3 Techniques That Can Improve Your Bookkeeping Service’s Online Presence

Do you perceive strong online presence to be a costly and time-consuming technique? Have you ever thought of the importance of strong online presence to your bookkeeping practice? As a business owner providing bookkeeping services, you need to make sure that you are sending the right messages so you can attract clients and generate leads online. Improve your online presence with these techniques:

1.    Choose your social channels

Social channels are effective in improving your online presence because it provides prospective customers a time to connect and to know more about your company. However, when you use social media for connecting with your customers, you need to dedicate your time and effort to supply these channels with engaging and compelling content. If a visitor stumbles upon your company’s social media account and found nothing, the purpose of getting people to know your business will be defeated.

These social channels can help businesses promote services and share expertise. LinkedIn is one of the very effective channels capable of finding leads and networking with contacts on the same industry. It is also help to consider the social streams as this will help you determine where your efforts should be concentrating on.

2.    Drive Traffic

When it comes to finding the right formula to communicate to your new and existing clients, irrelevant information becomes a roadblock that you need to remove if you want a steady flow of customers to come knocking on your door. Most of your social media posts should be focused on driving traffic to your website. These posts must be carefully crafted so you can present your business in the most effective way. Blog posts should be given importance because you can link through to them using social media accounts. As a result, your audience will keep on returning to your website and engage with your business. They can also share your content with their own networks.

3.    Create engaging posts

Social media allows you to have a voice so you can communicate effectively with new and existing clients. Social media is an effective tool if you are going to take a strategic approach. Keeping your interactions meaningful and regular is one thing to ensure positive client engagement. You will need to create a basic quarterly plan so you will know when you should schedule them. It can either be weekly or twice a week. As much as possible, you should make it a habit to schedule posts ahead as something may come up that stops you from supplying channels with regular posts.

Since almost all businesses are going digital these days, taking advantage of social media channels to promote your business can make a difference. Regular interaction with your clients can take your business to the next level.

Why Bookkeeping Practice Needs A Niche

One thing that makes bookkeeping industry interesting is that anyone can become a potential customer.  Every opportunity that knocks on your door is a good sign for your business. Once income starts coming in, the next thing to do is to push your profits to the next level. Due to the competitions in the bookkeeping industry, it is important that you concentrate on a specific niche that will define the nature of your bookkeeping business.

When you establish a niche, you are promoting yourself as an expert in a particular area of bookkeeping. Your niche may be focused around an industry, type of business owner or a location. The downside of allowing your business to be part of a crowded industry is that potential customers will have so many choices and sometimes, your business can get lost in these choices. However, if they have a specific niche to focus on, you will be able to define your areas of expertise and give them an option to get the bookkeeping business that fits their expectations and needs.

Reasons a bookkeeping practice needs a niche:

•    When you consider creating a niche for your bookkeeping practice, you have more opportunities to determine an effective marketing approach that will work for your business. This marketing approach will give you the ability to have a unique selling point. As a result, you are targeting your customers and creating qualified leads.

•    You will be able to stand out online when prospects are looking for a specific service. If you are going to settle with generic bookkeeping service, you are most likely to be lost in the crowd because you do not have any unique services to offer.

•    Building a niche can also provide you attractive networking opportunities. This is also your time to build confidence in environments, which can generate referrals and better business. If you have done an impressive job on a specific area, you will become the go-to person when clients need help in a particular area of a bookkeeping service.

•    If you want to make it big in the bookkeeping industry, finding your niche can open the door to additional business opportunities. Not only will you become more involved in business and financial management but you will also have more time to concentrate on an area that will improve your bookkeeping service.

The thought of finding your niche can be overwhelming and your starting point may be one of the reasons you are deterred from pushing your business to the next level. Start by reviewing your client database. If you see any trends in the type of customers you have, focus on a particular industry where you can establish your niche.

You should also identify the kind of networks or relationships you currently have that you can leverage. If you have a connection in a particular industry, you should also join associations related in this network so you can expand your network. You can also find your niche if you focus on a particular service that you consider profitable. If you have high-paying clients, find more like them.

Does Your Business Have Problems With Budgeting?

Spending is essential in every business, but the money you spend must be closely monitored so you can determine if you are overspending. Mindless spending habits can have an effect on your business especially if you do not keep track of minor expenses. You might think that small expenses do not have an effect on your business, but once they are not liquidated, you will begin to wonder why there are some unnecessary expenses.

Signs you need to re-assess your spending habits:

Your unresolved obligations just keep piling up

Have you ever found yourself depleting your funds? Have you tried checking a list of obligations that remain unresolved? If this is the case, you need to re-evaluate your spending habits as something is just not right. Is your business headed in the wrong direction? It might not be going where you expect it to be and if you do not pay close attention to the way you are handling your expenses, the people you are doing business with will also lose their trust in you. Before payment obligations pile up, make sure they are settled.

You cannot handle petty cash

Do you have unbalanced accounts at the end of each week? You may need to review them if you cannot clearly identify where the problem lies. Unable to reconcile your petty cash is a serious problem that needs to be tackled by your bookkeeper or accountant. Budgeting is important because it keeps your finances intact. If you have no idea where your petty cash is spent on, you will have trouble keeping track of the amount of money you have. Soon, you will discover that one of the contributing factors for the failure of your business is due to overspending or taking money out of your budget without liquidating them.

Failing to pay bills in a timely manner

While overlooking some payment schedules may sometimes happen, habitually forgetting your payment obligations is a different story. Delayed payments can spell trouble if you do not do something about it. Make sure you prioritize expenses by setting aside money for paying your bills. The money you set aside is exclusive for bills payment. Make tax payment your top priority and if you need to pay for your credit card bills, you should also keep a budget so money becomes available when you need it.

You spend more than you earn

You are less likely to succeed in budgeting if you are spending more than you earn. As a business owner, you are required to spend as part of the growth of business, but if your expenses seem to create a serious impact on your business as you do not know where your money is going, it is a clear sign of overspending.

Failing to keep an eye on your expenses can increase the likelihood of losing your business. Spending money on unnecessary items and delayed payments can seriously hurt your business if you do not do something to improve your budgeting. A bookkeeper can help you spend wisely so you can free yourself of financial worries.

Three Financial Statements You Should Get From Your Bookkeeper

Bookkeeping may not be a business owner’s forte, but you still need to learn the ropes because the most important aspect of your business is at stake. When your finances are left unchecked, you can join the growing number of failed businesses due to the lack of knowledge in bookkeeping. While bookkeepers and accountants are the only ones that can survive number crunching, you can still prevent bookkeeping mishaps, but gaining basic understanding of how the system works. If you are completely clueless about the bookkeeping system, your head will be in the clouds every time you are presented with a pile of financial statements because all of which will look and sound Greek to you.

Start With The Basics, Know Your Financial Statements

Income Statement
If you want to get an overview of your business’ profit and loss, the income statement is going to be your guide. Your bookkeeper presents the losses, net profits and sales revenue for the current period. You will also get the details of your expenses from this statement. The net profit or net loss is taken from the difference between the income and the expenses. A net profit is always good news to business owners.

Cash Flow Statement
If you wish to find out about your asset’s movement over a period of time, the Cash Flow Statement will give you the details you need. The statement has several categories: financing, operating and investing activities. The financing activities have to do with generating or paying debt. The operating activities refer to the tasks your business performs on a regular basis including making a sale. The investing activities are the purchase and sale of assets and buying a new location is a perfect example.

Balance Sheets
The balance sheets are important to bookkeepers and business owners because this is where profit and loss are demonstrated. While the balance sheets do not necessarily reflect specific investments of business owners, it is a good way to determine the available money. The balance sheets can also be used for predicting which direction your business is heading. They are known as the building block of bookkeeping and accountants refer to this statement in creating or analysing data.

The Balance Sheets Have Three Elements:

•    Assets refer to the business-controlled items. Cash and machinery are examples.

•    Liabilities are the items that a company owes. Loans are an example of liabilities.

•    Equity is the capital left after the assets have been utilised for paying off liabilities.
Bookkeepers and accountants also refer to these financial statements to provide recommendations. This way, a business owner will have an idea whether the business is still profitable. Business owners may sit down with the bookkeeper to discuss these financial statements.