There seems to be a general trend when it comes to the major concerns of business owners. Stress and lack of sleep can be detrimental not only to the running of your business but to that of your personal health. What is apparent from the question posed is that time and money are what most business owners are losing sleepover and a host of related concerns that arise from these two factors, all of which could be argued to fall under both categories. Hence the age old saying time is money. This is so relevant to Phoenix Cloud Accounting as these worries are what we strive to eliminate for the business owner. We are here to save you both time and money and in turn providing you with a peaceful night’s rest knowing your accounts are taken care of and kept up to date.We are going to highlight three main areas of concern which business owner are losing sleep over.
One of the biggest concerns of business owners is cash flow. Often the focus of the entrepreneur or business owner is to grow sales figures and reach targets and often run into money trouble when they do not have good cash flow management in place. This means more than just pushing sales figures. Correct budgeting of expenses and expense control as well as continuous income forecasting will help the business owner stay on top of their financial position. This is also why keeping ones accounts up to date is so important, it enables the owner of the company to make not only sound financial decisions but to be proactive in problem solving issues before they arise. Another huge worry of business owners which relates to cash flow management is getting paid. Generating sales is one thing but ensuring payments due by debtors are made on time is of utmost importance in managing cash flow. Having good accounting software with a good team behind it that is kept up to date easily and automatically can assist in staying on top of cash flow management as well as outstanding debtor amounts due.
Regulation & Compliance
Administration is generally an entrepreneur’s nightmare. Mistakes in administration can be costly especially when it comes adhering to government regulation and being compliant regarding both HR and tax matters. Many business owners are in the dark when it comes to compliance and ever-changing legislation and can become overwhelmed trying to keep up with deadlines and requirements. To avoid added stress from costly penalties this is where hiring a professional who is in the know and keeps current with government regulation can really add value to a company and save both time and money.
Business owners and particularly small business owners, ironically spend a lot of time worrying about how little time they have. Owner run businesses can be highly demanding on the time of the business owner and can often lead to elevated stress levels with the owner feeling like he/she does not have enough time to give attention or balance to both work and family. Knowing when to ask for help is so important as well as prioritizing tasks and setting aside time for family and rest. Again, having professional assistance in the form of an outsourced company or hiring a staff member to attend to basic administration functions and manage one’s diary can be effective in freeing up the business owners time to focus on potential growth of the company and other more important tasks. But this can be costly. A cloud accounting solution can feel like having another member of staff on your team, but at a great price if you partner with someone like Phoenix Cloud Accounting.
Entrepreneurs are the lifeblood of our country’s economy. It’s not an easy burden to bear. Phoenix Cloud Accounting can be your ideal partner to alleviate stress – contact us today for a free consultation.