Category: Know Your Checkbook

Financial and Productivity Apps to Keep You in Check

Your iPhone can be a powerful tool for business – or a complete distraction. The key to any software program or app is finding the right match for your specific needs or deficiencies and then committing to using the tool so you can take advantage of the benefits. The following are a few apps that may be able to enhance record keeping systems, automatically sync income or expense data with your financial software, increase communication and transparency with your team and boost productivity.

Xpense Tracker
An all-inclusive expense tracking and reporting application for dealers wishing to track their expenses and mileage. It’s power does not end at the iPhone but extends to the desktop by allowing emailing or exporting of the expense files and accompanying photo receipts directly to the desktop.

  • Quickly snap shots of receipts for easy scans and financial tracking.
  • Track your mileage in real time by using your device’s integrated GPS.
  • Export your records in .PDF and .CSV file formats.

Hours Tracker
Need a way to track your time or an effective tool for employees to use so they can send you time reports? Clock in and out as you work. Or, add entries yourself in just a few quick taps. Time entries are automatically created when you clock out.

Easily review your past entries, grouped by day, week, month or pay period. You can easily export your data by job, date or selection. Choose to export as a text summary or in spreadsheet-ready CSV format.

SLACK
All your team communication in one place. Slack is a new way to get more done, spend less time in meetings and reduce email.

  • Real-time messaging and file sharing for one-to-one and group conversations.
  • Powerful search and archiving, so you can find information easily.
  • Instantly syncs across all devices.
  • Configurable notifications for desktop, mobile, and email.
  • Proven to make your working life simpler, more pleasant, and more productive.

Quickbooks Payment Pro
GET PAID QUICKLY … ANYWHERE, ANYTIME. Plug the card reader into your iPhone or iPad and swipe credit cards quickly and securely. Or, if you don’t have a card reader, you can always scan a card with your camera or key in the card details directly.

Your customer signs right on your device to authorize the payment. Then, you can email or text a receipt to your customer. Accepting a payment takes just a few taps from start to finish.

Wunderlist
Wunderlist allows dealers to access their to-do lists from almost anywhere. Star important tasks, create multiple lists, sort by due date and priority and add tasks via e-mail.

Since multiple parties can edit lists, the app doubles up as a collaboration tool that works across desktop and mobile.

Freedom – Reduce Distractions
With so many distractions and possibilities in your digital life, it’s easy to get scattered. Freedom blocks digital distractions so you can be more productive. Start a Freedom session, and you’re blocked from all distractions on your phone or tablet. Freedom gives you peace and quiet, so you can accomplish more.
Rescue Time: Android alternative

Passion is the Only Way to Reach Peak Performance

Which of the following types of people would you prefer to have in greater numbers working with your business?

A. Happy, Low Performers
B. Unhappy, Low Performers
C. Unhappy, High Performers
D. Happy, High Performers
E. All of the above.

The obvious preference would be “D.” Makes sense as mounting evidence suggests that happy, high-performing workforces correlate with greater employee satisfaction, customer loyalty, profits and productivity.

One of my favorite books is All In by Adrian Gostick and Chester Elton. It says productivity is driven by the equation E+E+E. The Es stand for engaged, enabled and energized. Engaged means the employee is attached to the company and willing to put forth extra effort. Enabled means that the company environment supports the employee’s productivity and performance. Energized means that the employee feels a sense of well-being and drive.

Yale psychologist, Amy Wrzesniewski, interviewed hundreds of workers in all professions and found that people have one of three work “orientations” or mindsets:

  1. They see work as being a “job” or a chore and use the paycheck
    as its reward.
  2. They approach work as a “career” and strive to advance and succeed.
  3. They see their work as a “calling” and find work fulfilling because it gives them feelings of meaning and purpose.

Wrzesniewski then showed that people with a calling will work harder and longer simply because their jobs are rewarding.

After reading all of this, the conclusion is simple: we need happy, rewarded, engaged, enabled and energized workers if we want them to be the high-performing type that result in greater productivity and profits for our businesses.

But wait. According to Deloitte University Press, up to 87.7 percent of America’s workforce is not able to contribute to their full potential because they don’t have passion for their work. Less than 12.3 percent of America’s workforce possesses the attributes of worker passion. This “passion gap” is important because passionate workers are committed to continually achieving higher levels of performance.

So passion truly matters, and here are three ways to find and support it in your team:

1) Look for where your preconceived notions about the profile of a passionate worker are stopping you from identifying talent both externally and internally. Passionate workers come from all age groups, educational levels and backgrounds.

2) Recognize that passionate workers out earn and outperform their peers because of their internal drive for sustained learning and performance improvement. Take risks to cultivate these dispositions, and passionate workers will take risks for you in return.

3) Cultivation of passionate workers internally is probably the most effective way to increase the proportion of passionate workers in your organization. Organizations should evaluate their work environments to understand where they cultivate or discourage passion.

Accounting Software Increases Awareness & Efficiency

Accounting is the language of business. Not having accurate accounting information is like trying to get on the right train in Tokyo when you don’t speak Japanese. In the end, you will be lost and unsure of your business’ financial footprint.

Whether you’re just opening up shop or you own a thriving business, accounting software can make your life easier and save you hundreds of hours of time and stress. The best accounting software can perform most accounting tasks, such as keeping track of expenses and daily transactions, paying bills and employees, sending recurring invoices and syncing data across financial accounts. There’s no substitute for an accounting pro who knows the ins and outs of tax law, but today’s packages can help you with everything from routine bookkeeping to payroll, taxes, and planning.

When Business News Daily asked small business owners what made the “perfect” accounting software, there was one resounding requirement across the board. The best accounting software saves business owners time and doesn’t add to the already stressful nature of owning a small business.

The good news is there are more accounting software options than ever, including subscription Web-based options that don’t require their users to install or update software. Many businesses, however, including those that need to track large inventories or client databases, and those that prefer not to entrust their data to the cloud, may be happier with a desktop tool. Below are four of today’s favorite options among small business owners:

  1. Wave is a free, easy-to-use program that also has some surprisingly strong accounting and invoicing tools.
  2. Gusto ($29 per month) is inexpensive, has a simple and attractive interface, and incorporates the payroll tools most often required by small businesses.
  3. FreshBooks (from $19.95 per month) is exceedingly friendly, understandable, and attractive. FreshBooks is the site to beat when it comes to managing and tracking invoices, time and expenses for the very small business.
  4. QuickBooks Online ($39.95 per month) is a cloud-based accounting application that includes the most comprehensive set of features for small business. It’s easy to use, aesthetically pleasing, and has numerous integrated add-ons. QuickBooks can also be purchased as a desktop install.

Purchasing the right accounting software and then using it is one of the most important ways to know the financial state of your business. However, if you don’t take the time to extract information from the software, analyze that information and then use it to make decisions, the software is just another wasted purchase. Without knowing how your company has performed financially, it is impossible to predict where it can go. In addition to reviewing the monthly financial statements (profit and loss and balance sheet), consider adding these four items to your think time:

1. The Quick Ratio (> 1)
By definition, the quick ratio is found on a company’s balance sheet and is the business’ current assets (cash and accounts receivables) divided by its current liabilities. A favorite metric of every bank when considering a loan, the quick ratio is a measure of the financial stability of a business. It shows that the company has more cash available than the short-term money it owes. In most industries, a healthy quick ratio should be greater than 1.

2. Top 10 Customers
While all customers are important, not all of them are created equal. Who are the 10 most important customers that contribute to the success of your company? This is measured not only by revenue, but also the additional products they buy. In many companies, these top customers contribute 70 to 80 percent of the total revenue. Remember, it is typically easier to sell more to these established customers than find new ones.

3. Days Sales Outstanding (< 133%)
Days sales outstanding (DSO) is the average number of days it takes for customers to pay. The smaller the number, the better, since the business can use that cash more quickly. The number should be less than 133% of the payment terms with a customer. For example, if terms are 30 days, the DSO should be 40 or less. DSO can be improved by giving out less customer credit or collecting payments more quickly.

4. Operating Cash Flow (> $1)
How much positive operating cash flow did the business produce last month? Profit is important, but cash flow is king. By definition, cash flow is simply the sum of your monthly profit and any changes in accounts payable, accounts receivable and inventory. The higher this number is, the healthier the company is.

Striving to make smarter and more profitable decisions is the basis of financial success. Having an accounting system and using it to make those decisions is a great start.