4 Tips for Opening a Bookkeeping Business

4 Tips for Opening a Bookkeeping Business

Bookkeeping requires organization, efficiency, and precision. You’re working with serious clients and you need to do your best to build your company and make it successful. That requires lots of experience and knowledge. We offer you a small portion of it. 

Read the whole article, as we’ll talk in detail about creating a business plan, going through the legal paperwork, organization, and how to advertise bookkeeping services that will bring you clients. Let’s begin!

Creating a Bookkeeping Business Plan

Your bookkeeping business plan is an important document that will help you launch and grow your business. To create it, you first need to define your business goals. Ask yourself: What is the ultimate goal with your bookkeeping business? Is there a specific amount of money you’re trying to achieve? Serve a specific number of clients? Build a team of employees? Be clear about your goals so you can create a plan to achieve them.

Afterward, do thorough research on the bookkeeping industry. What are the trends in bookkeeping? Who are your potential customers? What do they need and want from a bookkeeping service? What are your competitors offering? By understanding the bookkeeping industry, you can create a unique selling proposition for your business.

Last, but not least, plan your finances. How much money do you need to start your bookkeeping business? How will you generate revenue? What are your operating expenses? By creating a financial plan, you can ensure that your business is profitable from the start.

Legal Paperwork 

There are a few things you’ll need to take care of from a legal standpoint before you can start your own bookkeeping business.

You first need to obtain a business license. Having a valid license allows you to operate your business legally. The next thing on your legal list is to get insurance for your business. This will protect you financially in case of any accidents or mishaps that might occur while you’re working. Finally, create individual contracts for your clients. The contract will outline the terms and conditions of your bookkeeping services and will help to ensure that both you and your clients are on the same page from the start.

You can also get a certificate, especially through online courses that can provide you with one either completely free of charge or for a fee. Although having a certificate isn’t essential, it can help you stand out from the crowd, so if you have some extra time, make good use of it.

Organization Is Key

The organization is key for your own bookkeeping business. It will help you keep track of your expenses, income, and clients. When you have many clients, you cannot create a Google spreadsheet that will track all of them. Here are some tips to get started:

  • Keep a dedicated notebook or folder for your bookkeeping business. This will be your “bookkeeping bible” where you track everything related to your business.
  • Establish a method for tracking your income and expenses. This could be as simple as creating a spreadsheet or using accounting software.
  • Stay on top of your bookkeeping by setting aside time each week to update your records. This will help you catch any mistakes and keep your finances in order.
  • Keep your clients organized by creating a system for tracking their contact information, invoices, and payments. This will help you stay on top of your bookkeeping and provide excellent customer service.

How to Advertise Your Bookkeeping Services

There are many ways to advertise your bookkeeping services. The following are the most successful ones. Whatever marketing strategy you choose, make sure you are promoting your bookkeeping services professionally and effectively.

  • Create a website or blog including information about your services.
  • Create social media profiles where you’ll promote relevant and engaging content.
  • Distribute flyers and brochures to local businesses or post them in public places.
  • List your services in online directories and classifieds websites.
  • Hold informational meetings to attract potential clients and partners.
  • Offer free consultations to potential clients to discuss what you can do for their business.

When advertising your business, it’s important to be clear about the type of services you offer and your rates. You should also include contact information so that interested parties can reach out to you. Be sure to stay up-to-date on industry news and trends so that you can provide the most relevant and valuable services to your clients.

Conclusion

Your bookkeeping company will be successful if you remain professional and organized at all times. Once you get through the legal paperwork and build your online presence, you’ll need to maintain the company and continue looking for new ways to improve it. Articles such as this one will be of great help at different stages of your journey. 

Does Outsourcing IT Really Help Your Business?

Does Outsourcing IT Really Help Your Business?

Outsourcing your business’ IT needs can seem like an odd move to some people, it is often one of the things that many companies are hesitant to do at first. One of the main things that often gets outsourced first is the payroll processing work.

Why do so many company owners like to outsource their IT work, and what makes that option so worthwhile, especially when payrolls are involved?

Expertise

If you outsource some work to an existing expert, then you are not spending time and money having to train somebody yourself. Depending on the kind of work they are doing, this can be a significant benefit.

For example, training up your own professional paystub maker from scratch requires in-depth learning about how to create a paystub, how to make paystubs functional, and how payroll software works. Outsourcing to a paystub generator gives you the same results for a fraction of the cost.

Using a third-party pay stub maker in this scenario is the cheaper option, but it is also more practical, convenient, and easier to integrate into your existing workflow. Using a new tool is a lot easier than trying to get a new employee to join your IT team.

Flexibility

Hiring an IT specialist means that you usually get somebody who can only do specific things since they are specialized in particular parts of their chosen IT niche. This makes it incredibly hard to switch them to another set of duties, especially ones that require particular certifications or licenses.

Using third-party outsourced help allows you to hire specialists for short periods of time or keep them on standby waiting for the next set of instructions. If you are not using them, you do not have to keep paying them, and you can freely switch to using another company or freelancer as needed.

This leaves your normal IT employees free to tackle other duties on their own and ensures that they are not being spread thin across multiple different roles that they are not actually qualified to take on. Some companies might even offer training to your employees to prep them for future IT work.

Risk

While it might sound strange at first, outsourcing can be lower-risk than trying to build your own IT team. The more people you add to a team, the more points of failure there are, especially if you are not too familiar with your employees and they do not know each other that well. If you have any experience in business management, this might make the benefits of outsourcing very clear.

Outsourcing gives you an experienced group that is fully prepared to get to work straight away. Since they are not employees, you also have more protection if they mess something up – the fault does not lie with your company and employees, but theirs.

Minimizing risk is always important in a business context, and hiring a bunch of experienced IT professionals to tackle projects for you is an excellent way to avoid taking any risky chances. If your current team is not prepared for something, do not push them into trying it anyway because it might backfire and cause even more problems.

FinTech Trends to Watch Out in 2023 – What’s on the Horizon?

FinTech Trends to Watch Out in 2023 – What’s on the Horizon?

‍With the rise of the digital world and the increasing adoption of FinTech, it is no surprise why this industry continues to grow at a rapid rate. The global financial crisis of 2008 resulted in a widespread recession throughout Europe that had ripple effects on many industries. With banks tightening their lending standards, consumers turned to alternative financial services providers such as fintech companies to help them manage their money responsibly. These new players have started to take over traditional banking institutions and are now creating new products and services that cater to an increasingly digital population. So, we can see that fintech software development is in demand so far. And in this blog post, we will discuss the top five FinTech trends you should look out for in 2023.

Blockchain Technology

With more than 10 million blockchain-based companies by 2021, the use of this technology will increase in the financial sector. The blockchain is basically a decentralized public ledger that is used to store data chronologically. It is decentralized because it is not kept by any single entity such as a bank but instead by a network of computers (‘nodes’). This technology is significant because it uses a decentralized platform that is not controlled by a single entity and is a secure way to store data.

The first use of blockchain technology was the rapid transfer of digital assets such as stocks and bonds. The technology is now being used in the financial sector to create new products that make the process more efficient. The government of Dubai has announced that it will implement blockchain technology for government functions. It is likely that many more financial institutions will follow this trend.

AI-Based Payments and Advice

Because of the increasing level of automation, some financial institutions are now offering customers the option to pay with artificial intelligence (AI)-enabled payments. While there are many companies that offer this feature, it is particularly popular among consumers who are looking for more personalized services. With the adoption of AI and machine learning, financial institutions can offer personalized advice that can help customers make more informed financial decisions. 

With online banking, consumers can now access their accounts, send and receive payments, and get advice on investments and insurance products through natural language processing. Financial institutions are also using AI to create digital personal assistants that can answer questions, monitor spending habits, and recommend products based on a customer’s preferences. For example, customers can ask their banks for a travel insurance recommendation based on their travel plans. 

AI can also be used to automate certain processes and improve customer service. For example, AI is already used to process a large number of customer requests for access to bank accounts. Beyond this, it is also used to improve risk management through smart banking, to identify potential fraud or money laundering activity, and to help customers understand their financial products and advice better than humans can.

Digital Exchange and Trading Platforms

As the internet becomes more central to people’s everyday lives and more financial services move online, the demand for digital exchange platforms will increase significantly. For example, if a user wants to transfer money from one country to another, there are many traditional options. However, this process can be tedious and time-consuming. 

Instead, some financial institutions have introduced an app that lets users enter the recipient’s details and the app will take care of the rest. The app makes it easier for people to transact and is likely to become more common because of the growing adoption of FinTech. As more financial services move online, users will need digital platforms that make it easy to access and manage their finances. Therefore, it is likely that the demand for digital exchange platforms will increase. Furthermore, blockchain technology is also being used in digital exchange platforms, which can ensure the security of transaction records.

Peer-to-Peer Finance and Credit

The rise of peer-to-peer (P2P) finance and credit will also be a prominent trend in 2023. There are many fintech companies that are providing this service. Some of these companies allow users to borrow money from other users without any financial security. However, this type of credit is becoming especially popular with millennials who would previously consider it a risky option. 

The first use of P2P finance and credit was when friends and family members lent money to each other. However, the technology is now being used by a number of financial institutions including banks, credit unions, and even non-financial companies. 

P2P finance is convenient because it does not require a long application process or collateral. In fact, some P2P companies do not even require identification. For example, the owner of a small business can apply for P2P credit to finance the expansion of his or her business. Credit unions have been offering P2P finance and credit for decades. In fact, they are the largest financial institution to offer this service. 

Businesses can apply for a loan from a credit union and the loan will be granted based on a member’s financial history and creditworthiness. Even non-financial companies are starting to offer P2P credit and finance to help their customers manage their finances better.

Hyperlocal Financial Services

With the rise of digitalization and the increasing adoption of fintech, hyperlocal financial services will also gain popularity. For example, neighborhood banks are a type of hyperlocal financial service. These banks are usually found in rural areas and focus on providing financial services to the local community. However, there is a growing trend towards urbanization and consumers are moving to cities where these banks are especially useful. Consumer reviews are a useful way to help users make better financial decisions. Therefore, it is likely that more financial institutions will start using this technology to help customers make the right decisions. However, it is worth noting that not all financial institutions are using this technology. It is beneficial for consumers to research their financial products and compare the different offers available in the market before making a final decision.

Bottom line

In short, the financial sector will experience significant disruption in 2023. Blockchain technology will continue to gain popularity and is likely to be implemented in many financial services. AI will also be used to provide enhanced payment services and improve customer service. On top of that, peer-to-peer finance and credit will also become more popular as financial institutions turn to digital technologies to improve the customer experience. If you are engaged in this area, or you are thinking about investing in a fintech solution, make sure you follow the latest trends in this area!

How To Develop a High-Performing Email Sequence To Fuel Your Business Growth

How To Develop a High-Performing Email Sequence To Fuel Your Business Growth

Your email list, no matter how big or small, is where the money is hiding in your business.

Think about it: 

If you’ve grown your list the right way––meaning your subscribers opted in on their own accord––you have the direct contact information for an entire list of people who have expressed interest in what you have to offer.

All email copywriters will tell you: If you’re not utilizing your email list, you’re leaving money on the table. Period.

But email lists need to be nurtured; you can’t just send out emails asking people to buy, buy, buy, unless you want them to start ignoring you altogether or even worse, mark you as SPAM.

There’s a better way to ramp up your open rates, increase your click-through rates, and grow your business.

Understanding Deliverability 

Before you start writing your email copywriting frenzy, you need to have at least a baseline understanding of email deliverability. 

Email deliverability is how likely it is that your emails will make it into the inbox of your subscribers. 

While there are numerous factors that determine deliverability (and they’re nuanced), get familiar with the following:

  • Text to code ratio: You need more text than code in your emails (this includes images)
  • Send from the domain you’re directing people to (as in, if you’re sending emails from [email protected], the links in your emails need to direct back to yourwebsite.com 
  • Authenticate your domain. This can be done through the backend of your email service provider.
  • Be careful with copy! Avoid “SPAMMY’ language like “SALE!!” “MILLION DOLLARS!!” or other phrases you’d commonly see in SPAM emails.

Once you’re at least baseline familiar with deliverability, you can start writing your emails.

The 4E Method: A Copywriting Method for High-Performing Email Sequences

Let me introduce you to my 4E Email Copywriting Method. This direct response copywriting method ditches the buy, buy, buy tactic that so many business owners fall back on, and use a give, give, give, ask pattern.

The give, give, give, ask pattern is powerful because if you’re offering your email subscribers something of value instead of asking them for something every email, you condition your audience to recognize that every time they open their email, it’s going to be worth it to them.

Then, when it comes time to buy, they know, like, and trust you, which is essential in converting your audience into buyers.

Let’s break down the 4E email copywriting method piece-by-piece:

Educate

An educational email gives your audience a better understanding of something, teaches them how to do something, or lets them in on insider information. This type of email is not meant to sell anything, but to provide your audience with useful information.

Your call to action in this email could be to download an ebook, watch a video, or even read a blog on your site.

Entertain

Entertainment emails are for just that: entertainment. 

To keep your audience entertained, you could send out emails that share anecdotes related to your business, niche-related “meme roundups,” or (light) industry news for that week.

Again, this email isn’t meant to sell. 

Engage

Of the 4Es, this email type opens up the floor for conversation and community building. An engagement email could pose a question or invite your subscribers to join a Facebook group.

Even just letting your subscribers know that they can always reach you by hitting “reply” on your email can keep your audience engaged.

Entice/Exclusivity

The “entice” email is the sales email. This email is the “ask” of the give, give, give, ask pattern. This is where you push an offer, send out a special deal.

In your entice email, you want to be confident in your messaging, be clear on your offer, any end dates, and if possible, include something in the offer that is ONLY available to your subscribers. With your subscribers, exclusivity is key.

Only Use the 4th E When You’re Ready!

There’s no “foolproof” method of warming up your audience to purchase, but the rule of thumb is this: don’t push for a sale until you feel like your audience is ready to buy.

Ask yourself these questions:

  • Have you provided enough value?
  • Has your audience gotten to know you/your business well enough that they know, like, and trust you?
  • Is your offer attractive (this one is important. No matter how good your copy is, if your offer isn’t a “so good you’d feel dumb saying no, keep working on it)?

Remember, you can categorize your subscribers by tags, including those who have yet to purchase and those who have made a purchase that you are hoping to be returning customers. You can personalize each sequence as necessary.

Your Email List is Worth Its Digital Weight in Gold

Your email subscribers are on your list for a reason: because they’re interested in what you have to offer. Sometimes, they’re just waiting for the right email to come along to encourage them to make a purchase.

My 4E Method is trusted by copywriters all over the world––and it will work for you, too!

Forgotten Hope

Forgotten Hope

     We live in a digital world. It is not digitized fully, yet it is developing itself. Recent loud news about the green planet, recycling, and special fuel brings more chaos and financial disorders rather than hope. Old doesn’t mean bad. What if we tell you that there is a key to this achievement, that is hiding in the past. It is like gambling, you used to play dice, and now you can play online poker games. Same with this problem. We would like to share our thoughts about airships.

Airship Today

    Our aviation, what we see and know today is basically working because of several occasions that happened after World War II. The main reason for that is that the main manufacturers already could build more aircraft of different types and modifications. They did not need a product that would bring less profit, besides aviation back then was not as fast as today. But we will return to speed soon. 

     Several companies in the world still use airships to promote their logo or for marketing. Airships today aren’t the same as they used to be half a century ago or even more. Everybody remembers the Hindenburg disaster, which destroyed the airship in less than 5 minutes. But today with modern technologies there can be safer inert gasses. That makes airships today safer than even aircraft. Besides, according to recent technologies, it is even easier to load and unload such airships, and they can lift way more than they used to. 

Size Matters

      Airships are usually big. Especially those that are used not only as a marketing logo. So aircraft also can be large. Some have four engines, Mriya An-225 has six, but most common aircraft have two engines. 

      Aircraft require a special field, aerodrome to be correct. There should be all necessary infrastructure in order to provide the right service to each type of aircraft. They mostly can’t take off from surface terrain, of course, the manufacturers provide that option but it mostly will be working once. Though Some manufacturers like Antonov or Lockheed Martin that create heavy cargo aircraft do have such an option as the old versions of such aircraft are used in Africa. And there are lots of videos where they are taking off from the surface terrain rather than the runway. 

      Airships also need infrastructure but mostly for their service. They don’t need a special runway or taxiways for take-off or landing. Moreover, they can land anywhere where it is possible and deliver goods. Amazing option and they don’t need that much fuel as they can be different. 

    Hybrid Airship

     Hovercraft is a part boat, part airplane, and part helicopter. It is an amphibious vehicle that travels on a cushion of air created by a downward blast. Hovercraft used air to balance their weight. that allows them to operate efficiently. It can operate on any type of terrain, whether it will be land, water, or ice.  You can check more details about such an amazing airship on Lockheed Martin‘s main website. 

     Hybrid airships make it possible to affordably deliver heavy cargo and personnel to remote locations around the world. Burning less than one-tenth the fuel of a helicopter per ton, the Hybrid airship will redefine sustainability for the future. 

 Loss in Speed

    All types of airships are slow. Even today using different technologies won’t make them faster, even closer to the aircraft speed. In our opinion that is the only problem that affects their production. Usually, our main logistics is divided into five types: road, railway, sea, air, and pipeline. The slowest among all in the sea but they can deliver way more than any other type and they can deliver goods from continent to continent. It is also one of the cheapest. After that, railway logistics. It also delivers a huge amount of cargo but it lacks the railways and specific infrastructure. Moreover, different countries have different sizes of railways. That also can bring more costs. Road logistics is pretty simple. It can bring all the goods from door to door. And the most expensive is aviation logistics. It delivers fewer goods and requires lots of expensive infrastructures but it can deliver goods from one continent to another in less than 15 hours. It makes some sense. 

    So which place would our airship be taken in all these logistics chains? The airship can take more than trucks but less than a railway, it can be cheap as a railway and doesn’t require special infrastructure. Moreover, it doesn’t provide CO2 emissions so the green policy will be happy till someone needs a better car to buy. The answer is simple: until the major transnational companies won’t get interested it will be used only locally. 

    Wish you the blue sky and the best of luck!