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BizBoost News Volume 9, Issue 12 For distribution 12/2/19; publication 12/5/19 How to Stop Robocalls
You've received them—probably more than once—and every single time, they're painful, tedious, and unsolicited. Robocalls . . . Need we say more? You can experience a robocall, or an automated telephone call delivering a recorded message, on both a personal and business phone line. From scammers scamming to political parties politicizing, these calls can get in the way of your daily business activities, stop productivity, and simply annoy the life right out of you.
Here's how you can fight them.
Don't Let the Robocalls In
Unfortunately, robocalls can plague all types of calls, whether it's a cell phone, analog, or VoIP call.
First, if or when you receive a robocall, hang up. Easy enough, except, you know you will eventually get another call, and then another, and more after that. These calls keep coming . . . like cockroaches.
Put your name on the National Do Not Call Registry; it's free! Will it sufficiently work? No, not always. Yet, taking this step is proactive and it might keep one or two callers from connecting with you.
When an unwanted call does come in, there is often an option to “press a number” that is supposed to delete your number from the robocall registry. Viewpoints are split on this idea, as some say it works and others believe it does the complete opposite of what it's intended to do. We recommend taking your chances and pressing that number. However, if you're on the fence, don't worry; we have more options for you!
Cell
Try downloading a call-blocking app, such as Nomorobo or Robokiller. These are subscription apps that don't discriminate against carriers. You can also check with your particular provider to see if they offer any special blocking option. For example, Verizon has the Caller Name ID app. Both iPhones and Androids have built-in call-blocking features, while Samsung has a "Smart Call" feature to squash this issue.
You can limit your cell phone calls to “contacts only” by setting the “Do Not Disturb” feature on your smart phone, but is this a realistic option for business owners who often need to take calls from people not yet in their contacts?
Analog
Again, try contacting your service provider to see what options they offer. You may also consider purchasing a call-blocking device. Some of the call-blocking devices on the market can block up to 5000 numbers, such as the CPR V5000, which is available for less than $90.
VoIP
A little trickier to fight, contact your Internet provider to see if they have a service to stop robocalls coming in via VoIP. With some clever searching, you may find an innovative blocking option online. Though, if you find a compatible match, it could be costly. Always report the unwanted call to the Federal Trade Commission.
Stop the Robocall Madness Now
The truth: Robocalls are becoming more frequent each year thanks to the double-edged sword that is the Internet. These calls show no sign of stopping. If you want them to end, you need to take action—and right now!
Tweets
Insert a link to your newsletter, web site or blog before you post these:
Our latest blog: How to Stop Robocalls. Subscribe here: [link]
Robocalls show no sign of stopping. Here's how you can fight them. [link]
Business Tip: Put your name on the National Do Not Call Registry; it's free! [link]
Robocalls are becoming more frequent. If you want them to end, you need to take action—and right now! [link]
A robocall, or an automated telephone call can be painful, tedious, and unsolicited. Find out more here: [link]
Unfortunately, robocalls can plague all types of calls, whether it's a cell phone, analog, or VoIP call. [link]
Robocalls can get in the way of your daily business activities, stop productivity, and simply annoy the life right out of you. Find out how to stop them: [link]
How to Stop Robocalls. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 11 For distribution 11/18/19; publication 11/21/19 Get Organized with This 32-Item Year-End Close Checklist
A great way to make a wonderful start to 2020 is to wrap up 2019 feeling organized and on top of the world. Here’s a checklist of items that you can start on now to make your year-end close go smoother than ever before. And don’t worry if you don’t know how to do some of these tasks – that’s what we’re here for.
Start 2020 with a bang and this year-end checklist, and feel free to reach out if we can help with anything.
***
Our latest blog: Get Organized with This 32-Item Year-End Close Checklist. Subscribe here: [link]
Get off to a great start in 2020 with this year-end checklist: [link]
Business Tip: To prepare for 2020 prepare a budget and enter it into your accounting system. [link]
It’s a good time to review the metrics you’ve been using in 2019 and decide on the list of metrics and corresponding values that will take you through 2020. [link]
Here’s a checklist of items that you can start on now to make your year-end close go smoother than ever before. [link]
A great way to make a wonderful start to 2020 is to wrap up 2019 feeling organized and on top of the world. Find out more here: [link]
Set a time with your accountant to go over 2019 results and get ideas on how to meet your financial goals in 2020. [link]
Get Organized with This 32-Item Year-End Close Checklist. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 10 For distribution 11/4/19; publication 11/7/19 Seven Essential To-Do’s When You Get a New Customer
Congratulations, you've landed a new customer! Or, perhaps you prefer the term “client.” Either way, you should be excited; in this particular climate, sparking fresh interest in any kind of business can be challenging. Yet, you did it, and now comes the next part: What to do after you have officially landed that customer/client.
The following essential list of to-do's will help ensure you not only keep your customer happy but that you KEEP them—period! Take a look; you will discover the list can apply to everyone and anyone.
A simple "thank you" goes a long way. Remember, with today's competition, it is more important than ever to stand out. Nothing will help you stand out more than by showing appreciation to any new customers. Make sure to welcome them and thank them for choosing you/your business. This can be done in person, via card, or even email. Though, written form will likely make a lasting impression. Also, reinforce all of the benefits of choosing YOU!
2. Make a Smooth Handoff
If you think about it, this new customer has joined your family—let them know that! Introduce them to your staff (i.e. their new family and friends). Specifically, make sure they are acquainted with their person of contact and ensure it is a good fit by all involved parties.
3. Get Them Onboarded in a Fun Way
During the initial meeting—orientation, if you will—give your customer all of the vital information they will need to easily navigate your business and get the most from your services. This information could include passwords to access certain areas, emails, phone numbers, a glossary of keywords, etc. If you could present this information in the form of a video, even better! Videos are much easier to understand and leave a lasting effect!
4. Be Their New Best Resource (Goodies Added)
Do you have a new client kit? You should! This kit can include anything pertinent to the relationship with your new customer (i.e. relevant paperwork, files, contact information, etc.). Spice up this kit with some goodies, though! Everyone loves goodies. Make sure to properly read your customer to get a better understanding of their likes, but in general, these goodies could include candy and sweets, candles . . . You get the idea.
5. Connect with Them on Social Media
Whether it is Facebook, Twitter, or Instagram, almost everyone is on at least one social media platform. Connecting on social media will not only allow you to know your customer/client better but is also a great way to network with "friends" of your customer.
6. Meeting with the Customer for the First Time
There will come a point when you have that first review meeting with your customer. Be sure to deliver value and explain the service you’ve performed so far. The most essential take away from this step is that your customer feels comfortable and knowledgeable. This is a perfect time to verify any information that may seem unclear or complicated; encourage questions during this meeting.
7. Ask for a Referral or a Review
The best way to drum up more business is word of mouth. You can ask immediately or want until your relationship has blossomed and become strong. Asking for a referral or a review (or both!) is completely acceptable and a good business practice.
Incorporating these seven items into your new customer onboarding process will get your relationship off to a great start. By showing your customer they are important, you stand a better chance of securing their future business and attracting even more potential customers.
Our latest blog: Seven Essential To-Do’s When You Get a New Customer. Subscribe here: [link]
This essential list of to-do’s will help ensure you keep your customers happy: [link]
Business Tip: During the initial meeting give your customer all of the vital information they will need to get the most from your services. [link]
By showing your customer they are important, you stand a better chance of securing their future business and attracting more potential customers. [link]
A simple "thank you" goes a long way. Remember, with today's competition, it is more important than ever to stand out. [link]
Help ensure you not only keep your customer happy but that you KEEP them. Find out how: [link]
What to do after you have officially landed that customer/client. Find out: [link]
Seven Essential To-Do’s When You Get a New Customer. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 9 For distribution 10/21/19; publication 10/24/19
Using Custom Fields in Your Accounting Software
Custom fields in your accounting software are data fields that you can define yourself. They are typically associated with customers, vendors, employees, and items, and they can help you store and categorize additional information about these stakeholders and your products and services in your business.
An example custom field that can be associated with customers is their anniversary date with you. You could also decide to store their birthday, their spouse’s name, their favorite color, or their shoe size.
Custom fields add functionality to your accounting system. Here are a few examples of practical uses for custom fields:
Some software allows you to choose the type of custom field you want to add. In some cases, this allows for cleaner data as the data can be limited to a certain type or certain values upon entry. Here are the most common types:
Custom fields allow you to meet your company’s unique needs over and above what the software provides by default. It’s a great way to make your data more meaningful. If you have some ideas for custom fields in your accounting software and want help setting them up, feel free to give us a call anytime.
Our latest blog: Using Custom Fields in Your Accounting Software. Subscribe here: [link]
Meet your company’s unique needs above what your accounting software provides by using custom fields. [link]
Business Tip: Custom fields in your accounting software are data fields that you can define yourself. [link]
Custom fields add functionality to your accounting application. Here are a few examples of practical uses for custom fields: [link]
Custom fields can help you store and categorize additional information about customers, vendors, or employees. [link]
A great way to make your data more meaningful is by using custom fields. Find out more here: [link]
Custom fields allow you to meet your company’s needs. An example custom field is your customers’ anniversary date with you. [link]
Using Custom Fields in Your Accounting Software. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 8 For distribution 10/7/19; publication 10/10/19
Protecting Clients’ Credit Card Numbers
Does your business ask your customers for their credit card numbers at any time during the sales process? If so, it’s essential that you honor the privacy of your customers’ private data as well as stay in compliance with the Payment Card Industry rules.
Every business that has an account with a merchant services vendor is required to follow PCI (Payment Card Industry) compliance when collecting and storing credit card data. There are many different levels of compliance depending on the technology you use to capture and store credit card data. These levels depend on whether you use a point of sale terminal, the customer hands you their card, orders are entered through an online shopping cart, or a combination.
In all cases, there are several no-no’s that you’ll want to share with your staff to make sure they are properly trained:
If you need to use credit card authorization forms in your business, you’ll need to consider the proper collection of these forms as well as the proper storage. Storing a credit card outside any system requires you to follow further PCI compliance steps.
It’s not a surprise that so many credit cards get hacked each year. It’s inconvenient to customers and vendors when their credit card gets compromised, and much of this can be prevented through proactive and safe measures. Respect your customers and help them keep their credit card data safe.
Our latest blog: Protecting Clients’ Credit Card Numbers. Subscribe here: [link]
Respect your customers and help them keep their credit card data safe. [link]
Business Tip: Never ask a client to send a credit card number via email. [link]
It’s essential you honor the privacy of your customers’ private data as well as stay in compliance with the Payment Card Industry rules. [link]
Through proactive and safe measures, you can help customers and vendors keep their data safe. [link]
When collecting and storing credit card data every business is required to follow PCI (Payment Card Industry) compliance. Find out more here: [link]
It’s important to protect the privacy of your customers’ credit card numbers and private data. Find out how. [link]
Protecting Clients’ Credit Card Numbers. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 7 For distribution 9/23/19; publication 9/26/19
Avoiding Accounts Payable Errors: What to Watch Out for
When you pay a bill in your business, are you 100 percent comfortable that the bill payment is correct and justified? Is there ever a chance that that bill is fake or fraudulent? What about duplicates? With so many fake bills being mailed to businesses these days, it makes sense to think about controls you can put into place to reduce the risk that you might write a check out of your hard-earned profits that should never be written.
Accounts Payable Controls
In the accounting profession, the term “internal controls” refers to processes, procedures, and automations you can put into place to reduce errors. In accounts payable, there is a specific subset of rules and controls you can put into place to reduce risk in this area. Here are just a few ideas.
1. Approvals
All bills should be approved by the appropriate level of staff in your business. Sometimes a bill gets approved that is fake or shouldn’t be approved, especially in areas where the approver doesn’t have technical knowledge of what they are buying. Be sure to read the fine print on the bill and make sure you know what you are paying for.
2. Segregation of duties
The person who pays the bill should be different from the person who submitted the bill. These people should be different from the one who signs the check. This reduces employee fraud.
3. Receipt confirmation
A packing slip or other confirmation of receipt of the goods or services should be matched to the invoice, line item by line item.
4. Math check
A prudent step is to check an invoice’s math, at least for reasonableness.
5. Duplicate payments
If a vendor emails their bill as well as mails a hard copy, controls should be put in place (usually automated) to avoid duplicate payments on the same bill.
6. Reconciliation
If there are a significant number of transactions between you and a vendor, an accounts payable reconciliation should be performed each month via a statement.
7. Missing check numbers
Most systems provide a missing check numbers report that you can use to make sure all checks are accounted for.
8. Bank reconciliation
A bank reconciliation is a sure way to see exactly what checks cleared your bank account.
9. Coding
Coding each transaction to the correct expense account, inventory, asset, or cost of goods sold account is an essential part of the process.
10. Income statement review
Each month, a review of the balances in your expense accounts as well as a disbursements ledger review for reasonableness can provide added peace of mind.
11. Purchase order
Requiring purchase orders is another control you can add to your process. Purchase orders should be matched to packing slips and invoices before payment or approvals are made.
12. In-depth knowledge of your business’s numbers
The more you get to know the numbers in your business, the greater chance you’ll have of accurate accounts payable handling.
And if you’d like to discuss your accounts payable function with us and how it can be improved, we’re happy for you to reach out any time.
Our latest blog: Avoiding Accounts Payable Errors: What to Watch Out for. Subscribe here: [link]
How can the accounts payable function be improved in your business? [link]
Business Tip: In accounting, the term “internal controls” refers to processes, procedures, and automations you can put into place to reduce errors. [link]
With fake bills being mailed to businesses these days, think about controls you can put into place to reduce the risk. [link]
The more you get to know the numbers in your business, the greater chance you’ll have of accurate accounts payable handling. [link]
There are specific rules and controls you can put into place to reduce accounts payable errors in your business. Find out more here: [link]
When you pay a bill in your business, are you sure that the bill payment is correct? Is there ever a chance that that bill is fake or fraudulent? [link]
Avoiding Accounts Payable Errors: What to Watch Out for. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 6 For distribution 9/9/19; publication 9/12/19 Does Your Business Have a Safety Net?
One of the most important parts of managing a business is making sure there is enough cash to keep the business going. As a business owner, you probably have a very good idea how much cash you have in the bank at any time. The smaller your business is, the more likely you are to keep a close eye on cash.
Checking your cash balance is a daily function you should be on top of. Yet there is another often-overlooked responsibility that many business owners don’t spend enough time on, and that is managing your future cash, especially in light of unplanned situations. Looking ahead helps reduce your business risk and allows you more time to correct any upcoming dip in your cash balance.
Having enough cash is akin to having a safety net for your business. It can sometimes even mean the difference between staying in business and going out of business. To plan how much you might need for your safety net, you can use a few different methodologies.
One way to plan your safety net is to prepare for the worst-case scenario. How long would your cash hold out if no revenue were to come in but all expenses kept going out? Some questions you might ask:
Another way to plan your safety net is to do what the average business does: acquire the amount of cash you need for two to three months’ worth of operations and keep it on hand. Alternately, you can make a plan to liquidate that much cash on a very fast basis and only put your plan in place if it’s needed.
An easy way to get these numbers is to look at your bank statements in conjunction with your average accounts receivable and accounts payable balances. If that’s all Greek to you, no worries. Feel free to contact us and we can help you figure out a safety net number that you’ll feel comfortable with and that will keep your business risk low.
Once you have a safety net in place, you’ll gain peace of mind for your business. It’s one step in an overall disaster preparedness plan that you can make for your business.
Our latest blog: Does Your Business Have a Safety Net? Subscribe here: [link]
One way to plan your business safety net is to prepare for the worst-case scenario: [link]
Business Tip: Figure out a safety net number that will keep your business risk low. [link]
Many business owners don’t spend enough time managing future cash, especially in light of unplanned situations. [link]
One of the most important parts of managing a business is making sure there is enough cash to keep the business going. [link]
Gain peace of mind for your business by having a safety net in place. Find out more here: [link]
Looking ahead helps reduce your business risk and allows you more time to correct any upcoming dip in your cash balance. [link]
Does Your Business Have a Safety Net? Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 5 For distribution 8/26/19; publication 8/29/19 Why Having a Budget Is Important
As an entrepreneur, you likely place a high value on freedom. When the word “budget” is mentioned, you might cringe and feel like it hampers your freedom. But it’s really the opposite. Here’s why.
According to a 2019 article in Small Business Trends, “Startup Statistics – The Numbers You Need to Know,” 82 percent of businesses that fail do so because of cash flow problems. Even if your business is no longer a startup, the failure rates for businesses started in 2014 were as follows:
Many of the reasons for business failure can be prevented with good budgeting and planning. Here are some benefits of making a budget and managing to it.
Getting started with a budget is easy. If you’ve been in business for more than one year, you can start with last year’s actual figures and then adjust for the growth and changes you want. The numbers can be input into your accounting system so that you can get reports that measure actual progress versus the budget numbers. You can then make good business decisions based on your variances.
When you take a little bit of time to create a budget, you really can enjoy the freedom of knowing you’re on track to make your numbers. If we’re not already working with you on your budget, feel free to reach out to find out more.
Our latest blog: Why Having a Budget Is Important. Subscribe here: [link]
Many of the reasons for business failure can be prevented with good budgeting and planning. [link]
Business Tip: Impulse spending can be curbed by avoiding spending on anything that is not budgeted for. [link]
Getting started with a budget is easy and you can then make good business decisions based on your variances. [link]
When you take a little bit of time to create a budget, you really can enjoy the freedom of knowing you’re on track to make your numbers. [link]
Your chances of business success increase with a budget. Find out more here: [link]
Here are some benefits of making a budget and managing to it: [link]
Why Having a Budget Is Important. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 4 For distribution 8/12/19; publication 8/15/19 Cool Tech Tools: Zoom
More and more small businesses are finding virtual meetings useful. Virtual meetings have many advantages:
Before you climb into the car or book a flight, think about whether a virtual meeting could save you time and deliver the same result. It’s a very big change in habit to get used to, but when you do, you’ll find it saves you time and money.
To hold a virtual meeting, you’ll need a software app that works in your browser. There are many choices available, and one popular one is called Zoom. You can find them at https://zoom.us/.
It’s easier than you might think to hold a virtual meeting. The learning curve is more psychological than any skill or equipment needed. You’ll need a computer, and you can use your phone or your computer for audio. If you use your computer for audio, you’ll need a microphone and speakers.
For best results, you should also have a webcam built in to your computer, or you can purchase one separately and connect it. Everyone is camera-shy, or webcam-shy, but don’t let that stop you! You can always host a meeting without video.
Zoom has a free account that you can use to try out virtual meetings. Once you’ve set up your account, you can schedule a meeting or host a meeting on the fly. Setup choices include whether you’ll use computer or phone audio, whether you want the video to be on or off, and whether you want to record the session, which can be very handy. You can also mute and unmute participants, so that it can be used for classes as well as meetings.
Here are a few tips to make sure your virtual meetings go off without a hitch:
Try virtual meetings in your business, and invite us to your next meeting.
Our latest blog: Cool Tech Tools: Zoom. Subscribe here: [link]
To hold a virtual meeting, you’ll need a software app that works in your browser. One popular one is called Zoom: [link]
Business Tip: For virtual meetings audio quality is probably more important than visual quality. [link]
It’s easier than you might think to hold a virtual meeting. [link]
More and more small businesses are finding virtual meetings useful. Virtual meetings have many advantages. [link]
Virtual meetings are better than a phone call because of the visual element. Find out more here: [link]
Here are a few tips to make sure your virtual meetings go off without a hitch: [link]
Cool Tech Tools: Zoom. Sign up for our newsletter: [link]
BizBoost News Volume 9, Issue 3 For distribution 7/29/19; publication 8/1/19 Five Key Reports for Your Business
Each month, your accounting system yields actionable information for you to run your business better. Here are some key reports that all business owners should review every month.
Balance Sheet
A quick review of the balance sheet can tell you the balances of your current assets and current liabilities. Current assets should always be larger than current liabilities; if it’s not, you may have liquidity issues.
You can also take a look at these accounts: cash, accounts receivable, and accounts payable. They should look reasonable to you based on your business history.
Accounts Receivable Aging
Your gaining report can alert you to who has not paid their invoice, so that you can take action to collect that money. Any balances over 30 days should trigger a collection process since the older the receivable gets, the less likely it is to collect.
Accounts Payable Aging
Hopefully, this report is clean and you are able to pay all of your bills on time. If you have an unusually large amount in this account, you’ll want to make sure you have the future cash to pay the bills.
Income Statement
The first number most entrepreneurs look at on the income statement is profit. It’s a good idea to review every account balance on this report to see if it is what you expected. Some questions to ask yourself include:
Sales Reports
There are many excellent sales reports to dive deeper into your revenue so you can see what sold and what didn’t. Sales by Item and Sales by Customer are two good options for you to get more detail about your revenue balances. By analyzing your revenue, you can see what promotions worked and how you might take action to increase sales.
These five reports are very basic, but they are also very key to your business. To profit from these reports, it’s up to you to take action in your business to improve your success.
Our latest blog: Five Key Reports for Your Business. Subscribe here: [link]
Each month, your accounting system yields actionable information for you to run your business better. Find Out More: [link]
Business Tip: Your gaining report can alert you to who has not paid their invoice, so that you can take action to collect that money. [link]
Reports are the key to your business. It’s up to you to take action in your business to improve your success. [link]
It’s a good idea to review every account balance on your Income Statement report to see if it is what you expected. [link]
A quick review of your balance sheet can tell you the balances of your current assets and current liabilities. Find out more here: [link]
Here are some key reports that all business owners should review every month: [link]
Five Key Reports for Your Business. Sign up for our newsletter: [link]
