Furniture and Devices

Creating your business office is usually an activity where you can have a lot of fun. Dependently on your budget, collecting furniture, electronic devices (computers, displays, printers, headphones), can bring you a lot of joy. Remember, to be pragmatic, do not spend more money on furniture than is needed. Above all, maybe it is better to spend more money on a good, fast computer and internet bandwidth. 

Processes and workflows

Secondly, you need to create processes or, on the other hand, workflows. These are the documented steps you and your employees need to follow to run your business smoothly. Additionally, having workflows enables you to measure the pain points later on and help you to improve your business service. Hence, processes can describe:

  1. When do you have your customer service hours?
  2. How do you run your payroll?
  3. Where do you post your articles (if you are a blogger), and in which days?
  4. How do you collect payments?
  5. How do you pay liabilities to your contractors?
  6. What are your product quality checkpoints before you decide to sell it?
  7. Who are your sub-contractors?
  8. How do you reply to claims?
  9. How do you protect clients’ data?

These are only a few; please consider more dependently on your business.

Things to consider when setting up your home office

Are you the manufacturer of a tangible product, or maybe you are an affiliate who does the dropshipping only. Perhaps your products are only electronically delivered (software, e-books, etc.). Each type of business requires different processes. Nevertheless, one is common – accounting.

Accounting

Last but not least. One of the most mysterious things about running your business is accounting and bookkeeping.

Although it can get complicated within time, in the beginning, you have to remember just two simple rules: keep your business spendings and revenue written down. You can do this manually or what is more appropriate automatically.

To avoid issues, consider hiring an accountant who, at least periodically, review your records. Remember that for your state, there is nothing more important than taxes – these are almost the money they make their budgets from, so they are especially sensitive to any finances frauds.

To Begin With

  • Review and install one of the best in class online accounting software.
  • It is essential to have a possibility to integrate these tools with your payment software (Stripe, Paypal, or your bank account).

Below I will present four tools: Freshbooks, Quickbooks, Xerox, and Patriotsoftware. Feel free to dive deeper if needed.

Freshbooks

FreshBooks is a leading accounting tool operating in the cloud.

Freshbooks

Main features include:

  • Generation of invoices for clients just a few clicks away.
  • Freshbook helps you to organize expenses effortlessly.
  • This tool supports collaboration on your projects.
  • It provides user-friendly reporting on finances.
  • The mobile application enables you to be connected with your clients.
  • It automatically balances and checks to ensure compliance and accuracy.

Quickbooks

This is automated accounting software that enables you to handle sales tax, bookkeeping, invoicing, tracking bills, and expenses.

quickbooks

Main features of the Quickbooks are:

  • You can access your account and manage your business remotely 24 hours, seven days a week.
  • It supports online banking integration.
  • Quickbooks help you in the creation of professional invoices and sales receipts.
  • The tool controls your books with high-security standards on the level of roles and permissions.
  • You can manage your cash flow according to vendors’ due.
  • It provides customizable reports and dashboards.

Xerox

Xero is an online accounting application dedicated to small businesses.

Xerox

The most substantial part of this application is the automated tracking of profit and losses across more than one currency. This is especially essential if you plan to go worldwide and accept payments in different currencies.

Main characteristics are:

  • Track bank cash flow.
  • Send online invoices with online payment options.
  • Connect Xero to your bank merchant account
  • You can stay in touch with your advisors and share it with your employees.
  • Manage receipts and expenses.
  • Follow an employee’s payroll information.
  • One dashboard to check business performance.
  • It provides financial reports to monitor the amounts.
  • It keeps a snapshot of relationship history and contacts.

Patriotsoftware

This is an online accounting and payroll management software for small businesses.

Patriotsoftware

Main pros:

  • The in-built support function is possible via phone, chats, or email.
  • Track all customer payments you need to make.
  • It utilizes encryption techniques to keep your bank information safe.
  • You can assign departments to vendor payments and customer invoices.

P.S. Below I have presented a short summary for you, so you know what this article is about before you even read it.

  • You have learned about three principles when setting up your home business. These are: create an office zone, develop processes and set up accounting workflows
  • You have received a brief comparison of four leading accounting software tools that will make your financial life more comfortable.
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