Kenneth Boyd's Blog, page 3

Mistakes You May Be Making As a Business Owner

Having greater self-awareness is essential if you’re going to succeed as a business owner. You must be willing and able to take a step back and re-evaluate your approach at times.

The good news is that it’s never too late to head back to the drawing board and start making some changes that will have a positive impact on your company. Being able to admit when you’re wrong or could be doing something better will only help you throughout your career. There may be some mistakes you’re making as a business owner that are worth bringing to your attention.

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Poor Financial Management

Your money and finances are a huge part of running a successful business. You must know where your money is going each month and avoid overspending. You may be overlooking this important task or making it an afterthought. If you’re going to get and stay ahead then you need to ensure that you’re profitable and hitting your monthly sales goals. Create and follow strict budgets and identify ways to cut costs over the years. You want to avoid running into any surprises that can turn into more costly and frustrating financial issues in the future. Be sure to properly manage your cash flow so that you can achieve greater financial sustainability.

Lack of A Marketing Plan & Online Presence

Another mistake you may be making as a business owner is having a lack of a marketing plan. You can’t launch a company and expect customers to know about it and flock to it. There’s way too much noise and competition out there to assume that you can sit back and wait for people to come to you. While networking is important, you want to make sure that you have a strong online presence for your business. There are certain areas you’ll want to focus your time and energy on making improvements such as with your SEO approach. If budgets are tight and you can’t hire an in-house SEO team then you can always consider outsourcing SEO tasks to a third party. SEO is an ongoing effort that requires expertise and a commitment to excellence if you’re going to stand out from the rest.

Lack of the Right Team

As a business owner, it can be tempting to hire the first people you meet or friends and family. However, this may not be the best approach if you’re going to run a successful company. One mistake you may be making as a business owner is not having the right team in place. It’s important to track employee performance and know how each person is doing. Now might be a good time to make some changes to your staff if you notice people struggling. It will help to have a recruiting strategy to get a better idea of what type of talent you want to attract and hire. Keep in mind that you not only want individuals in place who can perform the job role but who are also a good fit for the company culture you’re trying to create.

Not Making Customer Service A Top Priority

As a business owner, your customers and providing excellent customer service should always be a top priority. You don’t want to get so busy or distracted that you forget about nurturing this essential element of running a successful business. Have plenty of outlets for getting in touch with your company and make sure that you are able to solve problems quickly and effectively. Offering better customer service is a chance to boost your company’s reputation, improve customer satisfaction, and gain more customer loyalty to generate repeat business.

Not Realizing the Importance of Training & Development

You not only want a safe workplace environment but a productive one. You can’t hire staff and expect them to know what they’re doing right away and your policies and procedures. Instead, you need to make sure that you train them throughout the year. Fostering a culture that supports training and development is important because it gets everyone on the same page and working together and ensures the job is done the right way the first time around. It’s also a great way to show your employees that you care about them and are invested in their growth and development.

Spreading Yourself Too Thin

Another mistake you may be making as a business owner is overworking yourself. If you spread yourself too thin you may soon experience burnout and fail to meet your goals. It’s wise to commit to finding a balance between your work and personal life. It’s one reason why you want to hire a dependable staff you can rely on to delegate tasks to and take some of the work and pressure off of you. Take good care of yourself and choose to live a healthy lifestyle so that you can show up as your best self in the workplace. Have hobbies that you enjoy doing in your free time and leave the office at a decent hour in the evening.

Making Assumptions Instead of Gathering Feedback

It’s easy to get caught up in making assumptions as a business owner. It’s especially common if you’re someone who works behind a desk all day and is failing to recognize the importance of getting another perspective. As a business owner, you may be making assumptions instead of gathering feedback from employees, customers, and other business owners. You can either choose to take this feedback personally or use it as an opportunity to make changes that will have a positive impact on your business. There are many ways to gather this feedback such as through email surveys, over the phone, or in person.

Where To Go From Here

You shouldn’t be too hard on yourself if you notice that you are making one or more of these mistakes. What matters is that you are aware of it and willing to reconsider your ways and habits to ensure a brighter future. Many business owners overlook these important to-dos so you’re not alone if you’re someone who is in this position. Now is your chance to learn from your mistakes and take a new approach so that you can get the results you desire and deserve.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post Mistakes You May Be Making As a Business Owner appeared first on Accounting Accidentally.

How Your Cleaning Business Can Keep Clients Happy

Client satisfaction scores are a key metric for all service-based businesses. So, if you run a cleaning company, knowing how to keep customers happy should be an ongoing priority.

 

This is especially true when working in the B2B sector as business owners will end their agreement if you fall short of their expectations. After successfully winning the contract, here are five top tips that will give clients every reason to remain loyal for years to come.

 

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#1. Hire The Right Workers                                                                                                                                                                                                                                      

 

Only a small percentage (if any) of cleaning duties will be handled by you. Therefore, deploying trustworthy and reliable employees to each location or project is essential. Assembling your team with this site is one of the greatest responsibilities you’ll face. Ideally, you will want to maintain a low staff turnover rate too. Aside from saving time and energy, it’ll provide clients with an added layer of consistency, which can make them far happier.

 

When you are confident in the team, keeping on top of your tasks is also a lot easier.

 

#2. Monitor Performances

 

A variety of secondary aspects influence the overall client satisfaction levels. However, none of the others matter if the desired levels of cleanliness are not maintained. Your company can try this inspection App to schedule routine checks. This will ensure that each client and location is cleaned to the expected levels. It keeps employees on their toes to ensure that standards won’t drop. Crucially, it gives clients an added level of confidence.

 

Reports can also be used as evidence to show clients that they are receiving value.

 

#3. Tailor Services

 

Staying with the concept of providing value to the client, tailoring the services is another key feature. Using the right software allows clients to manage their accounts, adapting their services as per their evolving needs. However, it also requires a winning mindset from your company. Given that you will track various data metrics, this info can be presented to help users make informed decisions. Their budgets will work harder as a result.

 

By going beyond expectations and providing value, you should see increased loyalty.

 

#4. Provide Convenience

 

To keep clients happy, you need to understand what they want from a cleaning company. They have outsourced these duties for the sake of convenience. So, once the service is in place, they will ideally want it to run smoothly without any additional steps. A punctual service supported by a good payment processor and auto billing allows them to enjoy the benefits of clean properties. Without involvement. Still, you should make it easy for them to contact you if issues surface.

 

They won’t need to do it often, but it will give them added confidence in your company.

 

#5. Prevent Disasters

 

By now, it should be clear that keeping clients happy relies on many factors, even when things are running smoothly. Sadly, all of this work could be undone in an instant if you fall victim to a breach or other disaster. Prioritizing business security, not least in relation to sensitive client information is key. Otherwise, your reputation will take an even bigger hit than your finances. Frankly, dealing with the fallout is the last thing either party needs.

 

When used to support the steps above, client satisfaction scores should remain high.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

 

 

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Tips for Starting Your Own Law Firm

Starting your own law firm is both exciting and overwhelming. It’s a chance to carve out your own path, represent clients in ways that reflect your values, and build a career that’s uniquely yours. But let’s be real, it’s not easy. There are challenges like managing finances, meeting legal requirements, and attracting clients.

 

That said, it’s also incredibly rewarding. You have the freedom to shape your practice while making a difference in people’s lives. Whether you’re dreaming of a solo practice or growing into a multi-attorney firm, it all starts with careful planning, understanding the legal basics, and a solid strategy for growth. This guide will walk you through the steps to turn your vision into a successful law firm.

 

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Know Your Why

 

Starting a law firm isn’t something you just wake up one day and do. It begins with understanding why you want to take this leap. What’s driving you? For many, it’s about independence. The freedom to call the shots and build a business that aligns with their values. Others might feel called to serve a specific community or be a voice for the voiceless, like becoming a Legal advocate for abused youth in detention centers.

 

Your why sets the tone for your practice. It helps you figure out where to focus your energy and expertise. For example, do you want to specialize in helping families through divorce? That might lead you to a family law practice. Maybe you’ve got a passion for defending individual rights, which could push you toward criminal or immigration law. The possibilities are endless, but clarity is key.

 

Take time to think about what excites you professionally and personally. A clear sense of purpose will keep you motivated, even when things get tough. Knowing your why doesn’t just guide your work, but it keeps you grounded as you build the law firm of your dreams.

 

Start with a Plan

 

Every great law firm starts with a solid plan. A business plan isn’t just a formality, it’s your roadmap. It outlines your vision, keeps you focused, and helps you make smart decisions as you grow.

 

Start by clarifying the services you’ll offer. Will you focus on a specific niche, like estate planning or immigration law? Or would you prefer to run a general practice with broad services? Knowing this from the beginning helps you identify your target clients and market yourself effectively.

 

Next, set your goals. Think both short-term and long-term. Maybe your first-year goal is to land ten steady clients. In the long term, you might aim to hire a small team or expand into other practice areas. Write these down as they’ll give you direction as your firm develops.

 

Budgeting is crucial, too. Be realistic about the costs ahead. You’ll need to pay for office renţ, licenses, case management software, and maybe even administrative help. Don’t forget about small but important things like stationery and professional memberships.

 

It’s also wise to have a financial cushion. The first year can be unpredictable, with slow periods you might not be prepared for. Save enough to cover at least six months of personal and business expenses. And look into a line of credit or financing options to help with cash flow when needed.

 

Research Legal Requirements

 

Before you hang up your shingle, you need to sort out the legal side of things. First up, make sure you understand the licensing process in your area. Each state or country has its own requirements, so take the time to do your homework. You don’t want any surprises down the road.

 

Next, decide on the right business structure for your firm. Are you going solo as a sole proprietorship? Partnering up with someone you trust? Or would a limited liability company (LLC) give you the protection you need? Each option comes with its pros and cons, so weigh them carefully. Talking to a financial advisor or accountant can help here.

 

Don’t forget malpractice insurance. It’s not optional, it’s essential. This coverage protects you in case a client files a claim against you. No one plans to make mistakes, but it’s always better to be prepared.

 

Lastly, think about compliance. For example, if you’re handling client funds, most states require you to follow strict trust account regulations. These laws exist to protect clients, and ignoring them can land you in serious trouble.

 

Build a Brand and Online Presence

 

Your brand is how people will see and remember you. Start with a name that reflects who you are and what you stand for. Pick something professional but unique so it highlights your values and the area of law you specialize in.

 

Next, create a website. This is where potential clients will get their first impression of your firm. Make it simple to use but packed with the right info. Include details about your services, an easy way to contact you, and maybe a blog to show off your expertise. A few helpful articles about common legal issues can go a long way in building trust.

 

Social media is your friend, too. Platforms like Facebook, LinkedIn, and even Instagram can help you connect with potential clients and network with other professionals. Post updates, share helpful tips, and stay consistent. It doesn’t mean you need to be everywhere so pick the platforms where your audience spends their time.

 

Finally, don’t underestimate the power of reviews. Ask satisfied clients to share their experiences. Testimonials on your website or Google reviews add a layer of credibility that no ad can match. Building trust online is just as important as the work you do offline.

 

Find Your First Clients

 

Getting your first clients can feel like an uphill climb, but don’t worry, there are ways to make it easier. Start by networking with other attorneys. Meet them at local events, bar association meetings, or even online forums. Building relationships with other lawyers can lead to referrals, especially for cases outside their expertise.

 

Offering free consultations is another smart way to connect. When people get to speak with you directly, they’re more likely to trust you and hire you if they feel a connection. It’s also a chance to showcase your knowledge and build rapport.

 

Don’t shy away from community events, either. Join local gatherings or volunteer for legal aid programs. This not only gets your name out there but also shows you care about the people in your community. For example, doing pro bono work for underserved groups, such as helping low-income families with housing disputes, not only grows your network but also strengthens your reputation.

 

Get Comfortable with Business Operations

 

Running a law firm isn’t just about practicing law, it’s about managing a business. First, learn to manage your time wisely. With so many responsibilities on your plate, it’s easy to feel overwhelmed. Use scheduling tools to stay organized and avoid burnout. Apps like calendars and task managers can help you prioritize and keep track of deadlines.

 

Investing in technology is another must. Case management software can be a game-changer. It helps you organize documents, monitor deadlines, and keep everything in one place. This frees up time for what really matters which is helping your clients.

 

Speaking of clients, communication is key. Be proactive with updates, even when there’s no major news to share. A quick email or call reassures clients that you’re on top of things. Transparency goes a long way in building trust and keeping relationships strong.

 

Marketing and Growing Your Firm

 

Marketing a law firm doesn’t have to be complicated, but it does need to be strategic. Start by using digital advertising to reach potential clients. Platforms like Google Ads and social media allow you to target specific audiences, so you’re putting your services in front of the people who need them most.

 

SEO is another key piece of the puzzle. When someone searches for legal help in your area, you want your firm to pop up. Focus on optimizing your website with the right keywords, fast loading speeds, and helpful content. A blog with articles about common legal questions can boost your visibility and show off your expertise.

 

Finally, don’t overlook tracking your performance. Keep an eye on metrics like new clients, client retention, and revenue. This data helps you see what’s working and where to improve. Regularly reviewing your growth keeps you focused on what matters and helps you adapt as needed.

 

What to Do Next

 

Starting a law firm is a big step, but it’s completely achievable with the right approach. From researching legal requirements to building a strong brand, you now have a roadmap to get started. Finding your first clients, mastering business operations, and crafting a smart marketing strategy will set you up for long-term success.

 

Remember, every firm starts somewhere. With dedication, organization, and the tools covered, you can launch a law firm that not only survives but thrives. Take it one step at a time, and don’t be afraid to adapt as you go. Your expertise and passion will guide you to success.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post Tips for Starting Your Own Law Firm appeared first on Accounting Accidentally.

The Overlooked Inefficiencies Costing You Time and Money

In today’s competitive business landscape, efficiency is key to staying ahead. Yet, many businesses unknowingly harbor inefficiencies that quietly drain time and money. These issues may not be glaringly obvious, but their cumulative impact can hinder growth, frustrate employees, and diminish profits. Identifying and addressing these overlooked inefficiencies can lead to significant improvements in productivity and profitability. Here are some common areas where inefficiencies may be lurking and how to resolve them.

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Inefficient Payment Processes

A smooth and reliable payment process is essential for maintaining customer satisfaction and ensuring cash flow. However, outdated or overly complex payment systems can create unnecessary delays and friction. Customers frustrated by slow or error-prone payment methods may abandon their purchases, resulting in lost revenue.

Investing in modern payment integration tools for developers can transform this process. These tools allow businesses to offer seamless, secure, and flexible payment options, improving the customer experience and reducing transaction times. Furthermore, such solutions streamline backend operations, simplifying the reconciliation and reporting processes for accounting teams.

 

Redundant Manual Tasks

Manual workflows often go unnoticed as a source of inefficiency because they’ve become routine. Tasks like data entry, inventory tracking, or manual invoice processing consume valuable employee time that could be better spent on strategic initiatives.

Automation tools can eliminate these redundant tasks, enhancing both accuracy and speed. For instance, customer relationship management (CRM) systems automate data collection and analysis, while inventory management software provides real-time tracking and alerts. Transitioning to automated workflows reduces errors and frees up resources for activities that directly contribute to growth.

 

Poor Communication and Collaboration

Ineffective communication can create confusion, delays, and duplicated efforts. When employees lack clear direction or struggle to access information, productivity suffers. This issue often becomes more pronounced as teams grow or operate across multiple locations.

Implementing collaboration platforms like Slack, Microsoft Teams, or Asana helps centralize communication and streamline project management. These tools enable real-time updates, file sharing, and task assignments, ensuring everyone stays aligned. Clear communication protocols further minimize misunderstandings, enabling teams to work more cohesively and efficiently.

 

Outdated Technology

Relying on outdated systems and software can slow operations and create vulnerabilities. Legacy systems may lack compatibility with newer technologies, making it difficult to integrate essential tools or scale operations effectively.

Upgrading to modern, cloud-based solutions ensures that your business has the agility to adapt to changing demands. These systems often come with enhanced features, better security, and scalability, enabling smoother operations and faster decision-making. Regularly auditing your technology stack helps identify areas that need updating and ensures your business remains competitive.

 

Unoptimized Workflows

Processes that involve too many steps, unnecessary approvals, or unclear responsibilities can bog down productivity. Over time, these inefficiencies become normalized, making it harder to recognize their negative impact.

Mapping out workflows and analyzing each step can reveal opportunities for streamlining. For example, eliminating redundant approvals or consolidating similar tasks can reduce bottlenecks. Adopting Lean or Six Sigma principles can also help refine processes and improve efficiency, saving time and resources in the long run.

 

Lack of Real-Time Data

Data-driven decision-making is essential for staying competitive, but outdated reporting methods or fragmented data systems can impede access to critical insights. Without real-time data, businesses risk making decisions based on incomplete or outdated information.

Implementing robust analytics tools ensures that your team has access to accurate, up-to-date data. Dashboards that aggregate information from various departments provide a comprehensive view of business performance, enabling faster, more informed decisions. Real-time data access empowers teams to respond to challenges and seize opportunities more effectively.

 

Hidden Costs in Employee Productivity

Unproductive meetings, unclear expectations, and a lack of proper training can significantly impact employee efficiency. Meetings that lack structure or clear objectives waste time, while employees without adequate guidance or tools may struggle to perform at their best.

Streamlining meetings by setting clear agendas and limiting participants to only those necessary can reclaim lost time. Regular training programs ensure employees have the skills and knowledge needed to work efficiently. Providing clear goals and resources fosters a more productive workforce, ultimately saving time and money.

 

Where to Go From Here

Overlooked inefficiencies, from outdated payment systems to redundant workflows, quietly drain time and money, hindering business growth. By addressing these hidden barriers and investing in tools like payment integration solutions, automation systems, and advanced analytics, businesses can streamline operations and enhance productivity. The journey toward efficiency requires vigilance, adaptability, and a commitment to continuous improvement, but the rewards—increased profitability, satisfied customers, and empowered employees—are well worth the effort.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post The Overlooked Inefficiencies Costing You Time and Money appeared first on Accounting Accidentally.

Top Ways to Grow Your Accounting Practice

 

One of the hardest things to do as an accountant is to grow your practice and acquire new customers. It’s so important that you approach your firm and its growth with strategy in mind, and it’s vital that you concentrate on your internal and external company prospects.

 

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Taking your accounting practice to the next level is going to take some work, so follow these essential steps and you’ll be able to see that growth you planned for.

 

Identify your customer. Before you do anything else, you need to understand who your customer is so that you know how to aim your work towards them. For example, having a website is one thing, but if you don’t have the right website design for accountants you’re not going to go very far. You’re going to spend a lot of time supporting your customers, and there are a lot of hours put here that could be put to better use. Conduct an investigation of your current clientele and create a profile of what your ideal client persona will look like. Once you understand this persona, you can determine which of your current customers do not fall into this category and spend less time with them. You can then create a company plan with a long term focus that targets customers who are like your existing ones.Expand your existing connections. Calling the customers that you do want to embody your customer persona on a frequent basis to check in with them will help you to strengthen those connections. You can also create a communication strategy that allows you to have regular touchpoints with your customers, such as monthly newsletters and of your announcements and acknowledge any milestones. If you can provide new customers with discounts on their services, that would help to bring in a new range of clientele.Be responsible with your marketing. There are many different approaches to marketing your clinic, but it’s important that you determine what your primary goals are before you get started. You can employ a consulting firm to investigate the demographics of your clients and identify the media outlets that have the greatest impact on them, but you should also consider your SEO strategy and marketing. Trustees to increase your website rankings.Make friends and influence people. It’s not just a book, but the power of technology lies in its network. If you want to make friends and influence others, then you need to start networking and getting your foot in the door at those local Chamber of Commerce events that you’ve been ignoring. You’ll find so many people who share your interests, and you can learn about new opportunities for your business that way.Make sure that your business is a well-functioning machine. You shouldn’t allow your employees time to be wasted on pointless admin if you can keep everything organised. Identify the problems that exist throughout your workplace and knock them down 1 by 1 so that your accounting practice is the one to watch.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post Top Ways to Grow Your Accounting Practice appeared first on Accounting Accidentally.

The Ultimate Guide to Financial Planning: From Budgeting to Probate Fees

Financial planning is a part of life that you should be doing at all stages of it. The money you save, spend, and invest in, is all leading towards a more fulfilled and comfortable life. We don’t only make money for ourselves but for others in our lives too we want to ensure will live comfortably as well.

 

Consult with an investment advisor regarding financial planning and discuss legal issues with an attorney.

 

While money isn’t everything in life, it can surely help to have plenty of it where possible. Financial planning is a process that you want to do enough of so that your assets are protected and it’s utilized enough that you make your money work harder for you, instead of trying to work harder to earn more of it.

 

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This ultimate guide to financial planning will provide you with all the top tips you’ll need whether it’s understanding probate fees for your estate, to mastering the art of budgeting.

1.   Know what it means to plan your finances

It’s useful to understand what it means when planning your finances. Planning is not just for the short-term but for the long-term too. You can’t predict where your finances will be or what assets you’ll have some ten or twenty years down the line. However, you can prepare your current and existing assets and optimize them as best as you can to get more from it.

 

For example, you might want to look at putting your current savings, in a high-interest savings account or shifting some debt off your current house payments to reduce your payments going forward and paying the balance off sooner.

 

Financial planning involves a lot of preparation of assets but understanding where money can be saved or spent differently to provide a more financially fruitful outcome.

2.   Set goals that are both realistic and dream-worthy

The goals you set when it comes to your finances need to be both realistic and dream-worthy. They need to be realistic so that you can meet those goals and check them off as you go through life. However, there’s nothing to say that you can reach the goals that seem unattainable now but may not be so unattainable in five or ten years time.

 

Setting dream goals is an important motivator when it comes to financial planning and who knows where your finances will go in the future. If you hold space for those out-of-the-world goals, you’re more likely to find success with them.

3.   Create a budget

A budget is a must and if you’ve not got one currently in place, that might be where you’re going wrong. Budgets are good to have in place because they provide some degree of self-control. When you have an idea of what’s coming in and out of your account, you’ll know how to spend that remaining money, whatever that might look like.

 

Creating a budget is easy enough but if you’re not someone who has ever created one before, the prospect of doing so might seem quite daunting. Take a look at some templates online and be sure to separate what comes into your accounts every week or month and then what’s going out.

 

This is also a great opportunity to see what you’re actually spending money on. Take a good look at your outgoings so that you know how much you’re spending and hopefully you’ll be able to make some savings in part so that you are more savvy with the money you do have available.

4.   Track all of your expenses

Tracking your expenses is a good one, especially if you’re someone who is a bit more spend happy with their money.

 

It’s good to be mindful of the expenses and tracking these can be helpful to see what you spend your money on and when you’re self-employed, you can sometimes claim some of these expenses against your tax.

 

Everyone has expenses but the amount you have may vary from others. Be mindful of what you’re spending and once you start tracking those expenses, you might find like your budgeting, you can make savings here too.

5.   Invest your money in multiple pots

Investing your money is a good way of making it go further. If you’re looking to make your money go further, then with some risk, that can be possible.

 

 

In order to help mitigate the risk as best as possible, it’s worth investing your money through multiple pots. From stocks and shares to real estate, there’s no end of possibilities when it comes to investing your money.

 

Be aware that when you invest your money, it’s always money that you might lose, so knowing this is important.

6.   Set up a plan for a future you’re not in

It’s always good to take a look at your financial planning for when you’re not here. That sounds morbid when you think about it but there will come a time when you need to start thinking more seriously about your cares and wishes for your life during a time when you might not be capable of making your own decisions or when you’re not here in life anymore.

 

Setting up your finances for your loved ones is a good thing to do and there’s everything from probate fees to estate tax that is worth researching.

 

It’s better to have it all planned out ahead of time, rather than to hastily try to put together a will and final testament when you’re ill.

7.   Build up an emergency fund and manage your debt

Emergency funds are good to have and it’s great for helping manage money problems if and when they should crop up. A rainy day fund as it’s otherwise called, can be great to protect you and your household when disaster strikes.

 

Managing your debts is also something you want to be proactive in doing. Be aware of the debts you have and try to ensure all these are paid off in a timely manner.

 

Financial planning is important to do and so where possible, make sure all of the above is set in place for your finances in the new year.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post The Ultimate Guide to Financial Planning: From Budgeting to Probate Fees appeared first on Accounting Accidentally.

Which Business Processes Should You Be Automating?

There are a lot of business processes that can be tedious and time-consuming when carried out manually. Finding ways to automate these processes can allow you to spend more time on the fun aspects of your job. Just which tasks should your business be automating? This post lists a few examples of processes that can benefit most from automation.

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Bookkeeping

Maintaining accurate financial records is a legal requirement for all businesses. It ensures that you are declaring the right amount of tax and proves that you are not doing anything dodgy. Manually recording every transaction can be very dull – and for some companies that  deal with many transactions per day it can be borderline impossible. By using accounting software you can automatically record each transaction, calculate expenses and calculate how much tax you owe. It’s recommended that every company uses such software. Take the time to compare accounting programs online and find the best suited one for your company.

Inventory tracking

Keeping track of inventory is important for guaranteeing inventory accuracy. Fail to keep track of stock, and items could go missing or get forgotten about without you realising. While some companies do this manually, it can increase the chance of error. Automating tasks like data entry and order fulfilment can help you to keep accurate records of what you’ve got and what needs to be processed. Shipping companies, warehouses and retailers can all benefit from automating this task. You can compare various industry-specific inventory software programs online.

Invoicing/billing

It can also be beneficial to automate invoicing and billing – especially if you have lots of clients to keep track of. Regular bills can be automatically sent to clients so that you don’t forget to send invoices. You can also use software to automatically keep track of what you owe – including payments that are nearing their deadline and late payments. On top of this, it may be possible to automate the process of chasing up payments. This all ensures that you’re getting the money you’re owed.

Time tracking

A lot of companies hire teams of employees that all work different hours. Accurately keeping track of every employee’s hours is key to making sure that each employee is paid correctly. Traditionally, a lot of companies would use a manual timecard system. Nowadays, most companies use automatic time clocks. Employees still need to manually clock in and out (usually using a machine on a wall or an app), however the data of each employee’s hours is automatically stored digitally, rather than having to manually sift through time cards. There are many time tracking software options that you can compare online.

Paying employees

On top of automatically recording employees’ hours, you can also automatically send payslips to each of your employees and pay them the amount they are owed. This can save many employers a lot of time – especially those with large teams of employees. There are payroll software solutions that can be integrated with time tracking software and accounting software. Take the time to compare different payroll applications.

Confirmation emails

There are many types of email that your company can automate. One prime example is confirmation emails. When a customer buys your product online or signs up to your service, a confirmation email can verify that their payment has gone through. Confirmation emails can also be automatically sent when booking appointments, shipping an order, cancelling an order or cancelling a subscription.

Reminder messages

Another type of email that is worth automating is reminder emails. These can be used to remind a client of an upcoming appointment, payment deadline or upcoming policy change. Such reminders may also be possible to send to clients via text message. It’s worth noting that it is not just your clients that you can send automated reminder messages too – you could also consider setting up automatic reminder messages to employees, as well as potentially messages to yourself.

Content scheduling

While AI programs have made it possible to automate various forms of content, there are still issues when it comes to fully automated images and blog posts. However, that doesn’t mean that automation has no place at all in content creation. When it comes to scheduling certain content, automation can be very useful. You can create content in advance and schedule it to post at the right time when most people are going to engage with it. It may even be possible to post certain content based on certain triggers (such as sending birthday messages to email subscribers on their birthday).

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

 

The post Which Business Processes Should You Be Automating? appeared first on Accounting Accidentally.

Increase Your Patient-Centric Approach: Placing Patients First in Your Practice

Today’s healthcare environment requires exceptional patient care that goes beyond medical expertise alone, which requires taking an individual-centric approach in all decisions and actions taken. Prioritizing patients’ needs, preferences, and experiences is the center of building strong and meaningful relationships while simultaneously improving health outcomes.

 

In this blog, we’ll go through practical strategies and insights to help your practice build such a patient-centric strategy that ensures each person feels valued, heard, and empowered throughout their healthcare journey.

 

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Understanding Patient-Centricity: What It Means and Why It Matters

Let’s first define and understand what “patient-centricity” really means. Patient-centricity involves tailoring healthcare services to the unique needs and goals of every individual patient. Effective communication, shared decision-making, respect for autonomy, as well as improving overall patient experience are what a good patient-centricity practiced by healthcare providers who embrace it to build trust, collaboration, and enhance engagement.

 

Creating a Welcoming and Supportive Environment

An important element of creating an optimal patient-centric experience is providing a welcoming and supportive atmosphere that puts patients at ease. Here are some strategies that may help in this regard:

Strengthen Communication and Active Listening

Effective communication is very important to building trust with patients, so actively listen to what your patients have to say, truly hear their concerns, and encourage them to ask questions. Through creating an open and honest dialogue you can address their needs more efficiently while making sure they feel heard and understood.

Collaboration in Care Decisions

Involve patients in their care decisions by providing comprehensive information, explaining treatment options, and taking into account individual preferences and values. Collaborative decision making empowers patients to play an active role in their healthcare journey and can result in higher engagement levels as well as enhanced treatment results.

Access to Care

To increase access to care more easily for patients who may face transportation or mobility barriers, streamline appointment scheduling, offer flexible hours, and offer clear instructions on how they can gain access. Consider providing remote consultation options via telehealth for convenience for patients facing transportation or mobility challenges, these measures will reduce barriers and boost patient satisfaction.

Implement Companion Diagnostics

Implement companion diagnostics into your practice to provide patients with targeted treatments based on their genetic or molecular profiles, thus increasing efficacy while decreasing adverse reactions and optimizing patient outcomes. Including companion diagnostics shows a dedication to personalized medicine and individual patient care.

Empowering Patients Through Education and Support

Patient empowerment through knowledge acquisition and support is very important within a patient-centric practice environment. Here are some approaches you might consider for doing just this:

Provide Clear and Accessible Health Information

Provide educational materials (written or digital) that are easily understandable and accessible to patients. Use plain language when explaining medical terms and procedures, and be sure that information is available in multiple languages to accommodate diverse populations.

Technology for Patient Engagement

Use technologies like patient portals, mobile apps, and remote monitoring tools to engage patients in their healthcare journey. Such platforms can facilitate appointment scheduling, medication reminders, personal health record access and secure messaging between healthcare providers.

Build a Supportive Community

Encourage patients to form supportive bonds among themselves via support groups, online forums or community events. Doing so can offer emotional support while creating shared experiences, something which empowers patients as they navigate health challenges together.

Conclusion

Overall, taking a patient-first approach is more than just a trend, it represents a fundamental change in healthcare delivery. By prioritizing patients’ needs, preferences, and experiences in healthcare practices, stronger patient-provider relationships can be created while increasing satisfaction levels and leading to improved health outcomes.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post Increase Your Patient-Centric Approach: Placing Patients First in Your Practice appeared first on Accounting Accidentally.

Joining the Loan Industry Without Working in a Bank

The loan industry offers diverse opportunities beyond traditional banking. Whether you want to work independently, help people secure better financial deals, or build a career in personal finance, the sector has options that don’t require you to step into a bank. The flexibility of these roles allows you to tailor your career to your strengths and interests while making a meaningful impact in people’s lives. Here are some of the key roles to consider.

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Work as an Affiliate

Loan affiliates promote loan products online, connecting potential borrowers with lenders. This role is perfect for people with a knack for marketing or a strong online presence. As a loan affiliate, your job is to attract traffic to a lender’s platform using strategies like blogging, social media, or search engine optimization.

Affiliates earn commissions when someone they refer completes a specific action, such as applying for or receiving a loan. It’s a flexible, scalable career that doesn’t involve direct client interaction. Instead, you focus on building awareness and driving conversions. For creatives or marketers looking for a way into the financial sector, loan affiliation can be a lucrative, low-barrier entry point.

 

Give Special Loan Deals

Loan brokers act as intermediaries between borrowers and lenders, often specializing in niches like mortgages. For instance, a mortgage broker helps homeowners find the best loan deals for buying or refinancing their properties.

Brokers work directly with clients, evaluating their financial situation and matching them with suitable lenders. They often negotiate on behalf of borrowers to secure better rates or terms. Loan brokers are usually compensated through commissions from lenders, though some charge fees to clients. If you enjoy problem-solving, building relationships, and helping people navigate complex financial decisions, this role can be both rewarding and profitable.

 

Lend Money

Becoming a private lender is another way to enter the loan industry. Lenders provide funds directly to borrowers, earning money through interest payments and fees. This role requires capital to lend, as well as an understanding of loan structures and risk management.

Lenders can work independently, as part of private lending firms, or through peer-to-peer platforms that connect individual lenders with borrowers. Hard money lending is a popular niche, focusing on short-term loans backed by assets like real estate. This path suits individuals who have access to funds and are comfortable evaluating financial risks while helping borrowers meet urgent needs.

 

Provide Credit Guidance

Credit counselors help individuals manage their loans and improve their financial health. This role focuses on education and support rather than sales. Counselors work with clients to develop budgets, consolidate debt, and create repayment plans tailored to their situation.

Often employed by nonprofit organizations, credit counselors aim to empower people to make informed decisions about their finances. If you’re passionate about helping others achieve financial stability, this role offers a meaningful way to make a difference. You’ll need strong communication skills, a solid understanding of personal finance, and a desire to help people overcome challenges.

 

The loan industry isn’t just for bankers. Whether you’re interested in marketing, consulting, lending, or financial education, there’s a path that suits your skills and goals. Joining the sector outside of banks allows you to work flexibly, help others, and build a career in a field with steady demand. With so many options, you can find a role that aligns with your strengths while contributing to a vital industry that supports individuals and communities alike.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

 

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The 3 Most Difficult Things About Keeping a Proper Retail Inventory

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If you run a retail store of your own, whether as an independent business or as a franchisee, you know just how much time it takes to keep your stockroom in top shape. That’s one of the main things that make maintaining your inventory so difficult – you need hours upon hours during the working week to dedicate to it.

 

But it’s not the only thing that makes stockroom management such a complicated thing to pull off. There are a lot of costs involved in designing a system that really works, but without one, you’re only going to spend more money. As such, we’ve listed three things below that tend to be more difficult to control than anything else; get on top of those for a more profitable future.

 

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Keeping it Updated

 

Your inventory record won’t update itself. Even if you’re using management software to keep a digital record that’s easy to access and amend, you still have to put the manual effort in to stay on top. However, seeing as stock comes in every single day, and goes out again in the same period, it’s going to be difficult to keep your updates coming as and when they need to.

 

Automating the system is essential, as far as you’re able to, by using actions like indicating to your software what you tend to order and how often. However, be sure to go over the final chart to make sure it tallies up properly.

 

Accidentally Overstocking

 

You never want to understock your inventory, but when it comes to compensating for what looks like a short supply, it’s easier to overstock too. And that will end up very expensive and a huge waste of both product and time. It’s why your inventory system needs to be easy to sort through, but more on that later.

 

Overstocking happens most often in clothing stores. Ordering bulk dresses is a great way to keep long term costs low, but if the trends, seasons, and desire for style change, it’s going to be hard to shift the full stock. You want to order in plenty of time, of course, but you need to make sure you’ve got a detailed overview of elements like your usual sales volume and average footfall.

 

Complicated Storage

 

How are you planning to arrange your stock, once it’s delivered? That’s the thing that needs to be kept simple here. A complicated storage system is never going to be something you want to work with, but you could end up with one if you’re not strict about how your products are stored.

 

Your retail store won’t be able to keep the racks or the shelves full without organized handling, through both a rotation system and a strong idea about when products enter the stock room before leaving again. Make it easy to head in and grab what you need!

 

Whether you run a clothing store or a bakery, make sure your retail inventory doesn’t become a long term problem.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(personal finance book/ self-published) 34 Stories That Explain Personal Finance

The post The 3 Most Difficult Things About Keeping a Proper Retail Inventory appeared first on Accounting Accidentally.