As to be expected, owning your own business is a ton of work. Being an entrepreneur doesn’t happen overnight, and oftentimes the best companies work as a very slow burn. Those who make it are both patient and diligent, as success takes time and experience. There are many things that you should be keeping track of as a business owner including the following five critical elements below:
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Revenue
No matter what type of business you’re in, you will have to keep track of your revenue. Revenue is the money that is coming into your business. This amount doesn’t include your expenses and isn’t the same as your profits. If you have a large business having an accounts receivables department will help you keep track of your revenue. For small businesses, financial software is also available to help you keep track of your revenue at a low cost or even monthly plan.
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Expenses
Keeping track of your expenses seems like it’s a no brainer but you have to account for things like inventory and advertising as expenses as well as rent and the light bill. Most established companies pay their bills with checks. Checks are expensive and writing checks every month for your business can get tedious. Using an application like Smart Payables Cloud Based Check Printing can save you money and time. Checks are numbered and it is important to keep track of the check numbers and amount paid for your personal records.
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Assets
All business owners must stay on top of their assets. Inventory is an asset, especially in retail. If you’re in the business of IT or the business sector, your computers, software, and office equipment are considered assets. For large companies asset management software is essential. Always keep a log of your serial numbers for each asset in your office. This helps you identify your belongings if a theft, fire or accident were to occur.
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Calendar
Keeping track of your calendar doesn’t only mean keeping track of meetings and appointments. Although this information is pertinent there are also dates you must keep track of as a business owner that doesn’t coincide with the regular calendar. For instance, some businesses start their fiscal year in October, while others begin in February. Your county tax office will send a reminder for taxes owed by mail, but it is important for you to keep track of this information so that you can be financially prepared. Most smartphones have a calendar where you can enter important dates and set them to remind you annually or even quarterly. These devices can also be synced with online calendars for reminders, just in case you switch phones.
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Client Information
Depending on the business you’re in, client information can be stored in various ways. Some places have their client information stored in a cloud-based, secure database while others have paper copies located in folders in a locked cabinet. Clients count on you to ensure that their information is kept secure. Any kind of breach of financial information or health information can lead to devastation on your client’s behalf and integrity on your behalf.
Running a business is hard, but thankfully there is software out there that can help manage your business and help you keep track of your finances. Using software that allows you to print your checks will save you time and money as well as help you keep a record of your spending. Your assets are important to your business, any loss can be financially devastating, especially if you haven’t kept a log of serial numbers. If a theft occurs serial numbers can help you track down missing assets and are necessary for filing police reports. Using tools to run your business helps keep you efficient and profitable—and they are also tax-deductible!