Tracking revenue can be a daunting task. Keeping receipts for taxes and other purposes can take time and space that a small business may not have available. As a Miami business entrepreneur, I find the job to be a time-killer as other aspects of your business may suffer. Therefore, maximizing your revenue by tracking it effectively is the best way to turn the problem into a solution with significant growth potential. Tracking and evaluating the data effectively can make your finances easier to manage.
Better organization can equal greater revenue to be able to put back into the business to grow. Edleman, the world’s largest public relations firm reached out to my company this week and they provided some great insight. They pulled some statistics about Miami business owners from a recent Staples, Inc., survey indicating that people working these businesses can use some tools at their disposal to help with cash-flow education. According to the survey, about 36 percent of business owners have bounced a check within the past year. Also, 50 percent report that they don’t use software to track their expenses. This was interesting to me because I have done over 1,000 commercial inspection audits that require me to learn about internal processes and the majority of them used some kind of software.
To help remedy this issue with an inexpensive strategy solution, I feel that a small business with less than 5 employees and an average of under 100 purchases per month could benefit from NumReceipt.com or OneReceipt.com to better track spending. These systems work with your smartphone and your other Internet devices. These free options make it easier to calculate spending in real-time to help avoid those costly bounced checks as some Miami business owners reported. As some may know, banks don’t 100 percent of the time immediately tally up every purchase, so using your receipts for the day can make it nearly impossible to overdraft your account when you document all outgoing money. A neat feature with Num Receipt is that you can track your mileage with the IRS reimbursement amount already set, which is great for mobile Certified Notary Signing Agents, like me. One Receipt only appears to be for iPhone users, but it has a feature that automatically will pull receipts from your email, so you don’t have to always upload it. Best of all, businesses can save space and time organizing receipt records, so this helps during tax time. This leaves more time to invest in marketing, better tools for the business or enjoying more free time. God bless!