure that your website is mobile-friendly. You may use different tools like Google’s Page Insight Tool to check if your website is friendly enough and see all the guidelines towards a mobile layout. You should also ensure that all your content, posts are AMP specification ready. 

Getting more visitors and driving them to your website does not happen with just a snap of a finger. It is good that you know how to exert effort to do this. By using these methods, you can get the right visitors, and most importantly, you are converting these visitors to loyal customers.

Debt consolidation refers to the act of combining multiple debts into one large debt. You can consolidate these loans by applying for a loan that comes with better terms of payoff. This helps to reorganize your total debt so that it becomes lesser and easier to pay. You can use debt consolidation for student loans, credit card bills, and other loans. You can apply for debt consolidation through your bank, a credit card company, or other financial organizations. Many creditors are likely to allow for debt consolidation.

This is because the chances of a debtor paying off debt are higher when they consolidate their debts. This method works best if you do not have too many loans and when you have a solid plan of how you are going to keep your debt in check. To qualify for debt consolidation, it is also important to have proof of income which assures the lenders that you can meet the terms of the loan. The lenders will also check your credit history and financial stability. It is also important to have equity when applying for debt consolidation. Given below are some of the reasons why you may consider debt consolidation.

Helps to Pay Your Debts Sooner

Debt consolidation can help you to pay your loans faster than you would have paid each debt separately. For instance, many credit card companies do not give an exact timeline for when you should pay your debt. This can make you take your time in paying off your debt. However, when you take a consolidation loan, it has a fixed payment date and this helps to clear your debt earlier. When you pay your debt sooner, you can put your money into other uses to achieve your life goals.

Lower Interest Rates

When you consolidate your debts, you may benefit from lower interest rates. This is because most consolidation loans have lower interest rates than most credit card companies. The agents from https://www.jubilee2000uk.org/ help you to pay your debts sooner, by assisting in the debt consolidation process.  This means that you will pay fewer interest rates overall. However, the interest rates that you pay with your loan also depend on the amount of your loan, the term of loan repayment for your loan, and also on your credit score.

Boosting Your Credit

At first debt consolidation may lower your credit score because of the inquiry into your credits and the debts that you have. However, over time, debt consolidation improves your credit score, which is because you have to pay your debts on time when you consolidate them. How you pay your debts contributes about 35% of your credit score and therefore the faster you pay your debts, the better your credit score.

When you keep your credit card open after paying your debt, it improves your credit utilization ratio and improves your credit history. This will also contribute to a higher credit score. However, if you decide to close your card after paying off the debt, this can lower your credit score.

 Having a Fixed Loan Repayment Schedule

Debt Consolidation enables you to know how much money you have to pay each month and you will also know when you will finish repaying your loan. The loan agreement that you sign when you consolidate your debts gives you a schedule of when you need to complete paying off your loan. This helps you to have some discipline in paying off your debt, as it is more convenient compared to paying off a credit card debt which has a high-interest rate over a long duration of time.

Lowering Your Monthly Payments

When you consolidate your debts into one large debt, it means that you don’t have to pay each debt individually at the end of the month. With debt consolidation, you only have to make one repayment over the agreed interval until the loan is completely paid off. This means that you will be spending less money per month in debt repayment and if you pay your debt sooner, you will spend less money overall. You will be able to plan your finances better each month when you consolidate your debts.

In summary, debt consolidation refers to combining multiple debts into one large loan. To qualify for debt consolidation, it is important to have a steady income, good credit history, and equity that can assure the lenders that you can repay the loan. The benefits of debt consolidation include improvement of your credit score, lower interest rates, and it also helps you to repay your loans earlier. When you pay your loans sooner, you can direct your money to other uses that help you to reach your goals.

How many emails have you recently received claiming to be from trusted sources you regularly use such as that high street well-known postal service, and the well-known online marketplace to mention just a few. Phishing emails come in all shapes and sizes and they are getting all the more sophisticated, which means it is getting increasingly more difficult to spot the difference between the fake and real ones.

How to keep yourself safe from scammers and fraudsters 

Never open any emails from sellers or businesses that you were not expecting. If you are not expecting a parcel from that well known delivery company then why are you even opening up that email. Look at the sender, check the information in the header of the email, valuing security and safety when looking at your emails early on before you open any suspicious-looking emails will stop you from falling foul of scammers. It’s very important: Before you open any email check who it is from!

Here are 7 reasons email phishing is more dangerous than you know

1. They work. Phishing emails get results for the scammers. So, while people are clicking the emails the scammers will keep sending them and they will be even more believable, credible, and sophisticated – making them incredibly dangerous to both individuals and businesses alike.

2. A False Sense of Security. The emails are so well put together that they lure you into a false sense of security which ultimately leads you to let your guard down and falling foul to scammers. 

3. Often linked to other crimes. Unfortunately collecting your data from a phishing email is quite often only part of the bigger plan. Fraudsters and scammers quickly sell information and data they have on you, which means within a short time you could be being targeted through more channels than just email.

4. They don’t discriminate. Any email user of any age is targeted. From college students to pensioners. Nobody is crossed off the scammer’s list except the scammers themselves.

5. Highly effective. Phishing emails get great results for scammers, for example, they insist you must open an email attachment to look at an invoice that has not been paid. You often buy things from the site the email (appears to) come from, so you open the email, and bang, you have been caught out.

6. Brands get tarnished. If you have been caught out by a phishing email from a seemingly trustworthy brand you feel disappointed.No longer wishing to purchase from the brand again. Even though the brand was not involved in the scam, their name and reputation have been tarnished beyond retrieval in the click of an email.

7. Email phishing is sophisticated. The bait emails cannot be picked up by security software and lots of email providers meaning you will still get these not so lovely phishing emails popping up your email inbox at least once a day. The malware or data capture that comes attached within the email can do lots of damage to both your computer and any sensitive information you store on your computer. From bank details to addresses and pin numbers. If you are unlucky enough to fall foul of these emails and accidentally open one then you will have some serious work ahead of you to make sure everything you thought was safe is once again safe.

The best preventative step you can take to avoid falling foul to phishing emails is to not open emails that make you second guess who they are from and what they contain. Legitimate businesses never use free email addresses such as customercare123 at gmail.com, so be always aware of where the email is coming from.

If you do unfortunately fall foul of a phishing scam then you need to inform your banks and service providers as soon as possible. Changing your pins and access codes and informing companies that you have been a victim of fraud will help you protect yourself going forward.

Online it is super important to be as protective and secure as you are in your everyday life, never share anything online that you wouldn’t share offline. It is important to protect any data or information you keep on your computer safe, so regularly change your pin numbers and access codes. Also if you don’t have anti-virus or malware software installed on your computer/laptop or device it would be wise to invest in some as soon as you can, read reviews and recommendations to get the right protection package that covers all of your needs.

For many people, impulse spending might seem easier and more fun to do rather than budgeting. Some may have even tried budgeting their money, only to not follow their budget plan in the long run, and ending up spending more than they should. 

Budgeting can be overwhelming at times, even downright scary for others. However, with the right knowledge and a gentle nudge towards the right direction, you can learn how to budget your money much more effectively.

Why You Need to Budget Your Money

Just because you already have enough finances to manage your everyday expenses, it does not mean that budgeting is already unnecessary. There are many unforeseen circumstances that may require you to use your savings, and you may get in various sticky situations if you do not have enough in your pockets. 

Also, when you already have a stable budget, you will be more likely to experience financial freedom. The more money you save, the more money you’d be able to spend in the long run. This means more vacations, more shopping dates, and even the increased possibility of early retirement! Who wouldn’t want that? 

Useful Budgeting Tips and Tricks

Identify and calculate your monthly income

Monitor all of the streams of money you have and calculate how much you make every month. If you always receive a paycheck from a regular job, make sure that you have already deducted the taxes that come with it.

However, if you have a variable income, such as the salary you get when you’re working freelance, use the income from your lowest earning month in the past year as your reference in making your budget.

Include other streams of money if you have them, such as side hustles, child support, or pension. When you’re done, add them all up so you can be aware of how much you earn each month.

Pick a budgeting method

Budgeting is not a one size fits all technique in managing your finances, as people have different needs and different incomes. There are various methods of budgeting, and you will eventually find the one that is best for you. You can even devise your own personal method! Here are two examples:

The first method of budgeting that I will share with you is the 50-20-30 method or the Balanced Money Formula. This method means that 50% of your income must go into your needs, such as rent, food, and bills. 20% should go to your savings or should be used to pay off any debts. Lastly, the remaining 30% may go to your wants, or you may choose to save this amount as well.

The second method of budgeting is Cash-only budgeting or Envelope budgeting. Most people tend to overspend when they use credit or debit cards, so using physical cash may help reduce the risk of overspending.

Set your goals

With a worthwhile goal, you will be much more motivated to budget your money. Are you looking forward to a vacation? Want to buy a loved one a gift? Write these goals down, or type them on your phone so you’d constantly get reminded of them. This will fuel your drive to manage your expenses more responsibly.

Track your expenses 

Your expenses always change every month. You have fixed expenses, those who have a fixed cost such as your rent or internet payments. However, you also have variable expenses, those who have costs that change every month, such as groceries and gasoline.

These two different types of expenses may make it harder to track each and every expense manually, so it is advisable to download an application that can help you. With an application that will do the work for you, saving money will be much easier because you don’t have to calculate it manually every time. You can even monitor your progress with an application, and it’ll not only help you save money but also time! With the rise of technology, many different apps can assist you in myriad ways.

Change your habits, if necessary

You may not realize it, but your habits might have caused you to overspend more often than not. You may have made it a habit to buy coffee from a shop every day when you can easily brew your own coffee at home. Because of this, you must monitor your spending habits, so you can always be able to follow your budget religiously.

Managing your finances can be stressful at times, but with a budgeting plan, it’ll be so much easier. Find a budgeting method that works for you, and try your best to be consistent in following it. When you budget your money effectively, you will be able to experience many perks, including early retirement! Because of these reasons, it can be concluding that budgeting is extremely necessary for every adult.

Social media has taken a substantial chunk of an individual’s time, you don’t notice it but for whatever reason, you’re subconsciously drawn to opening your favorite platform and browsing through it. One of the key elements for its success is its accessibility, you can open any number of platforms from any device with an internet connection. Marketing which explores human behavior has long recognized that with the millions of real-life people behind avatars and silly usernames, you have found yourself a massive opportunity for your business.

What is Social Media Marketing (SMM)?

This type of marketing is centered on utilizing the accessibility and visibility provided by social media platforms to market a product, services, or brand. But how is it different from other types of marketing? Well, in SMM you’re going to create content tailored to match the specific interests of different audiences to drive engagements and promote your product or brand. The experts from kinetiksconsulting.com recognize that a more engaged audience will manifest through organic responses within the platforms in shares, comments, and whatnot. Ultimately, your success will depend on how you keep your audience happy and engaged, regardless of what type of content you use.

But why are businesses capitalizing on social media to boost their online presence and their brand as a whole? Well here are some of the advantages of incorporating SMM into your overall strategy:

Builds A Connection To New Audience

Social Media provides an opportunity for businesses to reach new audiences that you determined to be predisposed to be interested in what you’re offering. You’ll be able to utilize tools and tactics that can easily attract new audiences and promote brand awareness. Top platforms like Facebook and Twitter allow you to create contents that warm up to your target audience and solicit engagement or response from them. It can be challenging to stand out from a crowd of similar businesses but with engaging content, you’ll be able to cut through the noise and get yourself noticed. One example is you can post a fun and informative video ad that catches a person’s attention to introduce yourself and your brand.

As mentioned social media helps you reach a target audience to drive better engagement and conversion. In these platforms, you’ll be able to find them based on their interests and what they’re frequently talking about as well as the data in their profiles. This tremendous advantage helps brands in a niche market to simplify and focus their efforts on those audiences or users to maximize results. You’ll be able to spread information or engage in a conversation where you’ll come out as a favorable solution to problems or needs they may have.

Direct Access

SMM allows you to capitalize on the inherent capability of social media platforms to directly connect to your target market, lead, and customers virtually anytime and anywhere. Some of them even allow you to tap into your contacts so that you can connect with them easily. This is a great way to provide updates and information to your customers about your campaign, promotions, new products, offers, and many more. And because it is free, you’ll be able to do this without having to shell out to set up an infrastructure for instant messaging with your customers.

Lower Cost

Noting that many of the features in social media are free, this translates to a more affordable and efficient method of advertising. Compared to printing flyers and spending a lot of time posting them in a limited area, a single post on social media allows you to reach audiences from different parts of the globe. Facebook has over 2 billion active users while YouTube gets over a billion hours of views daily. It doesn’t only get a wider audience than any billboard can hope for, they are also free. This advantage in marketing virtually levels the playing field for small businesses and startups to compete against established giant corporations. So yes lower cost does put social media marketing over traditional methods.

Relationship Capital

For the first time in recent years, businesses are able to use social media to build a relationship with their customers. It is a widely accepted fact that people tend to go for brands they trust despite some disadvantages like price. With social media, businesses are able to connect with their potential customers by providing them with information that would help them in their problems. One example is if a person posts something on Facebook Group or Community about how to improve or design their outdoor garden, related businesses can easily swoop down and give valuable insight into gardening. The response will not only gain the trust of the person that that business responded to but also gains favor from those who read your comment. This is an essential element in marketing and with social media, you don’t need to personally talk to that person to gain their valuable trust and favor.

Lead Generation and Conversion

By using paid ads and organic content, you will be able to generate leads and boost conversions from within the platform. One effective approach is to have a raffle and posting it on Facebook or Instagram, this way you’ll be able to gather followers and or get email addresses that you can use in your sales funnel. Because everything runs on data, it’s easier to manage your database of potential customers and build a strategy around it to get more conversions.

Study Your Competitors

Social media gives you the visibility to study your competitor’s methods and strategy. You’ll get a lot of ideas by exploring different fields and taking on great ideas and using them effectively for your purposes. You’ll also be able to see what your competitors are posting as ads and see how well their customers responded to it. It’s not advisable to just copy everything they do, that’s counterproductive, you’ll have to add some unique elements to make yourself stand out.

Social media gives you the visibility to study your competitor’s methods and strategy. You’ll get a lot of ideas by exploring different fields and taking on great ideas and using them effectively for your purposes. You’ll also be able to see what your competitors are posting as ads and see how well their customers responded to it. It’s not advisable to just copy everything they do, that’s counterproductive, you’ll have to add some unique elements to make yourself stand out. But it is important to keep tabs on your competitors’ activities and advertising strategies to maximize your efforts in finding the things that work well in your niche.

Social media has become a part of our daily lives and although there are a lot of people who shun it, it’s highly improbable that we’ll see a decline in people’s interest in it. Businesses who are able to recognize and capitalize on an opportunity to connect to their customers will have the greater advantage of establishing themselves as a trusted solution to today’s modern problems and consumption needs.