Accounting, Bookkeeping, and QuickBooks Tips for Small Businesses

Posts tagged mompreneur

Top 7 Tips to be a Successful Entrepreneur

The Key to Entrepreneurial Success

Let’s face it, being an entrepreneur is tough. It’s a risky endeavor, but comes with the dream of big rewards. Below are seven tips to be a successful entrepreneur. I can’t guarantee your success, but I can help steer you in the right direction. The rest is up to you!


1. Get the Cash Flowing


We all know that cash is king. Without cash flow, your business will not be successful. The first step to generating income is to sell a product or service that people want to purchase. Entrepreneurs are known for being dreamers and trying to sell their new big ideas. However, if there’s no market for your product or service, you will not be able to generate the cash flow your business needs to survive.


2. You Need a Profitable Business Model


Great, you have a product or service that people want to buy. Now it’s time to figure out a business model that works. Can you make a profit? Will the income you generate selling your product or service be more than the costs of running a business? If not, your business won’t survive for long. When running these projections, a good rule of thumb is to always overestimate your costs and underestimate your income.


3. Marketing is More Important than Mastering


You have a product or service that people want to buy and a successful business model. Now get out there and market yourself! I’m guilty of this one, spending too much time planning. Fear settles in and I spend lots of time trying to feel more qualified. Be confident, get out there, and sell your product. Funny thing, you actually learn more while you work on a customer’s engagement and interact with your clients. Not to mention, this helps get the cash flowing sooner than later.


4. Spend Time on Revenue Generating Tasks


If you’re coming from Corporate America, you’re used to being paid for sitting at a desk from 9-5. Let’s face it, your paycheck was deposited into your bank account regardless of how much you created or the results of your work. Entrepreneurs need to change this mindset. Now, your paycheck is directly related to the value you add to your customers lives. Wasting Time = No Paycheck. You need to be focused and spend your time doing revenue generating tasks.


5. Continually Look For Ways to Keep Costs Low


You have your marketing strategy down, are closing more deals, and spending your time wisely doing revenue generating tasks. Congrats, you have cash is coming in the door. Don’t forget to keep track of where your money is going. Keep track of what you spend, where you spend it, and see if there are ways you can cut these costs. The more entrepreneurs make, the less frugal they tend to become. Keep in mind, the more money that goes out the door means less money in your pocket. So keep a close eye on those pennies!


6. Measure Your Results


Unless you measure and track the results, there is no way to tell if what you are doing is actually working. As business grows, you might add a new department, change your product line, try a new advertising campaign, etc. Did this new department increase your profit margin? Did the new product line help convert more leads to buyers? Did the new advertising campaign bring in new customers? Without tracking and measuring the results of these changes, you have no idea if these programs or strategies actually worked. Meaning you could be wasting money and not even know it. Or on the flip side, you could have stepped into a gold mine and not even know it!


7. Learn From Other Successful Entrepreneurs


Surround yourself with people who are where you want to be. No need to spend your time reinventing the wheel. You can learn from their mistakes and from their successes. Take that knowledge and move forward with your own business! Consider hiring a business coach or find a mentor. Find someone who has done what you want to do. They can give you tips and hold you accountable for your own goals.

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Michelle Edwards, CPA - QuickBooks Consultant Written by Michelle Edwards, CPA
Certified QuickBooks ProAdvisor

Michelle Edwards, CPA is the owner of Trailhead Accounting Solutions CPA, LLC, an Erie, CO based CPA firm focused on providing small and mid-sized businesses with day-to-day accounting, bookkeeping, and Virtual CFO solutions. Michelle is a CFO turned consultant who loves working with small businesses and entrepreneurs. When she’s not crunching numbers, she can be found hiking, remote camping, gardening, home brewing, quilting, and hanging out with her family.


Wave Accounting Review

Wave Accounting

Continuing my quest to find reputable, online, cloud based bookkeeping solutions for small businesses, I came across Wave Accounting. Wave Accounting started about a year ago with a mission to help the small business owner be more successful. To accomplish this goal, they are creating bookkeeping tools that are easy to use, designed with the small business owner in mind, and offer support for their online bookkeeping software. Only being in business for a little over a year, I honestly have to say I’m impressed with their cloud based bookkeeping software. Wave Accounting is designed for the small business owner, typically under 9 employees. This is a great solution for mompreneurs, work at home mom’s (WHAMS), photographers, real estate agents, Mac users, independent contractors, the self employed, home offices, and freelancers.

Cost: Free!

What I Love:

  • When you set up your account for the first time, Wave has you choose your business type to help create a chart of accounts that makes sense for your specific business. This is a huge help to small business owners. Even more impressive is Wave’s extensive list of business types – from photographers, to creative types, to consultants, to hair/spa businesses, to medical and dental offices, to retailers, to web and tech companies, to just plain and simple general service businesses.
  • Offers the ability to set up and track sales taxes.
  • Connect your bank and credit card accounts to Wave, allowing Wave to automatically download and import your transactions. Huge time saver allowing small business owners to focus their time on important tasks, not data entry.
  • Wave offers an invoicing tool with four styles of professional looking invoices that allow you to customize the colors and add your company’s logo.
  • The expense feature allows small business owners the ability to enter bills, track account payable, easily add a payment, and write checks. When you enter expenses, Wave will attempt to automatically categorize expenses the software recognizes.
  • Reporting section that has a balance sheet, income statement (profit and/or loss statement), sales tax reports, aged receivables, aged payables, reports to calculate the gain/loss on foreign currency exchange, etc. Another cool feature is you can email, export to Excel, or save the financial reports as a PDF.
  • Dashboard with quick access to useful financial information and snapshots about your business.
  • As an accountant, I love this this tool. Wave Accounting has a guest collaborator tool, allowing small business owners to invite guests to view and/or edit your company’s financial information. Your guests could be your CPA, your accountant, a bookkeeper, board members, assistants, etc.
  • Cloud based, meaning you have access to your small business bookkeeping from any computer that has an internet connection.
  • Wave has a ProNetwork for accountants and bookkeepers. This is a great way for accountants and bookkeepers to learn the software to better assist their small business clients. This a also a great benefit to the small business owner who are looking for a CPA, accountant, and/or bookkeeper that is familiar with and that works with Wave Accounting.
  • Wave Accounting integrates with FreshBooks and Google Docs.
  • Separate tab for tracking the small business owner’s personal finances. As your CPA has told you time and time again, you should not mix business and personal funds. However, we are well aware that many small business owners comingle business and personal funds. This tool makes it easier to split and track debit card and credit card transactions between personal and business expenses.
  • What small business owner doesn’t love free bookkeeping software!

My Wish List:

  • The advertisements at the bottom of the screen are a bit annoying. But, it’s free software and they have to make their money from somewhere. I do have to give the folks at Wave Accounting credit, the ads I saw were for reputable companies that I would actually consider doing business with. They were well thought out and well planned ads, not random, junky ads you see on most free websites.
  • Wave is not set up with merchant processing companies yet. Meaning no online bill pay options for for your customers when you email them an invoice. Wave does play nice with FreshBooks, so if this is important feature for your business you can do your invoicing in FreshBooks, then import those transactions into Wave Accounting.
  • Currently, they do not offer time tracking or time sheets. However, rumor has it that Wave Payroll will be coming to the US later this year and I’m guessing that will take care of that issue.
  • I didn’t see an iPhone and/or Droid phone app. I love being able to check my account balances, send invoices, etc. from my mobile devices while on the go.

Overall, Wave Accounting is a basic online bookkeeping and accounting software. It beats keeping your books on a spreadsheet and is a great solution for the small business owner. I love that it offers the self employed an affordable bookkeeping option that handles most general bookkeeping functions. Keep in mind Wave has only been in business for a little over a year, and they are continually adding and creating more tools to save entrepreneurs time and money. I’m anxious and curious to see what the future holds for Wave Accounting..

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Michelle Edwards, CPA - QuickBooks Consultant Written by Michelle Edwards, CPA
Certified QuickBooks ProAdvisor

Michelle Edwards, CPA is the owner of Trailhead Accounting Solutions CPA, LLC, an Erie, CO based CPA firm focused on providing small and mid-sized businesses with day-to-day accounting, bookkeeping, and business solutions. Michelle is a CFO turned consultant who loves working with small businesses and entrepreneurs. When she’s not crunching numbers, she can be found hiking, remote camping, gardening, quilting, and hanging out with her family.


FREE Webinar Offered by the IRS

Tax Help for Entrepreneurs

Calling all entrepreneurs, mompreneurs, soloprenerus, homepreneurs, self employed, and small businesses! The IRS is offering a FREE webinar to teach small business owners about the tax aspects of running a business. The topics that will be discussed include:


  • Reporting profit or loss from a business or profession
  • Self employment tax and estimated tax payments
  • Schedule C and C-EZ
  • Deducting business expenses
  • Husband and wife businesses
  • Recordkeeping
  • Click here to sign up for the FREE IRS webinar scheduled for March 29, 2011.

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    Michelle Edwards, CPA - QuickBooks Consultant Written by Michelle Edwards, CPA
    Certified QuickBooks ProAdvisor

    Michelle is the owner of Trailhead Accounting Solutions CPA, LLC, an Erie, CO based CPA firm focused on providing small and mid-sized businesses with day-to-day accounting, bookkeeping, and business solutions. Michelle is a CFO turned consultant who loves working with small businesses and entrepreneurs. When she’s not crunching numbers, she can be found hiking, remote camping, gardening, quilting, and hanging out with her family.


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