Making better financial business choices

Square (Photo Courtesy: Square)

Timothy 1:6-10 NIV says “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”  These words are true if you let money run your business decisions exclusively.  Some people rule money while others allow money to rule them.

Whatever your thoughts about money the decision every business owner must make are tough.  Every decision must be rational when it comes to financial choices.  With every business there are some tools that must be instrumental in those decisions from the type of accounting system and payment system to contracts to use.

  1. Accounting Systems are pertinent for your business operations because it helps with a variety of financial needs from accounts receivables, accounts payable and taxes to payroll.  ADP is a great payroll and tax service provider and provides excellent customer service and newsletters that offers specials, payroll and tax tips.  If ADP seems to be too much for your budget try Intuit Quickbooks they offer small accounting software to help any type of business or non-profit organization.  They also offer a virtual backup data service.
  2. Payment Systems are crucial for your business needs especially is you are a small business, working at a trade show or making a deal in an airport.  Do not allow yourself to miss out on business opportunities either due to the inability to be portable or being unable to accept credit or debit cards.  There are several merchant accounts available through your bank but they could be somewhat costly.  You can choose to be charged a much smaller user fee by using portable mobile devices such as Square, Intuit Go-Payment and PayPal to name a few.
  3. Contracts are crucial for your business.  How you develop your contracts are just as important.  You should make sure that your contracts have the necessary legal jargon to cover yourself throughout the project.

Here are some clauses that should be incorporated into your contract: scope of work, deliverables, costs of services, terms and conditions, refund or no refund, confidentiality and arbitration provisions.  Additionally, it should be clear that you are an independent contractor.  If you are using subcontractors make sure that you have a contract in place with them as well outlining their services as an independent contractor.

Managing a project is important to the success of your business, however, how and what tools you use in the process are crucial as well.  You must be organized and manage your business operations as if you were a large entity.  Everything you do does count.

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