The Ultimate Guide to Small Business Financial Management

THE ULTIMATE GUIDE TO SMALL BUSINESS

FINANCIAL MANAGEMENT

INDEX

Table of Contents

Gain Financial Awareness Through Cash Flow Forecasting 2

Discover More Revenue in Your Existing Customer Base 5

Enhance Billing Processes to Increase Customer Satisfaction 6

The 5 Easiest Ways to Shrink Your Businessrsquo Spending 7

Acing Accounts Payable and Receivables Management 9

The Best Accounting Decisions Your Business Can Make 12

Mastering Small Business Tax Management 14

5 Tricks to Build Business Credit Fast 17

The Smartest Investments for Your Small Business 22

Creative Ways to Finance Your Small Business 20

Owning and operating a small business is a continuous uphill battle Yoursquore

fighting the big guys to keep your business alive tackling new obstacles each

day and staying busy trying to make your business successful Knowing this

many people tend to focus on the percentage of small businesses that close

shop each year but itrsquos actually more valuable as a business owner to look at the

other half of that statistic the small businesses that are successful each year By

doing this yoursquoll find they all have one thing in common - healthy finances Cash

is the lifeblood of your business and without a good grasp on your finances your

business will not be able to live up to itrsquos full potential Thatrsquos why PaySimple and

Funding Gates have teamed up together We both love small businesses and are

on a mission to help them master their financial management So wersquove put our

minds together and compiled a much-needed weapon in your small businessrsquo

arsenal The Ultimate Guide to Small Business Financial Management

Introduction

1

CHAPTER 1

Whether your business is just starting out going through some changes or has been around for many years having a good

understanding of your financial position (especially your cash flow) can make a huge difference in your daily management and how you

approach the future of your business Starting to fill out a blank spreadsheet with projections may seem intimidating but it has less to

do with pure math and more to do with how much you know (or can find out) about your business the market and other factors that

influence the numbers

We are going to walk through the 6 steps to make an accurate financial projection so grab a pencil and letrsquos get started

Gain Financial Awareness Through Cash Flow Forecasting

Put on Your Honesty Hat Before you start in order to get the most helpful and accurate forecast you first need to be

completely honest and realistic with yourself No one else needs to see these numbers so you donrsquot need to pump them

up to impress anyone And there is no teacher to grade you at the end of the day so if it ends up being wrong you can take

it as a learning experience and use the information to adjust future projections

1

Time Frame Are you making an annual quarterly or monthly projection If this is your first forecasting exercise it

might make sense to start with a 6-month plan as itrsquos long enough to give you a good sense of what your business

will do but itrsquos short enough that you wonrsquot feel ldquolocked inrdquo if something changes in Month 2 If you are creating

a business plan or looking for lending you will probably need a monthly forecast for Year 1 and then 2 years of

additional annual forecasts

Potential Market Size If you already have historical information about how many customers you can service or

members in your base that is the best place to start However if you donrsquot you need to think about your business

model and your total opportunity For example if you have a day care center do you know all you can about the

neighborhood you are in Are there particular businesses you can partner with to reach their employees (and

ultimately their kids) Do most people work 8-5 or 9-6 or something else This basic information can help to guide

your sales projection and revenue potential The local chamber of commerce is a good place to head if you need

additional information or want to talk to a knowledgeable resource

Set Your Structure and Think About Your RevenueCost Buckets Open up Excel (or use our handy worksheet

below) and determine the following

2

2

Build a Conservative Revenue Projection Think realistically about the time you have available to sell to or service

your customer base as well as the price and discounts you have for signing up There are only so many hours in a day you

can be open or employees you have to run a business so make sure you are using accurate factors

Letrsquos continue with our hypothetical day care center Say you have 4 full-time staff Two are in charge of infants or toddlers

(ie can handle 4 children each) and two who watch the Pre-K kids (and therefore can handle 8 each) You know that

you are already at capacity for the infantstoddlers but you still need to ramp up on the Pre-K level so you can build that

up over the first 2 months You multiply the number of staff you have by the number of kids you have by how much you

charge per kid per day and then by how many days you are open (remember if you only work on weekdays itrsquos not going

to be 30)

By setting the projection up like this you can add lines for additional services easily (say you want to launch an after school

program in Month 4) and you can granularly track the results as well as help inform future decisions around staffing

3

Donrsquot Underestimate Costs After the previous step you are probably feeling good about all of the money you are going

to make but you still need to do the cost side of the equation Start with all of your fixed costs (rent payments etc) and

then move to your variable costs You can use your revenue projection to guide the rate for the variable costs (eg adding

or subtracting a staff member) It can be easy to forget something so be diligent in your notes

4

Revenue Source Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Total

InfantsToddlers (example)

24weekdays ($kidday)






$XXXXX

Total Cash Revenue

Costs Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Total

Salaries

Variable Costs

Rent

Other Fixed Cost

Total Cash Revenue

3

Understand Your ProfitLoss Once you have both charts filled out you add a few extra lines to summarize the data and

see what it nets out to If you are in the green awesome You can start to build a game plan to use or save it If you are in

the red you might need to look over your plan again and see where you can cut some costs build some additional revenue

or think about building a case for a loan

5

Have Someone Check Your Work We know we said you donrsquot need any one else to see it but sometimes it helps to

talk through your assumptions and ideas with an advisor or consultant The best is to find someone in your industry that

you trust to review the plan He or she can help you to talk through the risks the assumptions and the excitement you

have around where your company might be going If you donrsquot have a good resource your local chamber of commerce or

the Small Business Administration can help you to find someone

Bonus steps You have this beautiful completely validated spreadsheet ndash exercise over right Wrong There are two key things you

should do with your forecast and projections

Plan for the Future With this information at your fingertips you can set out your next steps Is there a month where

you might have some extra cash Maybe you can pay off a little more principal on a loan or possibly spend a little more on

marketing to see if you can grow your customer base By building out the strategy around the numbers you can continue

to hit your projections and build a solid foundation for the future

Donrsquot Set It and Forget It Keep re-evaluating or comparing your actuals to your projections each month Did you

come close or is there a ldquonew normalrdquo you need to adjust to By keeping in tune with your projections you will be able to

evaluate whether or not the past week or month was an anomaly or a new data point to inform a revised forecast

By starting with an honest and thorough assessment of your business combining conservative revenue projections with

accurate cost expectations and understanding the final outcome you can build a financial forecast that can help your

business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2

Now that you have established your basic expectations for the upcoming year through the exercise in Chapter 1 you might realize that

itrsquos time to dig deeper to identify ways to grow your revenue or shrink your costs In the next few chapters we will look into ideas that

increase the revenue side and shrink the cost side of the equation

The first step in analyzing your client base is thinking about it as a portfolio ndash a mix of revenue opportunities made up of differing

behaviors and benefits Studies have been conducted at every business size showing that by evaluating an existing customer base an

organization can use the data to grow revenue without acquiring a single new customer among other benefits In this chapter wersquoll

touch on the three main benefits of customer portfolio evaluation revenue marketing and new customer acquisition1 Every business

owner knows that keeping a good customer is more valuable than acquiring a new one But letrsquos take that notion a step further Not

only is keeping a good customer critical but an existing client base is prime location for revenue opportunity

On a piece of paper draw two intersecting lines through the middle to divide the page into 4 equal quadrants The y-axis is going to be

your ldquoSatisfactionrdquo line and the x-axis your ldquoRevenuerdquo line

Now take a list of your client base either in a spreadsheet or printout and using two different columns begin scoring each account 1-5

based on two factors revenue and satisfaction 1 is the lowest revenue or satisfaction and 5 is the highest

Satisfaction Revenue

ABC Enterprise 4 2

Cole Co 3 4

Discover More Revenue InYour Existing Customer Base

1 - httpwwwcoreconnexcom20081017client-portfolio-basics-part-1-of-35

Now going back through the list you have scored each client should fall into one of the four quadrants Any score of 3 falls into the left

or bottom half of the divider

Quadrant 1 The Revenue Opportunities

Analyze this quartile of your customers to think about ways you could better serve each of them Chances are there is even more

revenue opportunity than what the account is currently yielding If yoursquore unsure of the exact reason for the low level of satisfaction

ask Customers will always appreciate a candid conversation and an authentic attempt to fulfill specific needs You canrsquot be everything to

everyone but sometimes a manageable tweak in service is worth the time and energy to keep a high-revenue account

Quadrant 2 The Cream of the Crop

High satisfaction paired with high revenue ndash these customers are the best of the best Break this list down into sub-categories and

leverage the data behind it to source similar clients Sub-categories could include

Demographics

Geography

Industry

ServicesGoods Purchased

Source ndash How did they find you (or vice versa)

Find the similarities in these clients and yoursquove found a gold mine for new acquisition targeting

Quadrant 3 The Red Flags

You may need to ask yourself if yoursquore already spending too much time servicing these accounts This quadrant may be the example

of clients not worth signing in the first place Always consider if energy spent servicing a low-revenue unhappy client could be better

spent elsewhere like keeping or attaining a high revenue opportunity

All customers are NOT created equal ndash with limited amount of time and energy in a day itrsquos best to evaluate services alongside

opportunity Itrsquos not worth running around like a mad person to service a small opportunity client Keep your services consistent unless

a high revenue opportunity deems it necessary to make modifications to win (or keep) the account

Quadrant 4 The Marketing Opportunities

Theyrsquore happy but they just donrsquot have the revenue opportunity of other accounts Thatrsquos okay Leverage these relationships to build

out your marketing assets including

Feedback Surveys

Case Studies and Testimonials

Social Media Sharing

Lead Referrals

References

Online Reviews and Ratings

Yoursquoll likely want to balance marketing assets with a sampling of larger accounts (to win other large accounts) but you can derive a lot of

other assets from this easygoing client list With a strong knowledge of your existing customer base yoursquoll be able to take advantage of

key opportunities while tuning into the most profitable targets to offer your services6

CHAPTER 3

In Chapter 2 we identified a group of customers who have high revenue contribution but arenrsquot completely satisfied One way to

potentially increase your customer satisfaction is to look at your billing processes to see if there are ways to tweak them to make it a

more seamless experience If you are struggling with collecting payments from your customers then maybe you need to re-examine

how and when your customers actually prefer to pay you

How do you begin to make it easier Here are three ldquoArsquosrdquo to ease the process

ACCEPT More Payment Types Over the past few years customers have shifted their preference for payment types

beyond cash and check but they still stay with more traditional methods (credit and debit cards) A recent TSYS Study

showed for eight out of ten respondents debit or credit was their primary choice Credit cards trump debit for higher-

income customers because of rewards and discounts while middle-income folks decide ldquodepend[ing] on the time of the

monthhellip if paydayrsquos going to quickly roll aroundrdquo 2

ACCESSIBILITY for Paying Technology has made customers expect more out of all of their vendors and business

partners ndash even the ldquomom and poprdquo shops and small business owners Being able to provide payment acceptance online

over the phone or even by swiping a card on a mobile device has become a standard practice for businesses and is

expected by customers Making all of the ways to pay available for your customers can help to reduce the opportunity for

payments to be late

AUTOMATION of Processes Over 28 of customers stated that they registered a credit card and 21 a debit

card with an online retailer over the last year in order to make payments and purchasing easier3 By storing customer

information and setting up an automated schedule for payments you can make it not only convenient for your customers

but also easier to manage your incoming billing

By accepting all payment types and making it accessible and automated you can reduce the hassle around the payment

process and ultimately make your customers happier by giving them what they want

1

2

3

Enhancing Billing Processes to Increase Customer Satisfaction

2 - TSYS ldquo2013 Consumer Payment Choice Studyrdquo 2013 pg 43 - TSYS ldquo2013 Consumer Payment Choice Studyrdquo 2013 pg 10

7

CHAPTER 4

In order to survive a small business must learn to be thrifty But how can a business keep within budget without at the same time

risking the overall integrity of their business To help you on your quest to save money here are five of the easiest ways your small

business can cut costs without compromising the quality of your actual goods or services

Go for Bundled Packages Your Internet and phone packages can be one of the larger (and most necessary) monthly

expenses for your small business If you are not already using a bundled package call your service provider to find out

how to combine these costs to receive major savings Many cable and telecom providers run occasional promotions and

(interestingly enough) do not let the existing customers know about these promotions Call and ask them if you have been

missing anything Be persistent Also fees can change and different providers can have special offers at different times of

the year Always be shopping for better prices By aggressively chasing better offers you will be in a better position to pay

the least amount for Internet and phone

Look for Cheaper Software One of the easiest ways to cut costs is with the software you are using for your

company Most likely there is always a cheaper version of what you are using If yoursquore paying a lot in licensing fees for

your accounting inventory management CRM or marketing software there are great SaaS (Software-as-a-Service)

applications on the market You can find many online versions of what you need available for a low monthly cost or even

for free Take a look at your software and find out how much you are paying for each program Pick the most expensive

software packages you are currently using and look for alternatives

Go Green Another great way to shed costs is to go green Not only will you save money but you will be conserving paper

and electricity which is an effort we should all be contributing to So where do you begin

1

2

3

The 5 Easiest Ways to ShrinkYour Businessrsquo Spending

Have an energy savings plan for all electronics Turn off lights when you leave your office or if yoursquore not using a

particular part of the office space keep the thermostat down and put all computers and printers on energy-saving

mode

Print less Encourage your employees to print only the pages they need (instead of the entire document) and learn

to love the scanner Trying to save a webpage Print it as a PDF file this creates a new electronic document that you

can save on your desktop instead of printing

Cut back on supplies Instead of giving everyone their own set of supplies set up an area for community supplies

Include things like staplers scissors envelopes and binders

8

Reuse your electronics Instead of always buying the newest models of electronics take a look at what your

employees really need and try to solve the problem by say buying more memory or a new monitor before going for

a completely new machine

Automate your payments Instead of waiting to get an invoice by mail and then sending a paper check automate

your bills to save on postage They will send you emails instead of mail and you can pay with a credit card Although

this doesnrsquot cut immediate costs this can keep you from paying late fees

Credit Cards With a credit card you can take advantage of points or cash back rewards Just be sure to pay off the

balance before latest accrues

Consider Joining a PEO Did you know there are opportunities out there to join forces with other small businesses to

create one large human resources conglomerate They are called Professional Employer Organizations (PEOs) PEOs

enable you to cost-effectively outsource many of your HR responsibilities They oversee your companyrsquos health benefits

workersrsquo compensation claims payroll and payroll tax compliance They deliver these services by effectively pooling all

the employees of their clients and getting better pricing and better deals from benefit providers Here are some of the

advantages

Join a Buying Group As we discussed above with PEOrsquos small businesses receive awesome discounts when they come

together as one This same idea can be applied to purchasing office supplies and equipment How Look into joining a

buying group The thought is as you are buying in larger quantities you get bulk pricing you would not otherwise have

received With the combined buying power of your group you can meet the enormous purchase minimums you could

never afford on your own Sometimes you even get better payment and freight terms and with certain-sized orders

wholesalers will waive the freight altogether If you are already a member of a purchasing group speak with your grouprsquos

administration to consider joining BizUnite a great marketplace between top Fortune 500 suppliers and over 70 buying

groups in the US

4

5

Timesaving on administrative human resources work (ie on-boarding papers employment eligibility verifications

workers compensation payroll paperwork etc)

No more hassles about compliance risk management and employment practices They keep you entirely up-to-date

You get access to incredibly comprehensive benefit packages that give you access to such things as health insurance

rates that keep you competitive in the labor market

There are nearly 30000 cooperatives that operate in 73000 locations across the country In total these co-ops own over $3 trillion in assets and they generate over half a trillion in revenue- National Cooperative Business Association

9

CHAPTER 5

When yoursquore a small business cash flow is king and ensuring you have complete control over the cash entering and exiting your

business is the key to success Here are our favorite tips and tricks on managing both your accounts payable and accounts receivable

Managing Accounts Payable

Accounts payable are simply put the money you owe someone else Whenever you are working with a variety of vendors it can be

really difficult to keep up with whom you owe what If you allow this to turn into a passively managed administrative task it could mean

that your relationships with these suppliers can suffer It can also mean that you spend more time than necessary paying Here are

some tips to help you streamline the process

Keep That Cash Flowing Acing Accounts Payable and Receivables Management

Manage Accounts Payable on a Daily Basis Even with software like QuickBooks the data entry doesnrsquot do itself If

yoursquore the type to set bills and receipts aside until you have time to do them consider moving it to a process that is more

actively managed Entering a few lines of expenses or a new invoice at the end of the day when yoursquore closing up shop can

save you hours of trying to remember what you bought and when

Create Consistency You should establish a basic accounting workflow whether it is for yourself or someone else This

ensures that everyone who invoices you is entered into your accounting system the same way and can expect a certain

level of service Once you start a new vendor relationship ensure that you have a W-9 on file for them and that checks are

always issued from original invoices If for some reason you have a copy or amended invoice those invoice numbers and

dollar amounts should follow each other such that you pay what is owed but can also track what a vendor says is owed

In addition to what is entered into the accounting software maintain paper copies or scans of invoices so that you have a

record on hand to go back to

Break Down Expenses on a Regular Basis Another part of actively managing vendor relationships is

understanding cash flow at a deeper level Are you taking advantage of any discounts offered by vendors Are you

consistently late on certain relationships Are vendors constantly late providing you with invoices Adding a qualitative

layer to your cash management can ensure that you arenrsquot wasting money

Look for ways to cut a better deal on services either by asking for a discount outright or looking for competitors that may

be cheaper Breaking out your expenses on a quarterly basis can help you plan ahead and make sure that you donrsquot fall into

the trap of passively paying for something you no longer need

1

2

3

10

Get Two Signatures This may be a little harder if yoursquore a one-man show but it is worthwhile to have multiple eyes

on a balance sheet before doing a check run Keeping the number of check runs to two per month can make things easier

to track for both you and anyone helping If yoursquore taking in invoices tracking expenses and then writing checks itrsquos much

more likely that yoursquoll make an error Software can help guard against that by creating audit trails and helping with the

math

Consider also employing a CPA at least on a quarterly basis to give the books a once over almost like a shadow audit

Many larger enterprises maintain shadow audits and it is worth the cost to do so for small businesses as well

Get Organized If you are going to excel at accounts receivable management you have to start from the very

beginning Be diligent in every step of the process but most importantly in whom you decide to extend credit Net terms

arenrsquot for everyone Start by setting up a professional credit application that gives you a chance to get as much info as you

can on these customers Use this info to vet them so you are making proper credit decisions Once yoursquove decided to move

forward on credit with a customer be sure you have a contract that clearly states the terms you are operating on and that

the customer knows when they must pay you Also be sure you are using top-notch invoicing software so you have an

excellent way to keep an eye on your accounts and get your invoices to customers as seamlessly as possible

Watch Your Language When it comes to invoices the wording you choose to include can literally affect the time

frame in which you receive the check For example by including a ldquopleaserdquo or ldquothank yourdquo you can increase your chances

of getting paid by over 54 If you avoid jargon such as ldquonet termsrdquo and be more specific with a phrase like ldquo14 days to payrdquo

yoursquoll get paid faster

Start Early Donrsquot just wait for the customer to pay Create a system that allows you to remind customers when they

have a payment around the corner If it is a week before payment is due and you still havenrsquot received the check shoot the

customer a friendly reminder email simply reiterating the due date and how you accept payment

Remind Remind Remind This seems silly but your customers might not know their payment is late if you donrsquot

tell them Believe it or not some of them havenrsquot paid because they just simply forgot Itrsquos your job to make sure this isnrsquot

the case As soon as the payment is past due get a reminder letter in the mail However donrsquot just use a generic letter Be

crafty and sculpt the letterrsquos language to be appropriate for the situation If somebody is a chronic late payer you might

want to step up the severity whereas if itrsquos someonersquos first time keep it friendly

Collection Call After you have sent the letter and have received nothing itrsquos time to get on the phone with the

customer You must not let your emotions get the best of you and you cannot let the customer run the conversation You

need to prepare for the call and be ready to accomplish your goal To do this follow these tactics

Be specific

Be positive

Be professional

Be in control

But be flexible

Be committed to finding a solution

Managing Accounts Receivable

Accounts receivable are simply put the money someone owes you Itrsquos about accessing the cash yoursquove earned Itrsquos not always the

easiest of processes but itrsquos one of the most important Here are our favorite tips on managing open invoices

4

1

2

3

4

4 - httpwwwfreshbookscomblog20100302the-best-invoice-payment-terms-to-help-you-get-paid-faster-and-more-often11

5

Prepare for Excuses The hardest part of the collection call is listening to the customerrsquos different excuses for not

paying No matter what you have to be prepared to battle these Although (in some cases) it is easy to sympathize

accounts receivable management is about action and you must require some from the customer Get acquainted with the

most common late payment excuses and learn how to respond to each one Practice makes perfect and helps you get paid

Installment Plans When you do come across a customer who seems to be in a financial hard spot and you really would

like to help them out installment plans are key Having a customer pay you back in smaller amounts over time is MUCH

better than a customer not paying you back at all It gets cash in your pocket immediately and says a lot to the customer as

you are doing them a favor Work with the customer to create a payment plan that works for both of you Ideally it would

be great to always receive all of your money up front but in those moments you canrsquot be creative in how you can help the

customer pay you

Finance Charges and Rewards Incentives go a long way no matter what you are doing Consider this when it

comes to accounts receivable management Are you adding finance charges for late payments Are you giving customers

a discount if they pay early Whether it is to have consequences for paying late or rewards for paying early give

customers a little push to get that cash to you on time (or early) Itrsquos worth it especially to see what kind of effect it has

on your payments If you are considering adding a finance charge check your statersquos usury laws to make sure you are not

overcharging

Outside Resources You still need to know when to turn for help There are many things you can do to help with

late payments or delinquent accounts Consider reporting late payments to the credit bureaus which will affect those

customersrsquo credit scores Knowing you are reporting will certainly motivate them to pay next time If you have particularly

large or repeatedly delinquent accounts consider calling a debt collection lawyer to help take legal action And if you

need cash fast look into receivables factoring which will help you get your hands on cash while a factor pursues your late

payment

43 of small businesses have customers who are more than 90 dayslate on payments- Rocket Lawyer

6

7

8

9

12

CHAPTER 6

When yoursquore running a small business one of the most important decisions you will make is how you manage your accounting Having

all the records you need tracking expenses and revenues as well as the systems in which you choose to do this are going to make a

huge impact on your year-end financials Below are a few tips on successfully tackling your small business accounting

Organization Leads to Success

As a business itrsquos important that you work with an accountant (which we talk more about in the next chapter) However the amount

you spend on an accountant as well as the success they have depends a lot on how you organize your financial data Itrsquos important that

you begin preparing this data correctly today Here are a few tricks to do so

Dollars amp Sense The Best Accounting Decisions Your Business Can Make

Align Reporting and Accounting Your reporting and accrual accounting should be on the same timeline If you

conduct your accrual accounting monthly you should also report on your finances monthly This helps save hours

down the road that you would have spent on reversals or corrections

Communicate Your Goals Itrsquos important that whomever you have helping with your accounting understands what

your long-term financial goals are Understanding where you want to be will help them deliver the best advice

Digital Files A good routine to get into is keeping digital files of all of your financial statements Many times

statements that were once available online wonrsquot be after a certain time so for easy reference download all of

these files to have on hand immediately if the need arises

Correctly Categorize Expenses For both budgetary purposes and in case of a future audit itrsquos crucial you

diligently categorize expenses Be as granular as possible when tracking these categories Itrsquos important that you

can paint an exact financial picture of where your money is being spent

Reconcile Each Month If you reconcile your records each month it will make it much easier to ensure that

expenses do not fall through the cracks Itrsquos also much easier to spot discrepancies when yoursquore viewing your

records in smaller chunks

13

Finding a Software That Works For You

Choosing accounting software is an incredibly important purchasing decision If you want to run a financially sound business Excel

simply isnrsquot an option There are many options available though from something free and simple like Wave Accounting to more

complex systems like QuickBooks or Sage Peachtree Ask your accountant or financial consultant what might fit your needs best and

get references from any friends running their own businesses

Business owners as of late are specifically evaluating if software that is hosted on desktop or in the cloud is a better fit QuickBooks

Desktop is the 1 small business accounting software as some businesses arenrsquot comfortable with the idea of their information being

stored in the cloud However cloud-based accounting allows you to access your books anytime from anywhere and easily work with an

accountant

If yoursquore interested in making the change to the cloud you can actually still use desktop software but instead host it on a server with a

company like Right Networks or Cloud9 Real Time Many people do this because they find that desktop software such as QuickBooks

and Peachtree are more sophisticated and detailed than their online counterparts

However if your accounting is simple embracing online accounting software is a great option Yoursquoll enjoy how easy it is to access the

software and there will be less stress involved as you donrsquot have to set up a server along with the software

Just remember there is no ldquorightrdquo answer Every business is different and itrsquos up to you to evaluate what satisfies your needs

Small businesses pay 44 of total US private payroll and create morethan half of the nonfarm private gross domestic product (GDP)- Small Business Administration

14

CHAPTER 7

Taxes One of lifersquos certainties dreaded by most everyone (except for some accountants) But taxes donrsquot have to be a painful part of

managing your business Here are 4 quick ways to make taxes a breeze for your business this year

Mastering Small BusinessTax Management

Keep Complete Records for a Minimum of 6 Years IRS Studies show that poor records not dishonesty cause most

small business owners to lose at audits and face fines and penalties If you start with the spreadsheet you used in Chapter

3 you will already have one document available to guide your record keeping throughout the year By tracking your actual

revenue and expenses that occur in conjunction with that document it will become the basis for what you owe in taxes as

well as what you would need if you were audited

Also to protect yourself you should back-up your information with bank statements receipts and invoices There are a

bunch of online systems that can help to manage all of these documents ndash and the IRS accepts scanned documents as long

as the details are legible All of this information needs to be stored electronically or in a safe dry place If you are audited

generally they will go back 3 years but it can be up to 6 if considered a ldquosubstantial understatement of incomerdquo according

to the IRS5

Separate Business and Personal Expenses In order to minimize mistakes and keep your sanity itrsquos best to make

sure that all business expenses are made through a business bank account either via check or debit card That plus

keeping notes on what the purchase was for and how it affected your business can reduce headaches when you are filling

out your tax forms this spring

Make Quarterly Estimates and Payments When you worked for someone else taxes were already withheld from

your paycheck but now that you are your own entity the burden shifts But how much do you pay There are obligations

based on Medicare amp Social Security (the Self-Employment Tax) as well as income tax Depending on how it nets out you

might need to pay each quarter The IRS has created this handy flow-chart to help you to decide if you need to pay an

estimated tax quarterly

1

2

3

5 - httpwwwirsgovBusinessesSmall-Businesses-amp-Self-EmployedIRS-Audit-FAQs15

Hire an Accountant As you add more employees more expenses and more revenues the complexity of your tax

situation can escalate significantly It can be completely worth the additional expense to have a professional guide you

through the issues or penalties or the intricacies of the different types of corporation filings and subsequent withholding

information Additionally the fees associated with tax preparation are tax-deductible so itrsquos even more worthwhile If you

donrsquot want to hire an accountant make sure to use legitimate resources from IRSgov or Turbo Tax so that you are looking

at the most accurate and up-to-date information

4

Changes for the 2013 tax year

The home office deduction has changed from a of square feet of the home to $5 per square foot up to 300 ft This will make it easier to calculate for most people

The self-employment tax rate reduction that was under effect in 2011-2012 has ended and the rate returns to 153

Deductions for business mileage goes up 1 centmile to 565 cents

Will you owe $1000 or more for 2014 after subtracting income tax withholding and refundable credits from your total tax (Do not subtract any estimated tax payments)

Will your income tax withholding and refundable credits be at least 90 (6666 for farmers and fishermen) of the tax shown on your 2014 tax return


You are NOT required to payestimated tax

You MUST make estimated tax payment(s) by the required due date(s)

Yes No No

YesYesNo

Start Here

16

CHAPTER 8

The benefits of solid business credit are immense for small businesses But what is business credit and how can your business ensure

your credit is solid

The first step in understanding business credit is to know how it differs from personal credit Business credit is rated on

creditworthiness such as payment history revenue and amount of total credit And similarly as an individual your credit score is based

on factors such as the payment habits you demonstrate on your personal credit cards bank accounts utility and telecom bills as well

as any other debt and data reported to the credit bureaus However laws are different between consumer credit and business credit

With consumer credit there are laws that allow you to challenge anything on your personal credit report You can have negative entries

removed and are entitled to the Fair Credit Reporting Act Business credit reporting laws are a lot less flexible

Additionally scoring is different between personal credit and business credit In personal credit it is measured with a scoring system

called the FICO system In business credit there are 3 major bureaus that score your credit and all use a different scoring system

Those bureaus are Dun amp Bradstreet Experian and Equifax The business credit report also covers things that personal credit reports

do not such as Business Verification Business Public Records Collections Management Data Management Data Reporting and

Billing Tracking

Building Business Credit

Understanding that you cannot solely rely on personal credit to successfully manage your business itrsquos important you take the proper

steps to help your business build a healthy credit score Here are a few quick tips

1 Get on the Credit Map Before you can even have business credit you have to get yourself listed with the major credit

bureaus Be prepared to provide your contact information (basic address years in business etc) your entity information

and your financial information

A great place to begin is with Dun amp Bradstreet Simply visit their site see if your business is already listed and if not enter

your information and apply for a free D-U-N-S number (which is DampBrsquos separate credit file number for businesses) This is

the number companies will most likely ask for but be sure to register with Equifax and Experian as well

2 Use a Business Credit Card If yoursquore using a personal credit card for your business stop Immediately Get yourself a

business credit card which is the easiest way to start having visible financial behavior When looking for the right card

check for the interest rate credit limit fees associated with the card rewards and incentives

Tips and Tricks to Build Business Credit Fast

17

Know the Importance of Your Personal Credit Score Itrsquos very important that as a business owner you also work at

maintaining a healthy personal credit score Yoursquod be surprised how many creditors check a business ownerrsquos personal

credit score along with their businessrsquo financial history How a person can handle their personal finances is a great

indicator of how they handle their business financials Herersquos how to keep it up

4

Pay your bills on time This is a good habit to develop One month of late or missed payments can hurt your score

more than yoursquod expect Remember this applies to your credit cards your utility bills etc All late payments affect

the score If you donrsquot have money for the whole payment at least pay the minimum

Try to find a resolution If a company is threatening to turn your account over to collections call them immediately

Try to reach a solution with them such as paying in installments which will keep them from turning to a collector

The company will appreciate your initiative and the chance to avoid paying the collection agency fee (and it also

keeps the late payment from affecting your score)

Donrsquot carry a big balance on your credit cards How much money you owe on your credit cards in relation to your

total credit limit is a huge factor that affects how your score is calculated

Donrsquot own too many credit cards Itrsquos best to pay off debt on one credit card rather than transferring it to another

credit card Remember ratio of card balance to credit limit is key If you close one card and transfer the balance to

another card you run the risk of increasing that ratio which directly affects your credit score

Pay on Terms with Vendors A great way to build your credit is through your vendors However this is only beneficial if

you are getting net terms from vendors who report their payment experiences Credit bureaus usually require around 4

vendor lines of credit to accurately assign you a credit score

Not all vendors report your payment history In fact out of half a million vendors in the US less than 6000 of them supply

payment data to a business credit bureau So either you do business with a vendor that reports your payments to the

credit bureaus or you can always purchase one of Dun amp Bradstreetrsquos trade reference programs which lists companies

that report data to the bureau

It is important to keep in mind that it is not just about whether the companies are reporting but also how often they report

and what kind of data is being reported Itrsquos crucial that the actual credit limits that your company is approved for are

displayed on your report not just the amount you owe This has a dramatic impact on how lenders view your companyrsquos

creditworthiness It can also affect the size of the credit limit recommendations that business credit bureaus list on your

file So what if your vendors are NOT reporting your payments to the credit bureaus Ask them to Sometimes they just

need a bit of encouragement to see there are benefits to reporting customer payment performances

Another trick is to get a credit account with large retailers office logistics and energy companies Many companies

including UPS FedEx Office Depot Home Depot Staples and Exxon Mobil report their credit accounts to the credit

bureaus

When operating on trade credit with vendors always try to pay before the due date If your vendor reports payment

performance early payments (not just on-time) will actually improve your business credit score (which isnrsquot the case for

personal credit) For example most business accounts have net 30 terms meaning you have 30 days to pay your invoice

after receiving it If you can try to pay it within the first 10-15 days

3

18

Monitor Yourself Just like you are monitoring your personal score you should do so with your business score Always

be aware of what your report looks like to the people who will be asking for it Monitor your actual business score but

also keep yourself well informed on all credit transactions Keep records of terms you have set with vendors in case of any

discrepancies Always check your credit balances and loan balances regularly Ask your employees to give you a hand and

alert you if they receive any odd mail emails or notifications that hint at something that could affect your business credit

5

Your payment performance to your vendors is the single most important indicator of your creditworthiness- Dun amp Bradstreetcom

Be cautious of automated billing If you do not monitor your automated payments you could run into some credit

trouble For example if the credit card your supplier has on file expired and the supplier tries to deduct funds

through automated billing your account could become delinquent Be careful about the details and the transactions

of all your recurring payments

Correct blatant mistakes Access your credit score regularly to make sure there are no mistakes Review your

reports from multiple bureaus to check for accuracy at least once a year It will help you be aware of mistakes But

remember changing this mistake can take 30 days to 3 months sometimes even longer

19

CHAPTER 9

When yoursquore a small business cash is often needed to get off the ground as a bridge during troubled times or to grow and expand

your business However getting the cash you need from traditional lenders isnrsquot easy in todayrsquos economy Non-traditional lenders have

sprung up in response to this ensuring small businesses get access to the cash they need Here are a few of our favorites

Small Business Administration LoansThere are a variety of loan programs available to small businesses through the Small Business Association but a few popular ones

include the 7a and 7m loans The 7a Loan program is perhaps the most common loan for small business owners Some of the core

eligibility requirements for receiving this loan include being a small for-profit business and operating in the US You also must be able

to demonstrate your need for financial assistance (and that the loan will be used for business purposes) as well as seeking alternative

financial resources including personal assets prior to asking for this loan Anyone who owes money from a previous financial debt will

be deemed ineligible

The 7m or micro loan program is another great option for business owners This loan is ideal for aspiring business owners who donrsquot

have good credit built up It is also good for those who donrsquot have much experience with business and who may have been previously

denied business financing by bigger banks Small for-profit business and non-profit childcare centers may be eligible for this loan

The funds received from a 7m loan may be used towards the purchase of inventory supplies furniture fixtures machinery andor

equipment but they cannot be used for real estate purposes

Credit CardsCredit cards are risky While they can certainly cause a lot of fear in small business owners and create a sense of danger when used

properly they can become a valuable form of financial assistance The key to staying out of debt with credit cards is to only use them

when it is absolutely necessary If you have some essentials you need to buy before your pending loan comes through a credit card

can be a good option Try not to spend more than you can afford with your credit card and make sure to pay off any outstanding debts

as soon as possible Credit card debt has the potential to damage your credit score and make it difficult to receive loans in the future

which could severely impact the success of your small business or startup Credit cards are great for use once in a while but proceed

with caution

CrowdfundingCrowdfunding is becoming a more popular way to raise money for small businesses and startups It is easy to get started with

crowdfunding but the amount of success you have depends entirely on how much effort and time you put into it If you can get enough

people interested this may be a stress free and easy way to earn some extra cash for your small business All you have to do is create

a company profile decide what kind of rewards yoursquod like to offer for raising x amount of money and work on promoting your cause to

help generate interest and donations

Creative Ways to Finance Your Small Business

20

Peer-to-Peer LendingDifferent than crowdfunding peer-to-peer lending allows people who are looking to borrow money to connect with those looking to

invest or lend Itrsquos a new way for borrowers to access cash and investors to make returns without a middleman

Invoice FactoringA great way to leverage your current assets when you need cash is through invoice factoring When you participate in receivables

factoring you are essentially selling your accounts receivable to a factor for less than the original invoicersquos value Factors buy these

invoices at a discount then collect the full payment from your customer After this transaction you have immediate cash and the factor

has an impending profit to make from the payment When purchasing the invoice the factor pays you a percentage of the invoice

paid value known as the advance The advance typically amounts to 70-85 the value of your invoice The factor then holds onto the

remainder as a reserve which is paid to you upon fulfillment of the invoice minus any factor fees or charges

Online LendersAs technology has changed just about every industry you can be certain that itrsquos also had its effect on the lending industry Online

lending institutions are now easily available and small businesses can simply fill out applications online to go through the approval

process

Family and FriendsMany of your family and friends will be proud of your decision to start a small business and eager to help it get off the ground However

make sure not to take advantage of their kindness and your close relationship Remember it is still a loan and you should be able to

provide a repayment plan or basic agreement so they feel good about giving you support in this time of business need Donrsquot forget to

remind them of the rewards you are willing to offer in return for their help

Small businesses rely heavily upon owner investment and bank credit averaging about $80000 a year for young firms - SBA Office of Advocacy

21

CHAPTER 10

Itrsquos a conundrum that every business owner faces ndash how to manage expenses on a shoestring budget and also make sure those

expenses are smart investments

A smart investment is one that pays itself back (and then some) over time It could be a new employee software or even an IT system

The ldquopaying backrdquo part is whatrsquos tough to consider and it shouldnrsquot just be measured in dollars All too often business owners donrsquot

consider their own time as an actual cost but just like a budget time is a finite resource As the driver and lifeblood of the business you

donrsquot want your time tied to tasks that donrsquot drive value

So how do you decide The best place to start is to recognize the internal skill strengths of you and your staff Those areas that are not

covered by internal skills could be covered by one of the following areas which are also the most common areas for smart investments

New Employees

The first step in deciding if a new hire is necessary is not to simply evaluate your level of stress and workload but to evaluate HOW

yoursquore spending your time Are there a lot of administrative tasks bogging you down Or are you spending an excess amount of time

researching areas that are not your expertise If either of the above is true you may be able to solve the need with outsourcing or

software ndash see the next two sections

However if the need is ongoing there are no tasks that can be outsourced or replaced with software automation and you feel like you

should have hired someone six months ago a new hire is probably in order and will add value to the business

Outsourcing

There are areas that can and should be outsourced when they are consuming an excess amount of time or you feel like the output

(whether done by yourself or staff) is not of high quality Here are some common outsourced areas that can really give you a bang for

your buck

The Smartest Investmentsfor Your Small Business

Marketing Strategy If this is not an area of expertise yoursquore looking to grow but you donrsquot have the cash to hire

a full-time marketing employee look at some marketing consultants or agencies that specialize in small business

services A complete marketing plan with a clear target market will most certainly pay for itself over time

22

Accounting Unless you are a certified CPA and love this work hire an accountant An accountant will be an expert at

tax laws and bookkeeping while helping to keep you organized ndash not to mention recognizing commonly missed (and

valuable) tax deductions

WebIT Service If you have some experience here you might be able to manage it yourself or by using a cloud-based

system But if you find yourself struggling to keep your website up or the Internet connection humming you might

need to call in an expert Again do some price shopping to find consultants that specialize in low-budget small business

services

SoftwareSystems

Business owners who spend half of their days organizing files updating spreadsheets hand-mailing invoices and reconciling client

records likely do not have time to focus on customer acquisition or strategy These are administrative tasks that could be drastically

simplified improved and even automated to help run the business smoother and in many cases improve customer experience

BillingReceivables With all of the great technology advancements over the past several years there is a plethora

of receivables management invoicing and payment software available that are priced and specialized for smaller and

mid-size businesses Make a list of your needs and do some research You will likely find that the sum of the monthly

expenditures is well worth the automation and timesaving in your or your staffrsquos day

Marketing Tactics If you have a marketing strategy in place you can often execute the strategy with a few pieces of

software or investing in online advertising Check out email marketing software like Constant Contact or MailChimp

search engine marketing platforms like Google Adwords or even all-in-one solutions like Hubspot

Sales Tactics A CRM is an invaluable tool for managing a sales pipeline and it keeps your client and prospect

information in a secure location often accessible from any device The main player Salesforce has some lower budget

offerings but you can also research less complex and inexpesive solutions like SugarCRM

Congrats on finishing the Ultimate Guide to Small Business Financial

Management Just remember reading this guide doesnrsquot make you a financial

guru but putting what yoursquove learned into action can Having a strong financial

structure for your business can enable you to focus on the reason you started

your business to do what you love Therefore we encourage you to begin your

financial makeover today Best of luck on your road to financial success

23

ABOUT

Over 19 of the 26 million small businesses in the US are in service-related industries In the

past most payment solutions have focused on servicing enterprise-size or retail-focused

sectors and do not meet the needs of businesses that provide services to clients members

students donors patients and customers Software solutions have been expensive donrsquot

integrate with invoicing and customer management tools and donrsquot provide the level of

service a business with limited resources needs

PaySimple provides a customer-centric complete solution tailored to the needs of service-

related businesses Its cloud-based software promotes the businessrsquos ability to foster client

relationships by enabling access to pay by any method ndash electronic invoice recurring billing

schedule in person over the phone or by online payment via credit card or echeck And

it syncs all activity with the customer management tool Its real-time tracking of activity

then provides data insights to a businessrsquos best customers as well as overall cash flow

performance enabling business owners to drastically save time running their businesses

while improving their customersrsquo payment experience

Learn more about PaySimple at wwwpaysimplecom or by calling 800-466-0992 Follow us

on Facebook Twitter LinkedIn and Google+

ABOUT

Over 20 of the $21 trillion accounts receivable debt in the US is delinquent and 1 in

2 small businesses in the US consider accounts receivable management to be the most

challenging aspect of their cash management activities But maintaining positive cash flow

is vital to the success of small businesses and managing accounts receivable correctly helps

unlock the cash flow needed to grow Thatrsquos why Funding Gates the company behind the

FG Receivables Manager is set on making collections the easiest part of running a small

business

The FG Receivables Manager is the first ever CRM for receivables management allowing

business to track organize and manage their receivables all in one place Working as an

ldquoonline credit departmentrdquo the app replaces the need for spreadsheets and notepads

enabling businesses to log call notes and details send payment reminder letters and even

send accounts to a collection agency with just a click of a button

The top receivables app on the Intuit App Center you can find out more about Funding

Gates at wwwfundinggatescom or by calling 888-370-6026 Follow us on Facebook

Twitter LinkedIn and Google+

INDEX

Table of Contents

Gain Financial Awareness Through Cash Flow Forecasting 2

Discover More Revenue in Your Existing Customer Base 5

Enhance Billing Processes to Increase Customer Satisfaction 6

The 5 Easiest Ways to Shrink Your Businessrsquo Spending 7

Acing Accounts Payable and Receivables Management 9

The Best Accounting Decisions Your Business Can Make 12

Mastering Small Business Tax Management 14

5 Tricks to Build Business Credit Fast 17

The Smartest Investments for Your Small Business 22

Creative Ways to Finance Your Small Business 20














Introduction

1

CHAPTER 1












1















2

2









to be 30)



3





4









$XXXXX

Total Cash Revenue


Salaries

Variable Costs

Rent

Other Fixed Cost

Total Cash Revenue

3





5

















business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business






















Introduction

1

CHAPTER 1












1















2

2









to be 30)



3





4









$XXXXX

Total Cash Revenue


Salaries

Variable Costs

Rent

Other Fixed Cost

Total Cash Revenue

3





5

















business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 1












1















2

2









to be 30)



3





4









$XXXXX

Total Cash Revenue


Salaries

Variable Costs

Rent

Other Fixed Cost

Total Cash Revenue

3





5

















business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business

















to be 30)



3





4









$XXXXX

Total Cash Revenue


Salaries

Variable Costs

Rent

Other Fixed Cost

Total Cash Revenue

3





5

















business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business













5

















business succeed

6

7

8

Total Revenue

Total Costs

Net ProfitLoss

4

CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 2















ABC Enterprise 4 2

Cole Co 3 4













Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business



















Demographics

Geography

Industry














Feedback Surveys



Lead Referrals

References





CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 3















payments to be late







1

2

3



7

CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 4



















1

2

3




mode






8














advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business






















advantages








groups in the US

4

5







9

CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 5



























1

2

3

10





math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business













math

























Be specific

Be positive

Be professional

Be in control

But be flexible





4

1

2

3

4


5










customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business


















customer pay you






overcharging






payment


6

7

8

9

12

CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 6























13









accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business

















accountant








14

CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 7













to the IRS5










1

2

3








4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business















4










Yes No No

YesYesNo

Start Here

16

CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 8













Billing Tracking














17





4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business













4




























bureaus





3

18






5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business














5









19

CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 9





















with caution







20











process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business



















process






21

CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business









CHAPTER 10









New Employees







Outsourcing



your buck





22







services

SoftwareSystems




















23

ABOUT

















ABOUT







business















services

SoftwareSystems




















23

ABOUT

















ABOUT







business









ABOUT

















ABOUT







business









ABOUT







business









Documents

The Ultimate Guide to Small Business Financial Management