Tag Archives: finance

business tips

Cash Flow: The Lifeblood of Every Niagara Small Business

Guest Blogger:  Connie Certusi, Executive Vice President and General Manager, Sage Small Business Accounting Solutions

Cash flow is the lifeblood of any small business and how it’s managed can mean the difference between your company’s success or failure. Having ample cash on hand will ensure that your suppliers, employees and other vendors can be paid on time. It also allows companies to invest cash back into the business in order to generate additional revenue and profit and, most importantly, improve their bottom line.

Let’s take a closer look at how cash flow management can affect small businesses and review how your business can take control of and better manage its cash flow immediately.

Setting up for Proper Cash Flow Management

Preparing accurate cash flow projections on a regular basis is one of the most important things a small business owner can do, as it can raise red flags to potential problems before they arise. Small business owners can start their cash flow projection by adding cash on hand at the beginning of the period with other cash to be received from various sources. However, it is crucial that other factors are also accounted for, including upcoming cash outlays like rent, inventory, salaries, benefits, taxes, office supplies, advertising, etc.

Better Manage Your Small Business Cash Flow

There are two key areas to analyze for better management of cash flow: receivables and payables.

Improving Receivables

If small business owners got paid immediately following a sale, cash flow would never be a problem. Unfortunately, this rarely happens, but small business owners can still improve their cash flow by better managing their receivables.

Because cash is such a vital asset to all businesses, there are a number of things that small business owners can do to help facilitate getting customers to pay in a more timely fashion:

  • issue invoices promptly and follow up immediately if payments are slow in materializing
  • offer discounts to customers who pay their bills quickly
  • offer several different ways for your customers to pay you
  • track accounts receivable to identify and avoid slow-paying customers

Managing Payables

Expenses must be carefully watched when managing a growing company, as strong sales growth can conceal underlying problems. If expenses are growing faster than sales – or even if they are not –payables should be examined carefully and methods to better control them should be identified:

  • make payments on the last day they are due to retain the use of funds as long as possible
  • keep an eye on sales and expenditure patterns and selling and billing cycles
  • maintain good knowledge of suppliers and understand who offers the best terms and pricing
  • manage and track inventory levels

What is the Best Way to Take Control of Your Cash Flow Management?

Accounting software solutions, such as Sage Simply Accounting or Sage Peachtree, for managing all financial records and cash flow on a daily basis can be beneficial to small business owners.

Even if the business is profitable, a company can close down because of a cash shortage. With the right accounting system, small businesses can:

  • quickly issue professional invoices with detailed and accurate information
  • reduce delinquent payments by offering ways to electronically send and receive money
  • accept credit card payments online for easy, on-time payment
  • access cash projection and customer aged summary reports to understand what monies are owed to you and what your cash position looks like at any one time
  • easily track inventory to reduce waste and keep tabs on your inventory levels
  • establish a preferred suppliers list that identifies previous pricing for materials or goods purchased
  • forecast sales so you can plan ahead and be aware of customer buying patterns
  • pull information directly from most banks and quickly cross-reference every transaction

However you track it, cash flow is the key to your business’ success, and having the right system in place will help improve your cash flow and boost your bottom line!

Connie Certusi is the general manager of Sage’s Small Business AccountinSolutions (SBAS) business unit, which includes the Sage Peachtree and Sage Simply Accounting businesses, as well as the Sage Accountants Network.
Ms. Certusi’s efforts are focused heavily on ensuring that all aspects of the accounting solutions business unit deliver a premium customer experience to small businesses as well as to key recommenders, such as accountants.

Prior to joining Sage, Ms. Certusi gained comprehensive experience in the financial software industry at MSA/Dun & Bradstreet Software, SQL Financials and Ross Systems. She spent 10 years with MSA/Dun & Bradstreet Software in various areas of product development, marketing and management.

Ms. Certusi holds a B.B.A. degree in management science from the University of Georgia.

IT Security

What Is Wardriving and Why Should Your Hamilton Business Be Concerned?

If you happen to run a small business, beware! At one time, making sure our computers were locked to our desks and we had the right passwords were just enough to secure confidential corporate data. Maybe having your server locked in a secure room gave you the peace of mind that everything was secure. Times have changed especially since the invention of wireless networks. Today, crooks simply need a WI-FI connection to break into your office.

These Wardrivers drive around cruising neighbourhoods, shopping centers and office buildings looking for open or WI-FI networks that can be easily hacked into. All businesses are at risk! Small Business right through to large corporations can fall victim to a compromise of their WI-FI network. There are almost daily stories of corporations having their WI-FI networks hacked into and customer data compromised. A few years ago it was TJ Maxx; tomorrow it could be your business.

Right now, these wardrivers might make you a target. Here is how they will typically do it…

Wardrivers cruise around in vehicles, usually the ones with tinted windows to make sure no one outside sees what is happening inside the vehicle. Inside the vehicle will be laptops connected with long-range antennas that collect the list and locations of wireless networks. When they come across a vulnerable wireless network, they tap into it and steal credit card numbers and even personal information.

And if you are using an unsecure Wi-Fi standard called Wired Equivalent Privacy (WEP), you may be at risk. Consumer-grade WI-Fi routers (normally sold at your local office supply store) are often the targets of these wardriving attempts to hack into your business network. Your business might be using one of them. But the point here is that WEP’s encryption can be easily cracked with a little help from sophisticated tools by unsophisticated hackers, so it is time you reviewed your network security and our team of Hamilton IT security specialists can help you.

Just over a year ago, a hacker named Albert Gonzalez was convicted of stealing more than 130 million credit card numbers, most of which were robbed using wardriving.

What does your business need to be secure?

It starts with having a review of your overall business security systems, physical and virtual. It is great to have alarms on your building, controlled access to your business but what about your employees who connect from home via remote access or your WI-FI connection that is broadcasting to the world that your business is “open for business”. Having a trusted Hamilton IT support team like ours will ensure your network is completely secure, all possible gaps are filled and you can rest assured knowing that the right team is on the job.

Wireless networks are great and they are convenient. But what are the risks? Contact Solve-IT today to learn more about how to secure your business network.

Microsoft

Microsoft Big Easy 6.0 Offer

If you are thinking of purchasing or renewing software, why not do it via eligible Open License programs, especially at a time when Big Easy 6.0 is providing an incredible offer with the latest Microsoft products? As your local Hamilton Microsoft Partner, there are many programs your business can leverage to help make sure the right solutions are in place for your business and that you are getting them for the right price plus maybe taking advantage of many Microsoft incentives.

The Big Easy 6.0 offer provides you up to 30% in partner subsidy dollars on qualifying Microsoft purchases, and the offer applies to new and renewal software purchases. You will also be able to apply these partner subsidy dollars towards future purchases of Microsoft solutions or services. With the offer, you will be able to receive a reimbursement on the purchase of a Windows Phone device through Open Business or Open Value, as well.

While making new purchases, you will be able to get 5% in partner subsidy dollars under the Open License plus Software Assurance, and the percentage is 15 for Open Value. Those who opt for an Open Value Subscription will be provided 30% partner subsidy dollars. Confused about Microsoft’s licensing programs; don’t be. We are here to make sure your business gets the right licenses.

Likewise, if you are looking for renewing an existing license agreement, you will be able to get 30% partner subsidy dollars under the Open Value agreement where renewals are given when other new products are purchased.

You must have already taken your pick by now. If not, we recommend you make new software purchases through the Open Value Subscription (OVS) agreement and renew existing license agreements through the Open Value (OV) agreement (because they are the most beneficial agreements!). The offer lets you choose from the latest softwares like Lync, Office 2010, Windows Server, and Exchange 2010 to name a few; but the offer lasts only until June 30, 2011.

So what are you waiting for? Grab the offer today!

Microsoft

Important Microsoft Security Fix For Niagara Business

Microsoft addressed two security bulletins in May’s Patch Tuesday release. Security experts said administrators should apply the fixes immediately – because, despite their small size, they address significant threats.

Microsoft fixed a critical vulnerability affecting Windows Server and an important bug in Microsoft Office PowerPoint, according to the Patch Tuesday advisory released May 10. Microsoft also assigned separate “exploitability” scores for newer versions of the software under the “improved” exploitability index ratings.

Your Niagara computer support team at Solve-IT is already looking into all identified security flaws and addressing them. Our clients who are part of our fully managed IT support program have nothing to worry about. Interested in learning more about how we help Denver business with their day-to-day IT needs? call us today for a no obligation review of your business IT.

read more from eweek.com

Telephones

Getting a small business phone system?

Communication is extremely important for businesses. Many would argue that effective communication is what separates the great companies from those who continue to struggle. Be it networking for the growth of your business or corresponding with your customers regarding transactions, it is of vital importance that you have suitable means of communication and a communication service that you can rely on to be there when you need it.

There are many channels of communication you can use for your business, but it starts with making sure you have the right tools that allows you to communicate efficiently. Many business owners struggle with finding the right phone system to meet their needs. Selecting a phone system can be a confusing and difficult decision for many. After all, there are many options for you to choose from, phone systems like PBX (Private Branch Exchange), KSU (Key System Unit), and also the KSU Less Systems. Before you leap, you should know a few of the useful features for each that will be of advantage to your business. Some of them have been mentioned below:

  • Voicemail: If nobody is around to pick up the phone, this feature saves important messages and info from your callers. So, you won’t have to worry about missing that important phone call.
  • Integration with Microsoft Exchange Server: This is becoming very important; have your voicemails emailed to your smartphone, and Microsoft Outlook inbox will ensure you can respond quickly to urgent messages.
  • Presence: This is another area in communication that is moving ahead rapidly.  Seeing when others are online, in meetings or out of the office will allow you to communicate in the most efficient manner, including phone, email or instant messaging.
  • Conference Calling: This feature lets you hold conferences with remote employees or customers who are miles away.
  • Multiple Lines or Call Waiting: With this feature, your business will be able to take multiple calls at the same time. And if not available, you can also use the call waiting feature that clears the phone line to accommodate each caller.
  • Call Attendant: Transfers calls to a different extension to direct the call to the department or person.
  • Speed Dialing: This feature helps you save time (and a little space in your memory, as well). You will be able to save multiple phone numbers which can be called just by pressing the assigned button for each phone number.
  • Hands Free Calling: Keeps your hands free for multi-tasking.
  • Redial: Press one button and you will be connected to the last phone number dialed on the telephone pad.
  • Caller ID: Lets you know who is calling by giving you the telephone number or the caller’s info even before you pick up the phone.

These are just a few but important features of small business phone systems you can use to make your business grow.

Trust your Hamilton IT support team at Solve-IT to help you with selecting the right phone system for your business.  Contact us before you make your final decision.

IT Security

Rogue Anti-Virus

Recently I have been onslaught with the latest generation of rogue anti-virus. When I run a series of system sweepers against the PC, the end result is that the rogue is no longer present but the user’s profile is still corrupted. When you log on as the local admin or domain admin, both uncorrupted profiles the PC behaves in a stable fashion. I have found the fastest and most effective way around the corrupted profile is to back up the user’s current profile on the PC. Delete the profile and add it anew. Restore any user data and you are off to the races, the user/client is happy and time is not wasted on a rebuild/reload of the OS and reload of all the applications.

So far I am two for two, I will keep you appraised of what occurs along the way.

business tips

Five Tips To Build Strong Client Relations

Your clients keep your business going; and unless you build strong relations with them, the chances of your business growing are almost nil. If you want your business to grow by maintaining a healthy relationship with your customers based on trust and good-will, here are five tips that will help:

  1. It is hard to support any relationship without keeping in touch, and your relationships with your clients are no exceptions to the rule. Stay in touch with your clients on a regular basis giving them relevant information about upcoming offers they might be interested in. Correspond with them using tailored and personal messages to make your customers feel more appreciated and focused on. There are plenty of Clients Relationship Management tools and software solutions out there that will help you create and manage relationships with your customers; but make sure you don’t bombard them with promotional messages.
  2. It is always easier to keep up relationships with existing customers than to create new ones. Focus on strengthening the relationship you already have with your clients. Find out clients who have been loyal to your business and make them feel special by giving them information first or sending them gifts for their birthdays or special occasions.
  3. If you have clients who run businesses, don’t just be a supplier for them. Change your transaction-based relationship into a partnership.
  4. Take it slow. Don’t except the relationship to become a strong one as soon as you have created it. Moving things too fast will make you seem as pushy and give your clients the feeling of being manipulated.
  5. Be honest with your clients. When dealing with your clients, be upfront and open. Hiding facts will only turn your clients skeptical.

We understand the importance of our client relationships. As your trusted Hamilton IT support professional or St. Catharine’s computer tech, we value each relationship with each client. We welcome you to test us out.