Category: Blog

5 Useful Time Tracking Apps for Small Business

Time is the most valuable resource for small business owners. But in order to get adequately compensated for your time, you need to track how you spend it. Here are the 5 useful time tracking apps for small business needs.

1. Toggl: Toggl offers the ultimate in simplicity; just click to start the timer when you begin a task, and click again to stop it when you end it or take a break. Toggl also creates visual reports that show you how you and your employees are actually using your time and which projects are the most profitable. Toggl integrates with popular project management apps such as Asana, Basecamp, and GitHub. It works with one-person businesses or teams.

2. Timesheets.com: Timesheets.com works for both hourly employees and salaried workers who need to track billable hours or time spent on projects. Timesheets.com works with popular payroll companies including QuickBooks, SurePayroll, and ADP; you can also export the data into a wide variety of formats. There are even HR tools, including standardized documents and the ability to store documents privately so only relevant managers can see them.

3. TSheets: Employees can clock in on their smartphones via text, email, voice call, or even Twitter. Crew features let you send entire crew alerts at once or clock them all in and out at the same time. The drag-and-drop schedule creator makes it easy to schedule employees for shifts, such as retail or restaurant work, or particular jobs, such as landscaping or construction. TSheets is well suited for businesses with hourly workers, work crews, or mobile employees, such as field services or construction. It integrates with the most popular accounting and payroll software.

4. Harvest: This time tracking app creates visual reports that show you how much time your team is spending on each project. Employees can use the app’s timers to track their time or input it manually. With the mobile app, it’s easy to track time and billable hours anywhere. You can also track expenses by simply snapping pictures of receipts and automatically pulling data from Harvest into invoices.

5. Hubstaff: The Hubstaff time tracking app runs on computers or mobile apps and builds in plenty of employee monitoring tools. The app tracks mouse movements and clicks, takes random screenshots to show you what employees are actually working on, monitors employee internet use so you can see what websites they’re visiting, and even tracks which apps employees use the most. The mobile app uses GPS to track employees’ time and location on the road; employees can also track time on their mobile devices.

Need help choosing the right time tracking and scheduling software for your business—or any other aspect of managing your employees and your finances? Let us help you handle your business finances while you focus on growing your business.

Are You Ready for Fourth Quarter?

Can you believe it? 2023 is speeding by, and we’re fast approaching the fourth quarter. Are you ready for a strong finish? Could it make or break your business? We’ll explore some effective strategies you can put in place to achieve your annual goals and start the new year strong.

1. Evaluate your financial health. Start by evaluating your current cash flow. Small businesses should aim for at least 3 months worth of cash reserves to cover their expenses. That said, even through periods of uncertainty, businesses shouldn’t sit on large reserves of cash. If your liquidity is strong and you’ve got enough to cover you for the next 90 days, then invest in growth. In keeping with cash flow, it’s also a good idea to review your clients and highlight any late payers.

2. Invest in talent. With salaries and contractor costs accounting for up to 60% of your total expenses, your people are your biggest asset. Therefore, to help set you up for a strong fourth quarter, consider investing in your team. As the saying goes, “people buy from people”, and so by investing in your team members, your clients will enjoy working with a motivated, efficient, and highly skilled team, which will drive strong results for the end of the year.

3. Set up simple structures. If you want a strong finish to the fourth quarter, consider setting up simple structures to improve efficiency. By streamlining internal processes, you’ll make your workflows more efficient, which means a more productive team, which also will give you the competitive advantage to finish the year strong. Consider investing in software that automates time tracking and project management to help set up simple structures and operations in your business.

4. Design a three-month game plan. As we approach the fourth quarter, it’s time to sit down and devise a sales strategy and marketing plan to finish the year strong. To help you do this, you should first assess your current year-to-date performance. How was the last quarter? How are you tracking year-to-date? Aside from the goal-setting and sales plan, you should also design an aggressive marketing strategy to set up strong pipelines for the new year.

With year-end fast approaching, now’s the time for professional services firms to devise a plan to get ready and finish strong. You should also use the next three months to assess your financial health, invest in your team, and set up simple structures to ensure a strong start to the new fiscal year. Schedule a call to learn more about how we can help with your business’s financial health.

Summer Financial Health Check: Assessing Your Business’s Financial Well-Being

As the sun shines brightly and the temperatures rise, summer presents the perfect opportunity for business owners to take a step back and conduct a thorough financial health check.

Assessing your business’s financial well-being during this season can provide valuable insights and help you make informed decisions for the rest of the year. Here are some key steps to consider in your summer financial assessment:

1. Start by analyzing your income and expenses for the first half of the year. Identify any trends or patterns, and compare the figures to your initial projections. This review will give you a clear picture of how your business is performing financially.

2. Review your profit margins and overall profitability. Identify areas where you can reduce costs or increase revenue. This assessment can help you fine-tune your pricing strategies and budget allocations.

3. Take the time to adjust your budget for the second half of the year based on your financial assessment. Account for any changes in income, expenses, or business goals. A well-adjusted budget will serve as a roadmap for the remainder of the year.

4. Consider gathering customer feedback on your products or services. Satisfied customers are more likely to become loyal, repeat customers. Address any concerns or suggestions to enhance customer satisfaction.

5. Engage with financial advisors or accountants to gain valuable insights and expert advice. Their expertise can help you make well-informed financial decisions and set your business up for success.

Conducting a summer financial health check allows you to identify strengths, weaknesses, and growth opportunities for your business. With this knowledge, you can proactively address any financial challenges and build a solid foundation for continued success throughout the year and beyond.

Looking for help with your business finances? We’ve been working with small business owners to free up more time, get more financial clarity, and create more cash flow in their businesses. Ready to learn more? Book a call to get started!

The Benefits of Hiring Independent Contractors for Your Business

As a business owner, you’re constantly faced with decisions that impact the success and growth of your company. One such decision is whether to hire employees or independent contractors to meet your business’s needs. Hiring independent contractors can offer numerous advantages, and understanding the benefits can help you make an informed choice for your business.

1. Cost-Effectiveness: One of the most significant advantages of hiring independent contractors is cost-effectiveness. Unlike employees, independent contractors are not entitled to benefits such as health insurance, retirement plans, or paid time off. This means you can save on payroll taxes and other employee-related expenses, resulting in significant cost savings for your business.

2. Flexibility: Independent contractors provide a high level of flexibility for short-term or project-based work. Whether you need extra help during peak seasons or require specialized skills for specific tasks, independent contractors allow you to scale your workforce as needed without long-term commitments.

3. Specialized Skills: Independent contractors often bring specialized skills and expertise to the table. By hiring contractors with unique talents, you can access high-quality work and knowledge that may not be available within your existing team.

4. Reduced Administrative Burden: Hiring and managing employees comes with various administrative responsibilities, from payroll processing to compliance with labor laws. When you hire independent contractors, many of these administrative tasks are often handled by the contractors themselves, easing your administrative burden.

5. Limited Liability: Independent contractors are responsible for their own business operations and liability. This means that you may have reduced legal exposure compared to hiring employees.

It’s important to note that misclassifying employees as independent contractors can lead to legal issues and fines. Make sure to adhere to legal guidelines and the CRA criteria for determining worker classification.

Discover the seamless experience of working with our expert team. Let us handle your business finances while you focus on growing your business.

Tax Tips and Strategies for a Summer of Savings

As the summer season approaches, it’s important for business owners to consider tax planning strategies that can lead to significant savings. By taking advantage of available deductions, credits, and smart financial practices, you can optimize your tax situation and make the most of the sunny season.

Here are some essential tax tips and strategies to keep in mind:

  1. Deduct Summer Business Travel: If you are a business owner or self-employed, summer business travel can be deductible. Keep accurate records of all business-related expenses, including transportation, lodging, meals, and conference fees.
  2. Take Advantage of the Child and Dependent Care Tax Credit: For parents with children attending summer camps or daycare, the Child and Dependent Care Tax Credit can provide valuable savings. This credit can be claimed for a percentage of qualifying expenses, allowing parents to work or look for employment while their children are in care.
  3. Consider Home Office Deductions: If you work from home, you may be eligible for home office deductions. Ensure that your workspace meets the IRS criteria for a home office and keep detailed records of expenses related to your workspace, such as utilities, internet, and office supplies.
  4. Track Summer Charitable Donations: Summer is a time when many people engage in philanthropic activities and donate to charitable organizations. Keep track of all donations made during the summer months, including cash, goods, or volunteer-related expenses, as they may be tax-deductible.

By implementing these tax tips and strategies, you can make the most of the summer season while minimizing your tax burden. Remember to consult with a tax professional for personalized advice based on your unique circumstances and business. Stay proactive, organized, and informed to maximize your tax savings and enjoy a stress-free summer of financial well-being.

Summer Bookkeeping Tips: Stay Organized Amidst the Sunny Season

Summer is in full swing. The first thing most business owners avoid when the weather improves is generally the tedious things. Like staying on top of your bookkeeping and financials. But as the summer sun shines bright, it’s important to keep your business’s financial records just as radiant. So, we’ve put together some helpful tips to ensure your bookkeeping stays on track during the sunny season.

Streamline your expense tracking

Whether it’s business trips, conferences, team outings, or summer promotions, make sure to accurately record all expenses and keep receipts organized. This will simplify your bookkeeping process and make tax time a breeze.

Embrace cloud-based bookkeeping

Take advantage of cloud-based accounting software like QuickBooks Online, which enables you to access your financial data securely from anywhere. This flexibility allows you to enjoy your summer adventures while staying connected to your business’s financial health.

Review your budget

Summer often brings unique business opportunities and challenges. Take time to reassess your budget and adjust your financial goals for the upcoming months. Ensure you allocate resources strategically to make the most of the season’s potential.

Stay on top of invoicing

Don’t let delayed payments disrupt your summer flow. Send out invoices promptly and follow up with any overdue payments. Maintaining a healthy cash flow is crucial for a successful season.

Remember, even during the summer, your business’s financial well-being deserves attention. Implement these tips to maintain smooth bookkeeping practices and enjoy a stress-free summer.

If you don’t want to handle any of your bookkeeping over the summer, then a great option is to hire us to do it for you! Then you really can have your cake and eat it too. Get in touch with us today.

How to Make the Most of the Next 6 Months of 2023 For Your Business

The last six months are a great opportunity to reflect on achievements, reassess goals, and lay the groundwork for a successful year-end. To make the most of this time, it is essential to identify key focus areas that can help move your business forward. Here are 4 crucial aspects that businesses should prioritize during the last six months of the year.

Goal Review and Adjustment

Begin by evaluating the goals you set at the beginning of the year. Determine what progress has been made and identify any adjustments needed to align with current market conditions and evolving business dynamics. This assessment will provide a clear roadmap for the next six months.

Client Engagement and Retention

Focus on nurturing existing customer relationships. Implement targeted marketing campaigns and personalized communication to engage customers, and encourage repeat business. Leverage customer feedback to identify areas for improvement and enhance the overall customer experience.

Operational Efficiency

Streamline internal processes and optimize efficiency across departments. Evaluate workflows, identify bottlenecks, and implement automation or technology solutions to enhance productivity. Focus on cost management and identify areas for potential savings without compromising quality.

Financial Management

Pay close attention to financial performance and cash flow management. Review budgets, track expenses, and ensure proper accounting practices. Prepare for tax season in advance, engage with your bookkeepers or accountant, and explore opportunities to optimize revenue generation.

The last six months of the year are a valuable opportunity to drive growth and position your business for success. By focusing on key areas such as goal review, customer engagement, operational efficiency, and financial management, you can set the stage for a strong finish to the current year and a promising start to the next. To learn more about how we can help manage and keep your finances organized through the rest of the year, schedule a call with us today.

How To Conduct A Mid-Year Budget Review

With the midyear of 2022 quickly approaching, it’s a great time to perform a budget checkup to help evaluate how your business is performing and determine whether any adjustments should be made to ensure a successful year-end. Consider these key areas of your budget when conducting a midyear review:

  1. How are your year-to-date expenses and revenue aligning with your initial projections? Are you meeting your sales goals? If not, how will you address the situation? Add new products? Eliminate unprofitable products that may be zapping your time? Are you pricing your product correctly? Is your marketing/sales plan being followed? What is the potential revenue from the changes you are making?
  2. What is your cash flow situation? Many businesses have been experiencing significant cash flow shortages due to cost fluctuations in supplies and, in some cases, slow-paying customers. Consider performing a cash flow analysis to help detect if there are any collection issues or whether you should revisit some of your vendor relations. Once you’ve reviewed key areas such as the actual costs of your inventory or supplies, vendor payments and collections from customers, it will help you make the appropriate adjustments.
  3. Are there any adjustments you should consider from a tax perspective? A few areas to evaluate from a tax perspective include whether there have been any recent changes in tax laws, plans for capital expenditures, and tracking your quarterly tax payments to see if any adjustments should be made. With economic conditions changing so drastically right now, it’s a great time to review these payments rather than wait until the year-end, when you usually do.
  4. If you hire new personnel, there are more things to consider as well. Will additional phones be needed, cell phone or land line? How much training time is needed? What will the training cost? Are more supplies needed? Is there enough office space?

Have questions or need assistance with your budget review, contact us today.

How to Build a Business Emergency Fund in 8 Steps

An emergency fund is an essential part of a solid financial plan. It can help you pay unexpected expenses and avoid taking on more debt from high-interest credit cards or loans. You can build up your business cash reserve account in several ways:

  1. Determine Your Needs. The first step is to determine how much you need in an emergency. Your needs will be unique, depending on your business. A rule of thumb, 10% of your annual revenue might be a good benchmark.
  2. Set Reasonable Emergency Savings Goals. Start small so you can meet your monthly savings goal than struggling to hit a bigger number. Set small, achievable targets for your monthly savings, and increase the amounts when you’re comfortable that you can handle them without hurting your business.
  3. Save Consistently to Build Your Cash Reserve Fund. As with any savings program, you need to put together a plan and follow it consistently. Commit to putting a certain amount of money aside each month. One of the easiest ways to do this is to save a percentage of your monthly revenue.
  4. Automate Business Emergency Fund Savings. An effective way to build a financial cushion for your company is to open a separate account and set up a monthly deposit from your business account. Then savings can happen without requiring you to manually move the money each month.
  5. When Business Is Good, Build Up Your Financial Cushion. When you have a good month financially and a better net profit, put a little extra into your emergency business funding until you reach your goal.
  6. Check for Nonessential Expenses. Certain expenses are unavoidable. If you have a mortgage on your property, you need to make the monthly payment. You’ll need to pay utilities and employees if you want to stay in business. However, other items aren’t essential.
  7. Protect Your Business Emergency Fund. It can be tempting to dip into your emergency fund for things that aren’t emergencies. Avoid the temptation to do that if at all possible.
  8. Don’t Stop Building Your Cash Reserve Fund. When you reach your goal, take a breath and congratulate yourself. It’s a big step. Consider continuing to save and building your cash reserve fund to create an even bigger financial cushion.

Setting up a business cash reserve fund also provides peace of mind. You’ll sleep better knowing you have some money set aside to handle emergencies. If you’d like to learn more about how we can take managing your business finances off your plate and help you grow your business, schedule a call with us today!

5 Step to Conduct a Mid-Year Financial Assessment

A mid-year financial assessment is the best way to evaluate whether or not you are on target to hit your goals. It’s also the perfect time to pivot if you’ve gotten off track. However, to point yourself back in the right direction, you have to know where you’re currently standing:

  1. Check-in With Yourself. First and foremost, how are you feeling about your business at the mid-year mark? Do you feel like you’re on your way to achieving whatever it was you originally set out to achieve? If not, this is a great time to get clear on whether you’re running your business or whether your business is running you.
  2. Revisit Your Budget. The mid-year check-in provides a perfect budget review opportunity. Take a look at what you forecasted for the year in terms of revenue and expenses.
  3. Review Your Financial Statements. Profit and loss statements, balance sheets, and cash flow statements are standard financial documents to review during a financial checkup. Compare your financials right now to your financials from this time last year to trends and cycles.
  4. Evaluate Your Goal Progression. Remember those goals you set for your business at the start of the year? It’s time to see where you’re at in meeting them. Whether you set concrete financial milestones or identified systems and processes you wanted to employ, take some time to see if you’ve made meaningful strides toward getting there.
  5. Check-in On Your Taxes. This is a good time to make adjustments to your 3rd and 4th quarter estimated payments if you’re forecasting an increase in revenue for the second half of the year. If you haven’t made your estimated tax payments, then it might be worth scheduling an appointment with your tax professional. Putting off making tax payments causes unnecessary stress. Attending to taxes all year can make for an easier, less stressful spring.

Building good habits as an entrepreneur, like running a mid-year financial checkup, is critical to the success of your business. But habits aren’t always easy to establish or maintain. Maybe you don’t even know where to start. If your business needs support, contact us today to schedule a consultation.