FREQUENTLY ASKED QUESTIONS

WHAT ARE YOUR SERVICE FEES?

My fees are competitive and I will match any reasonable quote you present me.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT AND A BOOKKEEPER?

Bookkeepers organize the finances by ensuring that each transaction is well-documented. They’re involved with the business’ day-to-day operations.

Accountants come in to provide financial analysis based on the bookkeeper’s data. They may not be as involved with business operations, but accountants are essential to supplement the bookkeeper’s work.

FINANCIAL TIPS FOR SMALL BUSINESS OWNERS

  • Properly manage your accounting

    • It’s crucial to keep accurate track of your books. (hire a bookkeeper to save yourself the headache)

  • Keep track of your small business expenses

    • They add up quickly and you might need to tune up your spending.

  • Make financial projections.

    • Anticipate and address possible future obstacles.

  • Don’t get slack on invoicing.

    • Send out invoices as soon as possible after providing goods or services.

    • Set payment terms of seven days.

    • Reference invoice numbers and cross-reference these with payments.

  • Keep a separate business bank account. 

    • Mixing business money with your personal finances is a recipe for disaster.

  • Keep track of personal loans to your business. 

    • Keep accurate records of what you loan to your business.

  • Use a business credit card.

    • You’ll want a business credit card for making your business-related expenses.

  • Make sure to pay yourself first. 

    • This doesn’t mean sucking up all the profit the moment you make it; start with 10% to 20% of the earnings.

  • Remain frugal. 

    • Even though you pay yourself, don’t get sucked up in the benefits of business ownership even if you can afford it.

    • Set your salary as low as possible; what you save now will give you more flexibility in future lean months.

  • Take care when expanding. 

    • Make sure expansion is done steadily and wisely.

  • Make sure you have enough capital. 

    • Have three months’ living expenses saved plus the amount you are expecting to need for the first three months’ business expenses.

    • Plan as if you expect to receive no business revenue.

  • Don’t spend prematurely

    • Don’t go big on business cards, sign writing, marketing materials, cars or inventory before any actual revenue comes in.

    • Social Media marketing is inexpensive and goes far.