Three Small-Business Financial Tips for 2021

Small-Business Financial - Complete Controller
Small businesses are facing fierce competition today. Unlike previously, 2021 has proven to be more competitive mainly because most companies have shifted to an online model due to the lockdown. They are marketing online, they are selling online, and they are working remotely. These three were the only edges that small businesses had, but now since most companies are entering this area, it’s becoming difficult for the former to survive. With all of that happening, the burden falls on the finance team. Advertising is getting more expensive. Finding the right talent within your budget is a mammoth task now and managing the work from home is a challenge. What would a small do to survive this unforeseen crisis? Well, if you are among the ones facing the brunt, as we have mentioned, here are three financial tips that you could follow to reduce the excess financial burden and spend more on building your business. Download A Free Financial Toolkit

Tip # 1: Join the paperless bandwagon

“Go Paperless” has been a show-off point for most businesses up until now. Since most of the work is being done remotely, including advertising, finance, and production, many companies are now seeing the logic in reducing paper use for daily tasks. Not only do you save a lot of money by eliminating the use of paper in your offices, but you also become more productive. How may you ask? Well, with the rise in remote working and cloud software, you no longer need to have journals, books, attendance sheets, paper memos, and the like in your office. A plethora of mobile and computer applications offer you the same functionality. When you switch to these apps, you realize that they are more effective. For instance, a memo rolled out via email or mobile application can notify you whenever a staff member reads it. Similarly, paperless accounting means that everything is on record on cloud software, and you or any of your team members can access it from their mobile or laptop from anywhere in the world. Cubicle to Cloud virtual business

Tip # 2: Start budgeting

It is difficult for a small business to stick to a budget mainly because most expenses are overhead. You spend and make a profit on a day-to-day basis. But you need to change that if you want to take your business to the next level. It would be best to start thinking big and planning your finances to achieve your goals. You should set a monthly budget for advertising, resources, daily expenses, and the like. In addition, you should have a petty cash budget for any minor expenses such as stationery, edible items, etc. Once you stick to a budget, you will realize that you were spending more previously yet getting the same results. Exit Advisor

Tip # 3: Switch to an ecosystem

Every business runs on its finances. The ROI you generate will decide how much further you can go. Stop spending too much money and time on different software such as accounting software, inventory management software, invoicing software, CRM, etc. The best way to cut your cost and boost your productivity is to switch to an ecosystem that gives you all these functionalities in one. Your accounting, finance, CRM, invoicing, and inventory management should all be in one place, giving you the ease of visualizing your financial progress at any given time.
Since an ecosystem will regularly update your ROI, you will plan and analyze your situation better.

In a nutshell

Times are tough, but solutions are always available for those who want to optimize their business for better performance and ROI. Today, with the advancements in technology, you can regularly update your business to suit the day’s requirements, reduce your financial burden and increase your productivity. If you want to boost your business’ success and not be impacted by the crisis, you must look for ways to help you get through this situation. CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts