If you’ve just started doing your own bookkeeping in a cloud accounting software, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common — and unfortunately costly — so you should be aware of them if you want to get the most out of a powerful cloud accounting system.

*If you don’t feel like reading, watch the video here.

1. Not connecting all the bank and credit card accounts to your cloud accounting system, dedicated for your business

Make sure that you keep all your business bank and credit card accounts synced to your cloud accounting software to ensure that you don’t miss any sales or expenses in your reports.

Also…

There are all kinds of groups dedicated to networking. Some are highly structured with performance requirements, exclusive membership, and the payment of dues. Others are free form, come as you please and no charge. Find your value of networking with the following tips.

Not every group is right for every kind of small business. You will find that some groups may simply not have connections in the market you are seeking to attract. You will find some groups have rules that just don’t fit with how your business works.

Yet there is one factor that is often overlooked when considering…

Long-standing customers form the backbone of a strong, well-established business. Make it your mission to ensure that the vast majority of your current customers stay with your business for many years to come.

Why it’s vital to keep existing customers

Your current customers already have personal experiences of dealing with your business and using its products or services. You won’t need to spend much time, money and energy convincing them to continue buying from you.

You and your staff know your current customers well. They’re likely to increase the amount (or the frequency) of their purchases, and recommend your business to others if you:

• Solve their problems.
• …

1. Before a financial decision is made, how can you make one without proper financial info? If you do, what consequences do you incur?

The primary reason why small businesses fail is bad money management. In many cases the business owner knows how much money is needed to keep things running on a day-to-day basis. Owners of failing companies are less connected with how much cash is generated by sales of their products or services. This disconnect typically leads to cash flow problems that quickly put a small business out of business.

A second most common reason businesses fail is…

Life Lessons to Teach Your Kids If You Want Them To Be Rich

Everyone wants the best for their children, and this includes being rich.

Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re young to help them grow into adults who can build financial wealth, meaningful relationships, and an overall happy life.

Lead by example

Children learn from their parents or the adults they’re exposed with. …

Cash flow — the lifeblood of any business. The aim of any business owner is to have more cash coming in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it.

You’ll almost always find there are things you can do to improve your cash flow, from shortening your cash cycles to managing debt. The idea is for you to get on top of your cash flow because it means greater freedom and opportunities to grow your…

Big business knows their numbers, why do they and how do they use the information?

The success rate for new businesses is around 80%. However, the rate at which businesses fail beyond their first year can be discouraging: 50% fail at the five-year mark, while 70% fail at the 10-year mark.

What’s the reason for these high failure rates? Multiple factors are involved, but one of them is not paying attention to small business performance metrics. As your business matures, you want to encourage its financial growth. To do this, you need to closely appraise some key business metrics.

Once…

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering.

Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth.

Protect your company’s financial health by learning your way around these three financial reports.

Cash flow statement