Automation Nation

Have you ever wondered why running your own business is so difficult and scary? We did too! And after pondering for a while, we concluded that it doesn’t have to be.

So, we created a movement to make accounting and bookkeeping simple and easy to understand, by using plain language.

The plain language movement was started in around 1066 and is still progressing. As each profession and practice is called out for its lack of simple, easy language, we move closer and closer.

Accountants, bookkeepers and the whole accounting industry has not succeeded in using plain language. This lack of transparency puts the power in the hands of powerful wizards who magically interpret meaning for the business owner…but only if they know the right questions to ask.

At face value, it seems like a great idea.

If you’re a small business owner, you probably think that hiring a bookkeeping specialist is an expense that you can avoid.

You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right?

Well, lots actually. In this episode we share the reasons why you should stop doing your own bookkeeping.

If you’ve just started doing your own bookkeeping in a cloud accounting software, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of a powerful cloud accounting system.

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure.

Here are three reasons profitable businesses have little money in the bank, and what business owners can do to address these situations.

Long-standing customers form the backbone of a strong, well-established business. Make it your mission to ensure that the vast majority of your current customers stay with your business for many years to come.

In today’s technologically progressive market, you can know all the signs and numbers you need to know. They can be at your fingertips and are usually less cost than what you’re paying annually to your accountant for cleaning up your books for tax time.

Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash coming in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it.

Do you think large businesses were once small businesses? They became that way because they knew their numbers. Big business knows their numbers, why they do and how they use the info. Cash is king and your need to understand the cash flow statement. Profitability can only occur when you know the cost(s) of your product or service.

Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports....

What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business.

1. Sales are NOT profit

2. Markup is NOT profit margin

3. Profit is NOT your salary

Find out why and how to avoid these mistakes that can end your business success.