Strategy to Using PayPal for Your Business. PayPal is a standalone company owned by Ebay and offers an online, email-based payment method that is an alternative to credit card transactions, although you can also use PayPal services to process credit cards. Basically, PayPal lets buyers and sellers create a PayPal account to hold funds for transfers between parties, in effect turning PayPal into a “middleman.” A PayPal account is not a bank account, but it is generally connected to a traditional bank account or credit card so that funds can move back and forth.
Due to PayPal’s low fees, flexible payment options, and strong user base, your business can benefit by offering PayPal as another buying option. To get started, you’ll have to:
1. Sign up for a PayPal Business account
2. Confirm your email address
3. Provide and confirm your bank account information
4. Add your Social Security Number
5. Set up PayPal as an additional payment option in your store
Friday, February 11, 2011
Strategy to Flight Arrival/Departure Information
Strategy to Flight Arrival/Departure Information. If rampant airline flight delays are a disease, timely flight arrival/departure information -- especially any changes to flight departure times and flight schedules -- is at least a partial cure. Knowing in advance that a flight is delayed can save you a lot of time and aggravation, whether you are the passenger yourself, or you are picking up someone else. All you have to do is check flight departure times and flight arrival info for any changes.
Weather is a constant factor. But financial troubles and airline mergers are also causing carriers to change flight departures often, so the information you got at one point may no longer be valid. Accurate flight arrival/departure information can be hard to come by. Airlines aren't always upfront with travelers, changing flight times again and again based on policies that sometimes mask what's really happening.
Technology is coming to the rescue. The Internet along with smartphones, email, wireless laptop connections and other devices can arm you with the best flight schedule information available, on a moment's notice.
Get more free business tips at BizBest.
Action Steps
The best contacts and resources to help you get it done
Get real-time flight tracking information online
Several independent websites offer live flight tracking and aviation information
I recommend: FlightAware, for example, lets you quickly get unlimited live flight arrival and flight departure information for free. On any given day, the service tracks nearly 50,000 flights. Just enter the airline and flight number in the search box and get a full profile of the flight, including scheduled and estimated (actual) arrival and departure times, plus flight duration, aircraft type, current status and more. Registered users (also free) can also get a four-month history of a specific flight. FlightView, FlightArrivals.com and FlightExplorer also offer free flight tracking information. FlightExplorer tosses in some wind and weather information, along with the airport's current FAA status (like a green dot for no delays).
Sign up for free email, voice, text message or AIM flight status alerts
Why put the burden on yourself when you can sign up in advance to get flight arrival/departure info to your computer, PDA, laptop or cell phone?
I recommend: Most airline mileage programs (such as Delta Skymiles, American AAvantage, United Mileage Plus, etc.) offer free flight notification services to members. Subscribe to updates on all flights, or get one-time alerts on specific flights. For regular information across different airlines, one of the free flight information services might be best. Free membership at FlightAware, for example, lets you create a personal profile of flights, airlines and airports you regularly use, and receive email and instant message updates on fllight times.
Get the word on traffic and security lines from fellow travelers
Some general travel booking websites offer on-the-go updates from other travelers.
I recommend: The Orbitz Traveler Update service delivers real-time information form fellow travelers on security wait times, traffic, parking and more. The Orbitz Flight Status page also offers updated flight departure, arrival and delay times -- including gate information. Travelocity also has a Flight Status page with updated information on departure/arrival times, terminals, gates, baggage claim and more.
Weather is a constant factor. But financial troubles and airline mergers are also causing carriers to change flight departures often, so the information you got at one point may no longer be valid. Accurate flight arrival/departure information can be hard to come by. Airlines aren't always upfront with travelers, changing flight times again and again based on policies that sometimes mask what's really happening.
Technology is coming to the rescue. The Internet along with smartphones, email, wireless laptop connections and other devices can arm you with the best flight schedule information available, on a moment's notice.
Get more free business tips at BizBest.
Action Steps
The best contacts and resources to help you get it done
Get real-time flight tracking information online
Several independent websites offer live flight tracking and aviation information
I recommend: FlightAware, for example, lets you quickly get unlimited live flight arrival and flight departure information for free. On any given day, the service tracks nearly 50,000 flights. Just enter the airline and flight number in the search box and get a full profile of the flight, including scheduled and estimated (actual) arrival and departure times, plus flight duration, aircraft type, current status and more. Registered users (also free) can also get a four-month history of a specific flight. FlightView, FlightArrivals.com and FlightExplorer also offer free flight tracking information. FlightExplorer tosses in some wind and weather information, along with the airport's current FAA status (like a green dot for no delays).
Sign up for free email, voice, text message or AIM flight status alerts
Why put the burden on yourself when you can sign up in advance to get flight arrival/departure info to your computer, PDA, laptop or cell phone?
I recommend: Most airline mileage programs (such as Delta Skymiles, American AAvantage, United Mileage Plus, etc.) offer free flight notification services to members. Subscribe to updates on all flights, or get one-time alerts on specific flights. For regular information across different airlines, one of the free flight information services might be best. Free membership at FlightAware, for example, lets you create a personal profile of flights, airlines and airports you regularly use, and receive email and instant message updates on fllight times.
Get the word on traffic and security lines from fellow travelers
Some general travel booking websites offer on-the-go updates from other travelers.
I recommend: The Orbitz Traveler Update service delivers real-time information form fellow travelers on security wait times, traffic, parking and more. The Orbitz Flight Status page also offers updated flight departure, arrival and delay times -- including gate information. Travelocity also has a Flight Status page with updated information on departure/arrival times, terminals, gates, baggage claim and more.
Strategy to Small Business Accounting Software
Strategy to Small Business Accounting Software. Gone are the days when paper-based ledgers were the only option to track key accounting tasks. Now, a plethora of small business accounting software choices are available. Accounting software can help your business in numerous ways: reducing errors, saving time, organizing customer data, streamlining payroll and giving you a complete view of your company's financial status. With a clear picture of your financial s, you can make smarter business decisions.
Before choosing among software accounting systems, here are some key questions:
1. Can it scale or upgrade if my business grows?
2. Is it easy to learn and easy to use?
3. Does it have all the features I need?
4. Does it have features I don't need?
5. Will it run on my computer?
6. Will it work on an office network?
7. Does the vendor offer online and phone support?
8. Is the price right for my needs?
Action Steps
The best contacts and resources to help you get it done
QuickBooks rules the roost in small business accounting software
The leading small business accounting software offers many products to fit your needs. Simple Start, its most basic version, is ideal for sole proprietors and tracks sales and expenses, prints checks, pays bills and prepares invoices. More powerful, yet still easy-to-use versions are geared for multi-users in growing small businesses. They work with Microsoft Office and offer additional features, such as managing payroll, forecasting, budgeting and tracking inventory. QuickBooks also offers industry-specific accounting systems for retailers, professional services, manufacturers, nonprofits, wholesalers/distributors, contractors and accountants.
I recommend: Take a quick interview at the QuickBooks Web site to determine which program is best for you or compare features.
Try Microsoft small business accounting software for familiarity
If you like the familiarity of Microsoft Office, its Small Business Accounting software may be a snap to learn. This comprehensive accounting software suite includes inventory management, sales order and purchase order processing, job tracking, banking and payroll. If you only need basic accounting help, this program may offer more than you need.
I recommend: Microsoft Small Business Accounting provides a comparison chart with other leading accounting software programs so you can decide which one fits your needs.
Try MYOB small business accounting software for Mac
MYOB offers three accounting systems for Mac users, two for Windows users. Its basic version handles simple accounting needs, including banking, sales, expenses and customer management. In its more sophisticated versions, you'll get a comprehensive accounting software suite with tools such as forecasting, budgeting, banking, sales and receivables, purchases and payables, time billing, payroll, inventory management, contact management, appointment scheduling, employee file management and even logo design.
I recommend: MYOB offers a free trial version of its software so you can give it a test drive.
Try Peachtree small business accounting software for an entry level solution
Choose from four options: a basic, standard, advanced or premium program. If you're in start-up mode, or you're just switching from manual accounting systems to business accounting software, try Peachtree First Accounting. This entry-level solution offers simple check writing, invoicing and accounts receivable. Look into its more souped-up versions if you need inventory management, payroll solutions, time billing, job costing or depreciation calculations for fixed assets. Check out industry-specific accounting software for construction, distribution, manufacturing, nonprofits and accountants.
I recommend: Peachtree offers demos and a side-by-side comparison of features to help you choose a suitable product, or click on "Right Choice for My Business?" under each product heading and answer a few questions to zero in on a program.
Try MultiLedger small business accounting software for a networked solution
A networkable accounting solution, CheckMark's MultiLedger allows up to 10 users to manage jobs, track cash flow, monitor accounts receivable and accounts payable, calculate commissions and manage inventory.
I recommend: Download a demo version MultiLedger of so you can test drive the features
Try Simply Accounting small business accounting software for a growing business
Designed for Microsoft Office users, Sage's Simply Accounting comes in a Basic version designed for smaller businesses and a Pro version for growing businesses. With Basic, a single user can write checks, track projects, manage inventory, handle payroll, track taxes and create budgets. The Pro version lets up to six users handle time and billing, departmental accounting and multiple price lists. It also lets you create orders, invoices and time slips using your Pocket PC.
I recommend: Sign up for a free trial of Simply Accounting, or check out the comparison chart to choose which version is right for you.
Consider online accounting systems
Instead of installing an accounting software solution onto a single PC or network; you can buy access to accounting solutions hosted online for a monthly fee. The upside is that you (or your accountant) can access your business's financial records using a Web browser; the downside is that you must have a live Web connection to work with your online accounting application.
I recommend: Check out Intacct Express, QuickBooks Online Edition, ePeachtree and NolaPro.
Before choosing among software accounting systems, here are some key questions:
1. Can it scale or upgrade if my business grows?
2. Is it easy to learn and easy to use?
3. Does it have all the features I need?
4. Does it have features I don't need?
5. Will it run on my computer?
6. Will it work on an office network?
7. Does the vendor offer online and phone support?
8. Is the price right for my needs?
Action Steps
The best contacts and resources to help you get it done
QuickBooks rules the roost in small business accounting software
The leading small business accounting software offers many products to fit your needs. Simple Start, its most basic version, is ideal for sole proprietors and tracks sales and expenses, prints checks, pays bills and prepares invoices. More powerful, yet still easy-to-use versions are geared for multi-users in growing small businesses. They work with Microsoft Office and offer additional features, such as managing payroll, forecasting, budgeting and tracking inventory. QuickBooks also offers industry-specific accounting systems for retailers, professional services, manufacturers, nonprofits, wholesalers/distributors, contractors and accountants.
I recommend: Take a quick interview at the QuickBooks Web site to determine which program is best for you or compare features.
Try Microsoft small business accounting software for familiarity
If you like the familiarity of Microsoft Office, its Small Business Accounting software may be a snap to learn. This comprehensive accounting software suite includes inventory management, sales order and purchase order processing, job tracking, banking and payroll. If you only need basic accounting help, this program may offer more than you need.
I recommend: Microsoft Small Business Accounting provides a comparison chart with other leading accounting software programs so you can decide which one fits your needs.
Try MYOB small business accounting software for Mac
MYOB offers three accounting systems for Mac users, two for Windows users. Its basic version handles simple accounting needs, including banking, sales, expenses and customer management. In its more sophisticated versions, you'll get a comprehensive accounting software suite with tools such as forecasting, budgeting, banking, sales and receivables, purchases and payables, time billing, payroll, inventory management, contact management, appointment scheduling, employee file management and even logo design.
I recommend: MYOB offers a free trial version of its software so you can give it a test drive.
Try Peachtree small business accounting software for an entry level solution
Choose from four options: a basic, standard, advanced or premium program. If you're in start-up mode, or you're just switching from manual accounting systems to business accounting software, try Peachtree First Accounting. This entry-level solution offers simple check writing, invoicing and accounts receivable. Look into its more souped-up versions if you need inventory management, payroll solutions, time billing, job costing or depreciation calculations for fixed assets. Check out industry-specific accounting software for construction, distribution, manufacturing, nonprofits and accountants.
I recommend: Peachtree offers demos and a side-by-side comparison of features to help you choose a suitable product, or click on "Right Choice for My Business?" under each product heading and answer a few questions to zero in on a program.
Try MultiLedger small business accounting software for a networked solution
A networkable accounting solution, CheckMark's MultiLedger allows up to 10 users to manage jobs, track cash flow, monitor accounts receivable and accounts payable, calculate commissions and manage inventory.
I recommend: Download a demo version MultiLedger of so you can test drive the features
Try Simply Accounting small business accounting software for a growing business
Designed for Microsoft Office users, Sage's Simply Accounting comes in a Basic version designed for smaller businesses and a Pro version for growing businesses. With Basic, a single user can write checks, track projects, manage inventory, handle payroll, track taxes and create budgets. The Pro version lets up to six users handle time and billing, departmental accounting and multiple price lists. It also lets you create orders, invoices and time slips using your Pocket PC.
I recommend: Sign up for a free trial of Simply Accounting, or check out the comparison chart to choose which version is right for you.
Consider online accounting systems
Instead of installing an accounting software solution onto a single PC or network; you can buy access to accounting solutions hosted online for a monthly fee. The upside is that you (or your accountant) can access your business's financial records using a Web browser; the downside is that you must have a live Web connection to work with your online accounting application.
I recommend: Check out Intacct Express, QuickBooks Online Edition, ePeachtree and NolaPro.
Strategy to Creating a Basic Budget
Strategy to Creating a Basic Budget. One of the oldest sayings in business is that you have to spend money to make money. But you have to spend your money wisely. And that's where budgeting comes into play.
A basic budget tries to anticipate your spending needs and forecasts your sales and other revenue. A budget helps you predict when money comes in and goes out so you can better manage your cash flow. It's also useful when dealing with bankers on loans. In short, a budget is a useful road map to guide your business through the year.
A good basic budget can:
1. Forecast the timing and amounts of your spending
2. Set realistic goals for income and expenses
3. Give you a standard against which to measure performance
4. Help you control your expenses
5. Show you when you're overspending so you can adjust
Action Steps
The best contacts and resources to help you get it done
Tap budgeting basics with financial software
The three main elements of any business budget are sales revenues, expenditures and profits. To create your budget, you'll need to anticipate a dollar amount for each elements. Existing businesses can look to past figures for guidance; new businesses must make an educated guess.
I recommend: For help getting started, try software such as QuickBooks or Prophix, which can walk you through the budgeting process.
Estimate your revenues
It's better to be cautious with your revenue estimates. If you fall short of projections, you could end up without enough money to cover expenses. It's also important to map out when revenues will arrive. For example, in a cyclical business like retail, you need to budget your cash so you'll be able to pay your bills during slow periods while you wait for the bustling holiday season to arrive.
I recommend: Get help forecasting sales with Forecast Pro software, which uses proven statistical methods to calculate your projections, or download revenue and sales forecasting templates from Microsoft Office.
Estimate your expenses
Calculate when and how much you'll have to pay for business expenses, including things like cost of goods sold, office supplies, rent, utilities, auto expenses, travel, advertising, professional services, loan repayment and taxes. Companies with employees have additional expenses, including salaries, benefits, employee business expense reimbursements and bonuses.
I recommend: BusinessOwnersIdeaCafe.com provides a first-year budget worksheet for startups that includes a list of common business expenditures. To build your expense forecast, try one of the Microsoft Office expense estimate templates.
Put it all together
Once you have all your numbers in place, you can begin to see where your money comes from and where it goes, which helps you direct your attention to areas that need improvement.
I recommend: Computer spreadsheets, such as Microsoft Excel, are the simplest way to build and work with your budget. You can also try plugging your numbers into a profit and loss forecast template from SCORE or into a cash flow template.
Strategy to Creating a Basic Budget
A basic budget tries to anticipate your spending needs and forecasts your sales and other revenue. A budget helps you predict when money comes in and goes out so you can better manage your cash flow. It's also useful when dealing with bankers on loans. In short, a budget is a useful road map to guide your business through the year.
A good basic budget can:
1. Forecast the timing and amounts of your spending
2. Set realistic goals for income and expenses
3. Give you a standard against which to measure performance
4. Help you control your expenses
5. Show you when you're overspending so you can adjust
Action Steps
The best contacts and resources to help you get it done
Tap budgeting basics with financial software
The three main elements of any business budget are sales revenues, expenditures and profits. To create your budget, you'll need to anticipate a dollar amount for each elements. Existing businesses can look to past figures for guidance; new businesses must make an educated guess.
I recommend: For help getting started, try software such as QuickBooks or Prophix, which can walk you through the budgeting process.
Estimate your revenues
It's better to be cautious with your revenue estimates. If you fall short of projections, you could end up without enough money to cover expenses. It's also important to map out when revenues will arrive. For example, in a cyclical business like retail, you need to budget your cash so you'll be able to pay your bills during slow periods while you wait for the bustling holiday season to arrive.
I recommend: Get help forecasting sales with Forecast Pro software, which uses proven statistical methods to calculate your projections, or download revenue and sales forecasting templates from Microsoft Office.
Estimate your expenses
Calculate when and how much you'll have to pay for business expenses, including things like cost of goods sold, office supplies, rent, utilities, auto expenses, travel, advertising, professional services, loan repayment and taxes. Companies with employees have additional expenses, including salaries, benefits, employee business expense reimbursements and bonuses.
I recommend: BusinessOwnersIdeaCafe.com provides a first-year budget worksheet for startups that includes a list of common business expenditures. To build your expense forecast, try one of the Microsoft Office expense estimate templates.
Put it all together
Once you have all your numbers in place, you can begin to see where your money comes from and where it goes, which helps you direct your attention to areas that need improvement.
I recommend: Computer spreadsheets, such as Microsoft Excel, are the simplest way to build and work with your budget. You can also try plugging your numbers into a profit and loss forecast template from SCORE or into a cash flow template.
Strategy to Creating a Basic Budget
Strategy to Finding an Accountant or CPA
Strategy to Finding an Accountant or CPA. When picking an accountant for your business, choose wisely because you'll be sharing some of the most sensitive and intimate details of your business with this person. You'll be relying on your accountant to help you keep your finances in order, your books balanced and your taxes filed properly and on time. Finding the right financial professional for your business is a task that you should approach seriously and thoughtfully to make sure you find someone you trust and who meets your needs. Hiring a good accountant or CPA can help you:
1. Keep your company's finances running smoothly
2. Meet your tax obligations properly
3. Watch for unusual or improper financial transactions
4. Avoid tax audits
5. Do long-range financial planning for your business
Action Steps
The best contacts and resources to help you get it done
Get recommendations or locate an accounting pro online
Referrals are an effective way of finding an accountant in your area. Ask business associates, your banker, your financial planner or your lawyer. You might also want to get referrals from accounting associations or online databases.
I recommend: For online searches try Accountants World or CPA Directory.
Decide what services you need
Start your search with a clear picture of what you want your new accountant to do. If all you need is help filing your taxes, you may need no more than a tax preparer. But if you're like most business owners, you'll benefit from an accountant who can prepare financial statements, conduct audits and perform other financial chores.
I recommend: See "Working With Your Accountant" for a discussion of business financial tasks, including those you might want to do yourself and others you would likely want to have an accountant do.
Interview candidates
Once you know what types of services you want, start lining up candidates for interviews. It's a good idea to interview several candidates so you can compare services and costs. Your ideal candidate should not only know accounting but also should have some familiarity with your type of business. You also need to find someone you feel comfortable sharing your finances with.
I recommend: For help in interviewing candidates, see SCORE's list of essential questions you should ask. Inc. Magazine provides additional tips for the interview process.
Get written estimates
You want to hire the best accountant you can, but also stay within your budget. Accounting fees vary widely, depending on the size of the firm, the expertise of the accountant and the level of service. Once you have all your written estimates, evaluate and rate them.
I recommend: Most spreadsheet programs, such as Microsoft Excel, can be used to create a grid for evaluating various aspects of the estimates you receive. Try to rate each candidate in specific areas and then give each one a final score.
Sign an engagement letter
When you've decided on an accountant, you'll most likely enter into an agreement for services called an engagement letter. This document, usually drafted by your accountant or CPA, sets forth what services will be provided and at what cost. Some smaller accounting services still operate on little more than a handshake agreement. An engagement letter is more typical today. Be sure you read and understand the contents of the engagement letter and that you agree to the terms and conditions.
I recommend: The Oregon Society of CPAs has a helpful discussion of engagement letters, including what they are and why an account will ask that you sign one.
Strategy to Finding an Accountant or CPA
1. Keep your company's finances running smoothly
2. Meet your tax obligations properly
3. Watch for unusual or improper financial transactions
4. Avoid tax audits
5. Do long-range financial planning for your business
Action Steps
The best contacts and resources to help you get it done
Get recommendations or locate an accounting pro online
Referrals are an effective way of finding an accountant in your area. Ask business associates, your banker, your financial planner or your lawyer. You might also want to get referrals from accounting associations or online databases.
I recommend: For online searches try Accountants World or CPA Directory.
Decide what services you need
Start your search with a clear picture of what you want your new accountant to do. If all you need is help filing your taxes, you may need no more than a tax preparer. But if you're like most business owners, you'll benefit from an accountant who can prepare financial statements, conduct audits and perform other financial chores.
I recommend: See "Working With Your Accountant" for a discussion of business financial tasks, including those you might want to do yourself and others you would likely want to have an accountant do.
Interview candidates
Once you know what types of services you want, start lining up candidates for interviews. It's a good idea to interview several candidates so you can compare services and costs. Your ideal candidate should not only know accounting but also should have some familiarity with your type of business. You also need to find someone you feel comfortable sharing your finances with.
I recommend: For help in interviewing candidates, see SCORE's list of essential questions you should ask. Inc. Magazine provides additional tips for the interview process.
Get written estimates
You want to hire the best accountant you can, but also stay within your budget. Accounting fees vary widely, depending on the size of the firm, the expertise of the accountant and the level of service. Once you have all your written estimates, evaluate and rate them.
I recommend: Most spreadsheet programs, such as Microsoft Excel, can be used to create a grid for evaluating various aspects of the estimates you receive. Try to rate each candidate in specific areas and then give each one a final score.
Sign an engagement letter
When you've decided on an accountant, you'll most likely enter into an agreement for services called an engagement letter. This document, usually drafted by your accountant or CPA, sets forth what services will be provided and at what cost. Some smaller accounting services still operate on little more than a handshake agreement. An engagement letter is more typical today. Be sure you read and understand the contents of the engagement letter and that you agree to the terms and conditions.
I recommend: The Oregon Society of CPAs has a helpful discussion of engagement letters, including what they are and why an account will ask that you sign one.
Strategy to Finding an Accountant or CPA
Business strategy
Business strategy is the foundation of successful business. But there are, of course, different types of business strategy. The best business strategies must steer a course between the inevitable internal pressure for business continuity and the demands of a rapidly changing world for revolutionary business strategies.
If you are unsure of how to write a business strategy or what types of business strategy are right for your business, try this as a simple exercise: take a piece paper and at the bottom, write a brief account of where the business is now. Then at the top, write where you want the business to be in ‘x’ amount of years (you decide the period). Next, in between the two write what you need to do and when you to do it to get from the bottom of the page to the top. This kind of rough business development strategy shouldn’t take more than an hour.
If you are unsure of how to write a business strategy or what types of business strategy are right for your business, try this as a simple exercise: take a piece paper and at the bottom, write a brief account of where the business is now. Then at the top, write where you want the business to be in ‘x’ amount of years (you decide the period). Next, in between the two write what you need to do and when you to do it to get from the bottom of the page to the top. This kind of rough business development strategy shouldn’t take more than an hour.
