Improving financial organization to improve revenues
Are you like most American business professionals in that your belt feels pretty tight and may be getting tighter? Did you know you may be flushing money down the drain by skipping some simple steps to improving your professional finances without much effort?
Outright.com CEO, Steven Aldrich put together handy, and often unknown ways to improve your financial organization for your small business below.
Four simple ways to improve your finances:
1.) Take a picture of your home office and bring it to your accountant. Your financial pro may actually ‘see’ more deductions that you didn’t think to include in your expense reporting.
2.) When choosing a bank, find one that is supported by Yodlee. Yodlee integrates with most online services like Outright.com (for businesses) or Mint.com (for personal) and can save you tons of time when it comes to data entry by directly importing your transactions. You can find out if your potential bank is supported in the Yodlee Money Center.
3.) Your smartphone is your friend with it comes to organizing small business finances. Use an app like Shoeboxed to snap pictures of receipts in real time so you don’t lose proof of valuable deductions.
4.) Come tax time, you need to have good records of your expenses. Spend five minutes setting up an account at Outright.com. Outright will pull in your transaction data nightly and provide you with totals for various fees and expenses at the end of the year. You can “set it and forget it”, but it’ll be there when you need it.
5.) A recent survey1 showed that mileage is the most missed tax deduction for small businesses. Don’t let that be you. It can be easy to track mileage – use a smartphone app or write down your business trips on a calendar that you keep in your car.
6.) Evernote, the free notetaking service, can help you track what you are doing right in your business. When you make a change to your marketing, write yourself a note. If your results improve, you can look back to see what it was that you changed that made things better.
1 Tax deduction survey