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Manage Small Business Expenses

If we try and analyze the reason behind failed small businesses expenses, very likely the factor that plays the biggest role as being ineffective is – expenses management.

Money is the most important part of any small business and in order to guarantee that your business survives long enough in the harsh and overly competitive market, is to make sure that your company usages available resources in an organized manner.

Small business owners must be aware of the different ways to allocate the available budgets so they can pay for different expenses. In the same manner, they must also figure out ways to cut  expenses where appropriate in order to increase the profit.

In this article we’ve decided to discuss the different ways in which small business owners can keep an eye on their expenses and categorize them.

1.   Keep Separate Accounts

One of the most important thing for small business owners to realize is that they have to keep their personal expenses separate from the expenses of the business. At first glance this sounds easy, but it is often a bit difficult to implement in practice.

The easiest way to do this? – Get two different bank accounts. Opening a separate account just for your business might seem to you like an extra expense on its own at first, but it will greatly help you in the long term.

A separate business account will also help you a lot with record keeping of the business. By keeping a separate business account, all of your business transactions will automatically be compiled at one place.

2.   Using Envoice to Manage Small Business Expenses

 

Keeping proper records and documentation for your small business expenses can save you a lot of trouble. No matter how small the expense, if it is related to your business, you must ask for a receipt and keep it in a separate file.

Also, if your business is related to the sale of any particular item, in that case you must issue invoices to your customers and keep a copy for your own record.

Envoice is a online invoicing software that can help you in generating customized invoices for your customer. The benefit of using our tool is that it automatically keeps a record of all the invoices that you issue to your clients.

If the revenue you generate is based solely on billable hours, Envoice has the option to attach documents to the issued invoice with the hours spent working. It has a robust invoicing feature that allows you to create custom invoices (add your business logo, for example), email them to your customers and accept online payments using PayPal, Stripe, Square etc. (see our full list of payment providers here).

Take Envoice for a test drive to check it out for yourself. You can use the tool for free during the first 15 days. After the trial ends, you will need to sign up for a paid subscription to continue using it. Plans start at $12 per month.

3.   Control Overhead Expenses

Controlling and monitoring overhead expenses is another very important step that many business owners fail to acknowledge on time. Overhead expenses can greatly reduce the efficiency of your small business model by overburdening it.

Small business owners often have a limited budget and they need to be sure that they are utilizing it in an effective way. Having a fancy office or aesthetically pleasing environment is something we all want,  but very often increases the overhead expenses and that won’t generate any revenue.

By using energy efficient devices and utilizing all the space available to you, you can significantly reduce your business expenses. Co-working space is also a nice concept for small businesses which can help in reducing these costs.

4.   Choose Organic and Low-Cost Marketing Techniques

When budgets are low, marketing might be the first of your expenses you look to cut.

We know that traditional advertising methods are costly and hard to measure. But, small businesses have never had greater access to cost-effective, trackable marketing tools.

Marketing is essential for any business to survive and thrive, but choosing the correct tailored marketing strategy is a must when you have a limited budget. One of the best marketing techniques for small businesses is email marketing.

Email marketing is the tried and true digital marketing channel with an average return of $38 for every $1 spent. Click To Tweet

Another saying worth mentioning is that even the best marketing in the world can’t save a bad product.

Meaning, your product should be able to advertise itself. The only way you can achieve this is by making it remarkably good in its initial phase, and subsequently in any other phases with constant improvements. This way your customers will end up recommending it to their friends and colleagues.

5. Use Prepaid Credit Cards to Organize Deductible Business Expenses

Prepaid credit cards are a very useful way to stay on top of business expenses. If you have a number of employees that incur travel and other business-related expenses, issuing them a prepaid credit card so they can pay for those expenses, would be a smart move.

There are a countless of benefits of using prepaid credit cards, such as:

–setting spending limits by person, expense category, merchant and time period;

–turning a card on or off at any time;

–being able to set alerts based on currency amount, type of expense, merchant etc.

By using prepaid credit cards access detailed spend reports that can be filtered by person, merchant or amount.

Prepaid debit cards are one amazing alternative to traditional bank accounts. A lot of them offer the same features as a checking account: online bill pay, mobile check deposit and direct deposit – without the overdraft fees.

The Balance website made a summary of the 7 best prepaid debit cards of 2019 analyzing their core features and perks (some even have sub-accounts with their own prepaid cards).

6. Utilize Business Credit Cards to Organize Deductible Business Expenses

Business credit cards are another potential way to streamline your business expenses.

In the same fashion as prepaid cards, you can have access to detailed reports that can be filtered by merchant, items purchased and credit card holder. You can even earn cash back on just about every purchase that you make.

Just some of the benefits of using business credit cards:

–setting up alerts for a specific dollar amount or type of purchase made

–detailed statements for each card available online to review at any time

–you can connect your credit card account to an invoicing software like Envoice, and get pay issued invoices fast and easy.

If you want to choose the best business credit card for your needs, a detailed list for 2019 has recently been published on The PoitsGuy.

7. Protect Your Business

Each small business requires its own level of protection, but you may want to consider getting an insurance or establishing an LLC or an S-Corp. Having an LLC or S-Corp allows you to separate your brand identity and finances from your personal finances.

Let say, if you ever had to undergo any legal issues, your personal property and assets would not be liable. So, make sure to renew any important certifications or licenses you need to remain compliant by adding it to your calendar.

Protecting your business is the best thing you can do for yourself to ensure any financial issues in the future may get affected by it and it doesn’t pour into your personal assets.

Envoice now works with Square #workswithsquare

Tailoring new features, expanding and improving the Enovice experience to our current and future users and firmly working on developing new partnerships are our team’s primary goals. And we are celebrating every small or big step towards achieving those goals.

That is why we are excited to share with you the news that recently we partner with Square to bring Envoice closer to Square users. This way everyone that are possessing payments through Square, can now create and send professional invoices and get paid online safe, secure and on time with Square.

 

Envoice now works with Square #workswithsquare

 

Square makes it easy to accept payments anywhere, helping you to grow your business faster. It’s simple to set up – sync your accounts and start selling. You’ll pay flat rates — 2.9% + 30¢ per online transaction, no hidden fees. And you’ll receive deposits in one to two business days.

Try out Envoice here

Envoice, the simplest invoice app for businesses and cross-border payments company Payoneer are teaming up to bring the best experience to the Payoneer Customers in making it easier for them to send invoices and receive online payments via Payoneer without any additional fees or limits.

Envoice is a free invoicing software for small businesses and freelancers. It’s simple, easy to use and has additional features like recurring invoicing, API integration and team collaboration features that can help Payoneer users easily send invoices to their clients and receive online payments quickly.

Through the integration, the small businesses and freelancers that have Payoneer accounts will be able to:

– receive online payments using their Payoneer account without any additional fees

– receive personalized support with Payoneer for any issues regarding the integration with Envoice.

– receive money online via iCheck without fee

 

Additionally, Payoneer users will be able to benefit from Envoice features such as:

– tracking their paid/unpaid invoices,

– detail report on how much you’ve earned,

– notifications when an invoice is paid or overdue,

– team collaboration

– recurring invoices,

 

We are pleased to partner with Payoneer to offer freelancers and small businesses, a simple and easier way for them to be paid by their clients.

SMALL BUSINESS GUIDE: HOW TO SET UP A BASIC SEO

When starting an online business there are several key elements involving your website that you must do and have. From a well-made website, good design, readable content to excellent SEO.

So today we are sharing with you several easy things you can do while setting up your basic SEO when launching your website for your business.

On-Site SEO – Research and create your metadata.

  1. First, you need to use the Google Keyword Tool to research meta keywords that are mostly searched by your potential customers on Google. This tool will give you an idea on which keywords you should use in your metadata as primary keywords.
  2. Crease a meta title that explains your business in one sentence and meta description that will give the searchers detail info about what you do. Use SEOMOFO to check if you are in-line with the guidelines. Keep in mind that this data should include your meta keywords.
  3. If your website is on WordPress you can use the free plugins such as All in One SEO, Platinum SEO, and SEO by Yoast. You can also get SEO suggestions by using premium plugins such as Scribe SEO. This way it will be much easier for you to implement the metadata in your website code without any knowledge in programming
  4. Keep in mind for the additional on-site SEO elements like internal links help search engines learn more about your website by internally linking to other pages on your website within your content; Header Tags are HTML header tags that help break the content into sections as well as let search engines know more about what each section of content is about. There is <H1></H1> tags surround the post title, <H2></H2> and <H3></H3> tags surround subheadings on the page
  5. Image Name & ALT Tags – If you have images on your website, you need to have good keywords for both the image name and the alt tag.

Quality content is a must. Today on the internet there are so many websites that are unique in their own way. If you want to have a unique website as well, you need to create a unique content that will connect to your industry. So keep in mind to enrich your website with content like Blog posts, Industry Articles, Tutorials & How-To Guides, Infographics or Videos.

Off-Site Optimization or so-called Link Building – Link building is one of the most must-have SEO tasks. The basic goal is to get other websites to link to yours. That way you can increase your Google website rank and your website will show up higher in the organic search results. What you need to is:

  1. Submit guest blog posts to popular blogs in your industry.
  2. Reach out to related businesses if they will link your website. In most cases, this will show up in their partner’s page
  3. Create social media profiles
  4. Submit your website to applicable industry directories
  5. Create links worth linking

Monitor your results – By using tools such as Authority Labs or Google Analytics you can monitor your SEO progress by reviewing your results. Here you need to set up goals that you want to achieve in order to review SEO metrics. Some of those goals can be website visits, purchases of a product, signups or registrations, downloads of a white-paper, clicks on a link etc.

By setting up your basic SEO you can improve the initial ranking of your website. That can give a clear and fast start to your first organic visits and first customers without any advertising.

If you start researching you can see that most companies have leaders that have strong operational that are needed to maintain perfect organization and productivity in each team. Which of course is crucial when running a business.

The lack of employees with know-how, experience, and confidence can bring down your business and cause problems that can not be fixed in time. In some cases, this means total anarchy in the company, missing respect, and managerial hierarchy – mostly seen in the companies or startups where the lean organizational structure is practiced.

10 tips on practicing to become a strategic leader

But it does not matter if you are a new small business owner or a startup founder. Having a strong leadership and management in the company is the key to running a successful business.

According to a research done in 2015 among 6,000 senior executives analyzed only 8 percent of them turned out to be strategic leaders or those effective at leading transformations. But what it takes to be a strategic leader to run a company in good times and bad times through different transformations? Here are several tips that you can practice to become a successful strategic leader:

  • Distribute responsibility – one of the things you can do regarding the distribution of responsibilities is to know your own current and future role and responsibilities of the company after which to identify each employee’s duties and level of responsibilities. That way you will have a clear structure of roles and responsibilities in the company as well as you can be informed of the potential each employee has  as well as be ready for possible restructure if needed

 

  • Be honest and open when sharing information – employees prefer honesty instead of internal PR and missing out of important company information that is considering their work position and future in the company. So being open is hones can build strong loyalty towards you and the company

 

  • Have several ways for raising and testing ideas – from brainstorming to A/B testing, from encouraging one to one meetings with team members to open discussions, there are multiple ways to bring out ideas within the team and boost team work and team spirit.

 

  • Create a safe environment for failure – most people have fear of failing which can lead to demotivation, lack of contributing to team work and fear of losing their job. That is why it is crucial to use methods like test-driven development, eliminate the blame game points and reward some failure moments, divide failures into: preventable, complexity-related, and intelligent mistakes and deal with them with a different approach, and create best practices for safety and risk management to avoid unavoidable failures in complex systems.

 

  • Give access to another strategist – diversity and different point of view can always be beneficial for the company, especially when it comes to strategies from different industries or teams that can see things objectively and share ideas for improvement.

 

  • Provide opportunities for experience-based learning – real-life experience has often shown that working in outside environment can boost learning, brainstorming, developing new ideas and boosting team work. Having that combined with opportunities like month climbing, cycling, fun games, swimming etc can give surpassing results among the team

 

  • Hire for transformation – not just to fill in someone else’s spot. If your company is growing and developing, then hiring new competencies is an important requirement for seeking executive talent from outside your organization.

 

  • Bring your whole self to work – embrace the fact that you can be vulnerable. Too often we avoid difficulties, challenges, and conflicts with others because we’re afraid of the consequences of speaking up. But, if we engage in those kinds of conversations, we can increase our ability to resolve conflicts and create deeper connections.

 

  • Find time to reflect – period for you to create a good  time-management schedule, self-retrospective, and organization as well as one-thing-at-a-time focus

 

  • Let the leadership development be your ongoing practice – don’t push yourself to bring results in a short period of time. Unleashing leadership potential in all employees will help you develop your leadership skills as well, boosting team spirit and helping company growth.

Envoice now works with Stripe #workswithstripe

Tailoring new features, expanding and improving the Enovice experience to our current and future users and firmly working on developing new partnerships are our team’s primary goals. And we are celebrating every small or big step towards achieving those goals.

That is why we are excited to share with you the news that recently we partner with Stripe to bring Envoice closer to Stripe users. This way everyone that are possessing payments through Stripe, can now create and send professional invoices and get paid online safe, secure and on time with Stripe.

Envoice now works with Stripe #workswithstripe

Stripe is an online payment gateway that has made amazing strides in the financial tech industry to help make payment methods secure, efficient, and easy to use. They’re also known for partnering with businesses large and small to help fuel their financial needs and also power well-known systems such as Apple Pay.

Try out Envoice here

Envoice recently won two industry awards from a leading business software marketplace, FinancesOnline. Our software was granted the 2017 Great User Experience Award and the Rising Star Award for displaying excellence in usability, intuitive design and convenience to its users. We’ve always aimed to simplify invoicing for freelancers and small businesses with our quick-generating invoices and streamlined payment process, so these awards validate our mission.

The Great User Experience Award for invoicing software is given to business apps with an intuitive design and smooth navigation. Our software, Envoice, makes creating invoice a child’s play. File attachment is smooth via Google Drive or Dropbox, and our reporting tool immediately shows your total payments so you have a clear picture of your business health.

Similarly, we were granted the 2017 Rising Star Award because the review expert from FinancesOnline believe our software has the potential to become a major player in the invoicing field. Despite being a new entrant, Envoice has shown that users are more eager to use simple but effective tools. We allow users to send invoice, track them via email notifications and get paid easily by connecting the app with popular payment gateways like PayPal, Stripe and Payoneer. You can also get paid via credit and debit cards.

On another note, we’re happy to be included in FinancesOnline’s accounting software guide. The list cites the leading accounting and invoicing apps in the market today, and it’s our honor to be part of that group.

 

getting-started-payoneer-envoice-learn-get-paid-less-minute

Running a business is one great personal challenge. You have to plan your time wisely to be effective and productive in the available time. With limited resources, this means that you need to focus more on delivering to your clients and minimize the effort for side tasks.

This is where Envoice comes into place.

Envoice is a simple invoicing app which let you create invoices in less than a minute. To ease up the getting paid struggle, there is an awesome integration with Payoneer. Once your account gets connected, you will be able to receive payments for your work instantly.

Let’s learn how it can be done.

Login to your account

Open your browser and navigate to https://www.envoice.in/login

Navigate on New Invoice

Open “New Invoice” from the main menu to create a new invoice.

Click on “Connect with Payoneer” button from the invoice toolbar

On the invoice toolbar, under “RECEIVE PAYMENTS” section, click on “Connect with Payoneer” button. This will navigate you to your account settings where you can connect your Payoneer account.

Once you are there, click on the “Connect” button. You will be redirected to the Payoneer page. If you already have an existing Payoneer account click on “Click Here!” button.

Type your credentials and click on the “CONTINUE” button.

If your Payoneer account is eligible for connecting to third party services, you will be redirected back to your account settings page.

You can return back to your “New Invoice” tab or you can simply click on the “Create Invoice” button to prepare your invoice.

After you’ve filled the required information on the invoice, under “RECEIVE PAYMENTS” section in the invoice toolbar, click on “On Payoneer” toggle to enable getting your invoice paid on Payoneer.

At this stage, your client will be able to pay your invoice on your Payoneer account. Click on “Save & Preview” to review your invoice before sending it to your client.

On the preview page, verify that your provided information is valid. Once you can confirm, click on “Send” button to send the invoice to your client.

How your client see the invoice?

This is the most interesting part. By now you must have wondered how the invoice is going to pay you. Your client will receive a link to the invoice. Once he click on the link the invoice will be opened.

By clicking on “Pay with Payoneer” button a popup will be loaded. The requested information will be filled by your client and you will get your funds on your account once Payoneer approved the transaction.

Easy as 1, 2, 3.

FAQ and Issues

What are the Payoneer fees?

You can calculate their fees on our calculator: https://payment-fee-calculator.envoice.in/

Can my client pay my invoice from his bank account to my Payoneer account if his account is not connected to Payoneer?

If the client wants to pay you from his bank account, he has to connect his bank account to a Payoneer account, otherwise, he can pay you directly on your Payoneer account with a company credit or debit card without owning Payoneer account.

Can I get paid with PayPal while I receive the money on Payoneer?

If your client pays you via PayPal you will receive your funds on PayPal.
We do not interfere with the transactions.

Are there any limitations that I need to be aware of?

Make sure the invoice amount and currency is according to the Payoneer requirements.
Amount limit
Total amount must be between 20 and 100000.
Supported currencies
The sender needs to configure his Payoneer account to accept USD.
Payoneer supported currencies are EUR/USD/GBP/CNH/JPY.

https://uploads.intercomcdn.com/i/o/21557807/c18e42864690c40c141fddc5/Pasted+image+at+2017_04_05+04_51+PM.png

Who is going to pay the transaction fee? – Me or my client?

You need to discuss that issue with your client. The payment popup will offer your client to decide who is going to pay for the transaction fee. It can be either you or him.

I can’t connect my account on Payoneer. Payoneer shows me an error on login.

This is an account compatibility issue. The official Payoneer response it that if an account has been created by a third party provider it might not be enabled to be integrated with Envoice.
To resolve this issue, open a new Payoneer account and write an email reachout@envoice.in. Our support team will take care of the rest.

My client paid my invoice and got both success and error message.

In case your client’s card is locked or does not have enough funds, Payoneer will show success message for the card information and…

… and then will deliver a failed to execute transaction email

My client gets an error when trying to pay the invoice.

This is an account compatibility issue. The official Payoneer response it that if an account has been created by a third party provider it might not be enabled to be integrated with Envoice.
To resolve this issue, open a new Payoneer account and write an email reachout@envoice.in. Our support team will take care of the rest.