Bookkeeping Services for Small Business Contributes to Increased Revenue and Lower Costs

How many of us small business owners enjoy invoicing, bank reconciliation, payroll and tax compliance? Not many. And unless it is core to your business, there is a chance that you aren’t doing it as efficiently as it could be.

There is a simple solution – outsource your bookkeeping to a professional bookkeeping service who can free you and your staff’s time up to do what you all do best – serve your customers.

Outsourcing your bookkeeping means you no longer have to worry about employing, training or managing a bookkeeper.

If you are one of those business owners that does the books themselves so you can keep control over your finances, rest assured.

A bookkeeper only does the transactional pieces such as invoicing, accounts payable and balancing the books. The business owner still makes the decisions. Systems are used to make sure the owner has the final word on who gets paid and when.

You will actually have more control over your business because accurate, clean books mean you will have an up to date picture of your cash flow, sales and debtor situation and can make decisions accordingly.

Some business owners think that the books aren’t important because it isn’t a customer facing part of your business. But the time you spend fixing problems, answering questions and apologising to suppliers for late payments is time you could be spending on generating revenue.

In many cases outsourcing will also save you money because you are only paying for the time actually spent working on your books. Not only do you save a salary but have lower overheads and no hiring or training cost.

A good small business bookkeeping service will also have a good understanding of accounting software such as Quickbooks, MYOB, Banklink Xero as well as payroll systems such a Crystal Payroll

If there is someone who can do it better, faster, and cheaper than you, then outsourcing your bookkeeping is an easy decision.

When Your Small Business Should Call In a Debt Collection Lawyer

It’s a sad reality, but sometimes customers just have no intention of paying you. There might come a time when you have exhausted all possible resources-when you have sent numerous letters, called countless times and maybe even met in person-but all to no avail. The account continues to be delinquent and each and every day it seems more and more likely that your money will be lost forever. If this is the case, it might be time to bring in the big guns, to enlist those infamous suited figures in the back room-it might be time to hire a debt collection lawyer.

When Your Small Business Should Call In a Debt Collection Lawyer

Simply by their presence, lawyers can be pretty effective in getting people to pay. Just the threat of going to court has the potential to incite people into action. Thus, before you hire a lawyer, it is a great idea to enlist his or her counsel and services in writing a demand letter for you (if, of course, the one you wrote before didn’t do the trick). As Justin Tenuto from Rocket Lawyer points out, “Sometimes, a professional correspondence from a practicing attorney will motivate your debtor to pay up. After all, debtors don’t want to end up before a judge, explaining their motives for not paying you.” You can sometimes even find a lawyer to do this for quite cheap (such as from Rocket Lawyer), but it is also a good idea to go with someone that you can develop a relationship with, just in case you want to pursue the matter further.

To Hire or Not to Hire?

If you do in fact have your sights set on fully enlisting a debt collection lawyer, you first have to run a cost benefit analysis to make sure this move makes financial sense. Debt collection lawyers are expensive and you don’t want to end up paying more for their services than you actually are trying to recover in the first place. The last thing you want to do is lose more money on this whole situation. Therefore, when deciding whether to go the legal route, access the financial viability of each option. If the account is very large and you can get a good chunk of it back even on top of the lawyer’s fees, then it might be a good idea to go ahead with the decision. Alternatively though, to hire a debt collection lawyer, you have to be willing to take your customer to court. If not, getting a debt collection lawyer might not be the best path.

Choosing the Debt Collection Lawyer for You

You should always do your research before committing to anything, and choosing a debt collection lawyer is no exception. It’s hard to imagine, but there are many different types of debt collection lawyers, specializing in a variety of areas. So, just like in choosing the right small business bank, you should also hire a lawyer that has experience with the specific situation you are struggling with. Dive a little deeper to figure out exactly what the qualifications are of a specific lawyer. Speak to references, examine track records and ask about strategies. Do what it takes to determine whether this lawyer is the one for you and the type of debt you are trying to recover. Remember that you have to balance the cost of the lawyer with the actual money you are trying to recover, so choosing the right lawyer definitely involves finding one with the right payment structure. After all, the whole point is to get paid.

Debt Collection Lawyer vs. Debt Collection Agency

You might ask yourself, why get a debt collection lawyer when I can just get a debt collector? While debt collectors are indeed an option, and often times less expensive than a lawyer, sometimes a lawyer is need for more difficult clients. Lawyers, as Attorney Jeffrey Curl explains, have a lot more flexibility and options of what they can actually do and how they can go about getting you your money.

The Last Resort

Debt collection lawyers are in fact the ultimate last resort. While there might be such a thing as a free lunch, there is no such thing as a free lawyer. Lawyers, as mentioned, are expensive and come at a hefty cost, a cost that will consequently cut into the money that you are trying to recover in the first place. Furthermore, getting lawyers involved definitely hurts the relationship you have with your clients, regardless of whether you want to do business with them in the future. For these reasons, lawyers should be the very last call, when everything you have done has failed to produce actual results.

Consider Your Small Business Mortgage Alternatives

At the present time, America is feeling financial pressure throughout, and the situation influences advertising costs, business lending, and other facets of business directly related to any small company. Conventional lenders are not as willing to aid small businesses as much as times in the past; this is also true regarding investment houses and insurance companies. Even top-rated firms with great experience are getting turned down for commercial funding and refinances.

Despite the tight-wallet disposition of traditional lenders, commercial funding is still available. The demand for a small business mortgage continues to skyrocket, so those seeking small business lending services are searching for alternatives to the traditional methods.

Privately-funded commercial mortgages are quickly gaining momentum. Private lenders, funded by a plethora of sources, lend money to those searching for a direct commercial lender. The criterion is often not as stringent in comparison to bank restrictions.

In addition, alternative routes for finding a new business loan may facilitate the process of recruiting money faster. Often, some alternative methods can take under a week to finalize, yet it can take beyond three months or more to finalize commercial mortgages through banks. You won’t have to deal with loan committees or tons of paperwork; small business lending can be a simple matter of quickly demonstrating you can pay your lender back – regardless of America’s economy or what the financial gurus situated within Wall Street are talking about.

Private lenders focus on equity; loans decisions are not made or broken strictly based on the credit of the potential borrower. Private business lending companies differ, yet most will not lend more than seventy percent of the purchase price or the value of the commercial property in regards to matters of commercial refinance. This may mean you must be prepared to commit to a large down payment or a second mortgage.

With traditional forms of small business lending waning, alternative forms of finding commercial funding is becoming invaluable to any small business. Alternative entities are presently available so hopeful business lending seekers do not have to close the doors on their small-business dreams.