“With a staffing footprint of only a few attorneys why do I need a bookkeeper?” It’s a question I’ve heard a lot over the course of my career. Many lawyers who work in small firms don’t see the benefit of relying on external expertise to keep their books organized. Unfortunately, many of those same lawyers eventually come around to a different way of thinking only after something bad, or even catastrophic, happens with their accounts.
While working at home as a freelancer sounds like the ultimate dream for anyone who tires of the rat race, freelancers still have more than their fair share of financial matters to worry about. In fact, perhaps the most important trait that any freelancer should have is the ability to be fully responsible and accountable to themselves, and saving money is something that you will be wholly responsible for.
When customers make a buying decision, they’re not just considering the quality and price of your products or services, they’re also evaluating the ease and convenience of the whole buying process. As a business owner, you should offer different payment options to provide the best customer experience and to ensure you receive timely payments
Here are four ways your small business can accept payments in 2020:
Data suggests that 75% of customers prefer to pay with a credit or debit card both online and in person. To be able to accept card payments in your brick-and-mortar store, you’ll need to have a card reader and a merchant account.
Meanwhile, if you want to accept online payments via credit or debit card, you’ll need to have an ecommerce website and a payment gateway, which encrypts sensitive customer information. For recurring billing, you can have your customers sign up for a subscription billing plan which will allow you to charge monthly payments on their credit or debit card automatically. This will not only offer customers convenience, but also ensure that you get paid on time.
Automated clearing house (ACH) processing is ideal for recurring payments in a subscription-based model as it allows customers to provide you with their bank account and routing numbers for electronic payments.
Compared to credit and debit cards, the fees are lower. ACH also offers convenience as it will just require one-time input of information and the money will be withdrawn as arranged.
PayPal, Stripe, and Square do not require you to have a merchant account. PayPal and Stripe are commonly used online and allow for seamless transactions. Meanwhile, Square is the leading choice for brick-and-mortar stores as it lets you turn your smartphone or tablet into a point-of-sale device by integrating a magstripe, Bluetooth card reader, or chip. PayPal can also allow you to accept payments in person, but you will have to buy a card reader and download the app.
Contactless payment options let customers pay wirelessly and without having to input a PIN– they will just have to wave their device or card over the point-of-sale device.
Visa and Mastercard are offering contactless cards to customers, and there are also mobile wallets compatible with iOS and Android which encourage customers to use this payment option. As a business owner, you’ll only have to upgrade your equipment with a near-field communication reader or update your software, depending on your current system.
At this day and age where technology is constantly evolving and changing the way we do business, it is important to ensure that you are adapting to stay competitive.
If you need some guidance on the right payment options for your business, feel free to drop us a message so we can schedule a one-on-one consultation.
The nuances of bookkeeping vary from one corner of the market to another. When assessing candidates, it’s important to look not only at total years of experience, but also at the relevance of that experience. For example, if your business is fashion, a bookkeeper who has primarily worked in the auto industry won’t have the insights into your industry that can really add value to your work together.
Your balance sheet reveals a great deal about your business, including the total value of
your assets – the things you own; how much you owe to others – your liabilities, and the
level of your liquidity These three aspects will be studied carefully by lenders and investors − and by buyers if
you intend to sell your business. Read more to understand how to strengthen your balance sheet regardless of your industry.
