Is bookkeeping as easy as the TV ads make it out to be? The truth is, it’s far from it. Those ads may be promoting user-friendly software, but don’t be fooled into thinking that’s all you need. In reality, bookkeeping requires a solid understanding of accounting principles and familiarity with the rules and regulations set forth by the Canada Revenue Agency. Many entrepreneurs, especially at the beginning stages of their ventures, attempt to handle the bookkeeping themselves or rely on a well-meaning friend. On the surface, it may seem like a simple task of tracking money coming in and going out. However, let’s delve into the specifics to see why it’s not as straightforward as it appears.
The B Word
Budget. Contrary to popular belief, budgeting is not something to be feared or avoided. In fact, having a budget can bring you peace of mind as you regularly review your finances to ensure you’re on track with your income and expenses. The element of surprise should be eliminated when it comes to annual renewals. You should be aware of when these renewals occur, whether they involve insurance, website hosting, or software subscriptions. By starting each year with a budget, you’ll establish a sense of accountability as your business grows. Moreover, it will help you avoid accumulating debt and overspending by comparing your actual financial reports (which reflect your current business state) with your budgeted expectations. A budget is essentially a projection for the year ahead. As long as you refrain from inflating your budget with unrealistic and overly ambitious income expectations, you increase your chances of achieving a healthy bottom line. Don’t forget to allocate a line item for miscellaneous expenses, so you can spend without feeling anxious about it. With time, budgeting becomes easier as you build a solid financial history through diligent bookkeeping.
The K Word
Knowledge. As the saying goes, knowledge is power. It’s crucial to understand the distinction between an accountant and a bookkeeper. Ensure that your accountant thoroughly reviews your financial records, explains tax advantages, and offers advice on strategies to enhance your business. If your bookkeeping is well-maintained, your accountant’s fees will be lower compared to handing over a disorganized mess of invoices and expenses during tax season. The bookkeeper, typically charging a fraction of the hourly rate of an accountant, diligently records and reconciles all your revenue and expenses as provided by you, the business owner. While bookkeepers are not advisors per se, we do share our knowledge with our clients on a customer service level.
The P Word
Profit. Let’s dive into the concept of profit. Merely tracking your finances isn’t sufficient to determine if you’re making a profit. It’s crucial for business owners to run reports on a monthly or quarterly basis to truly understand their financial position. It’s important to note that having cash in the bank doesn’t necessarily indicate a profitable position. Cash flow is a separate matter altogether. You may have a significant amount of cash on hand but suddenly find yourself facing a hefty tax bill. The bottom line, while important, is not the sole indicator that business owners should focus on. Take a closer look at your monthly expenses. What percentage of your income is allocated to wages? How much is being spent on optional expenses? Are there any subscriptions you’re still paying for but no longer need? It’s crucial for business owners to regularly set aside time to review their financial situation by examining reports and engaging in discussions with their bookkeeper. This practice allows for a comprehensive understanding of the overall financial health of the business.
The R Word
Reconciliation. It’s important to recognize that inputting income and expenses is just the initial step in a bookkeeper’s role. Utilizing software tools makes data entry relatively easy. However, the real challenge lies in reconciling all bank and credit card accounts, which is where questions may arise and missing expenses can be identified. Reconciliation constitutes the majority of the time spent on bookkeeping tasks. If clients co-mingle personal and business expenses, bookkeeping costs can skyrocket because extensive manual labor is required to separate each personal transaction from the business records and meticulously review each item on the statements.
If a business owner engages in expense tracking without reconciling the accounts, they run the risk of missing out on valuable credits and potentially leaving hundreds or even thousands of dollars on the table. Reconciliation serves as a crucial safeguard to ensure that no expenses go unnoticed and that every transaction is properly accounted for, minimizing the potential for financial loss.
The V Word
Value. It’s natural for everyone to prefer money coming in rather than going out. Outsourcing work and paying for professional services can often feel as burdensome as paying rent. Unfortunately, outsourced services are sometimes misunderstood, with a mismatch between the client’s request and the time it takes to fulfill that request. When business owners lack a clear understanding of the process, they may feel uncertain about whether their investment is truly paying off.
When it comes to bookkeeping, the task of organizing statements, receipts, and invoices for a bookkeeper can leave business owners feeling as though they’ve already done most of the work. However, it’s important to recognize that bookkeeping is a partnership. The best results are achieved when the business owner is organized, promptly answers questions when asked, and actively participates in the regular review of financial reports.
By fostering a collaborative relationship with their bookkeeper, the business owner can fully appreciate the value that professional bookkeeping brings. It ensures accurate financial records, provides valuable insights into the business’s financial health, and frees up valuable time and energy for the owner to focus on core business activities. Ultimately, the investment in a competent bookkeeper pays off by providing peace of mind and allowing the business owner to make informed decisions based on reliable financial information.
Over to You
At MYOB Inc., we take pride in our team of remote bookkeepers who possess extensive experience and expertise in various specialties. Our primary goal is to provide you with financial peace, enabling you to manage your business with clarity and intention. We understand the importance of accurate bookkeeping and its role in empowering business owners like you to make informed decisions confidently.
Whether it’s reconciling accounts, generating insightful reports, or offering guidance on financial strategies, our dedicated team is committed to supporting you every step of the way. We recognize that effective bookkeeping is a collaborative effort, and we value the partnership we establish with each of our clients.
By entrusting your bookkeeping needs to MYOB Inc., you can focus on what you do best – minding your own business.
In today’s highly competitive business landscape, simply having a website or relying solely on social media for growth and visibility is not enough. To truly succeed, entrepreneurs and business owners need to adopt a holistic approach that encompasses various marketing touchpoints, which is also known as integrated marketing.
By understanding the importance of integrating different channels and personal interactions, you can effectively position your business as the go-to solution when your product or service is needed. As you probably know by now, there is no “one-size fits all” answer when it comes to marketing. Instead, successful campaigns require a deep understanding of the customer journey and how different marketing methods can be used to influence their behaviour.
What is integrated marketing and how does it work?
Integrated marketing involves the use of various components of marketing, such as advertising, public relations, and social media. The variety of media, channels, and strategies is consolidated to provide a consistent and customer-focused experience. It essentially means maintaining a uniform appearance, feel, and tone across the brand’s communication mediums.
Integrated marketing works by creating a consistent message and experience across channels, increasing the likelihood of a conversion. It works because:
More channels = more eyes to see your messaging.
Repetition helps keep your brand top of mind.
You gain authority by being available on every channel your customers are on.
Ultimately, showing up more frequently across several channels is the highest reward for organizations that embrace integrated marketing. (Source: AdRoll)
Starting Your Integrated Marketing Strategy Off Right
It’s important to note that after discovering your business on social media, potential clients often begin their research journey, exploring your entire online presence, including your website and reviews. When they eventually make a purchase, they may attribute it to factors like positive Google reviews, your website, a door hanger, a TV advertisement, or even a recommendation from a neighbour, without ever mentioning social media.
Many companies track leads and referral sources, but it’s important to note that this doesn’t mean you should disregard your other marketing efforts and ask clients to pick just one source. Having numerous touchpoints enables interactions on different platforms, ultimately adding more value and conveying your message in a manner that better connects with individual prospects.
If you’re ready to put an integrated marketing plan into action, here are a few aspects to consider:
#1. A Website Alone Won’t Ring the Phone.
There’s little doubt that having a website is essential in today’s digital age, but this alone won’t guarantee business success. Many business owners naively believe that customers will automatically start pouring in once their website is up and running. However, a website is just one component of a comprehensive marketing strategy. To make your business top of mind, you must combine it with other elements.
#2. Social Media: Beyond Building an Online Presence.
Social media platforms offer incredible opportunities for businesses to engage with their target audience, but they should not be relied upon as the sole means of generating growth. While social media can help build brand awareness and foster a community, it should be integrated into a larger marketing ecosystem. Leveraging social media alongside other channels, such as a well-designed website and personal interactions, goes a long way toward developing a compelling and unified brand presence.
#3. Humanizing Branding through Personal Interactions.
Networking and personal interactions are often underestimated in our online-dominated social sphere. However, the value of face-to-face connections should not be overlooked. Attending industry events, conferences, and networking gatherings can help humanize your brand and establish credibility. These personal interactions provide opportunities to showcase your expertise, build relationships, and position your business as a reliable solution in the minds of potential customers.
#4. Speaking Engagements: Amplifying Your Reach
Speaking engagements are an excellent way to expand your reach and establish yourself as an authority in your industry. By offering valuable insights and sharing your expertise, you can capture the attention of community groups, professional organizations, and industry events. These engagements enable you to directly connect with potential customers and enhance your reputation as a trusted resource, ultimately keeping your business top of mind when they require your product or service.
#5. Paid Advertising: Maximizing Your Visibility:
Paid advertising via traditional means such as radio, television, and print media remains valuable. While digital advertising has gained prominence, traditional media outlets continue to reach vast audiences. Investing in well-targeted advertising campaigns boosts your brand’s visibility, raises awareness, and keeps you at the top of potential customers’ minds whenever they are ready to purchase.
Over to You
Integrated marketing offers businesses numerous advantages and opportunities compared to relying on a single touchpoint. Here at MYOB, we always want to ensure our clients understand this. By combining various elements like advertising, social media, and networking, businesses can develop a robust marketing strategy that amplifies their impact and distinguishes them from competitors. Many marketing experts agree – it can take up to 13 touchpoints before an interaction is converted into a lead.
If you’re interested in learning more about our marketing services, let’s chat. Contact Karen at 519-657-4283 or leave us a message on our website.
Remote work has grown in popularity in recent years, especially since the beginning of the pandemic. It has become an essential component of many organizations’ operations and a primary component in attracting and retaining top talent. Employees are experimenting with new ways to integrate work and personal life as remote work expands. One such emerging trend is the concept of “hush trips.”
What are hush trips? In general, they are brief getaways taken by remote employees to get away from home while bringing their work along. Rather than going through bureaucratic procedures, submitting forms, and seeking permission from their managers to work in a different place, they’re acting without prior approval.
Workers may choose to work from different remote locations for a few days or a week at their destination, but sometimes they’ll stay for longer. With options for backgrounds during virtual calls, and most communications occurring online, employees may manage to pull off their trip without their coworkers and employer catching on.
Hush trips can provide a reprieve for individuals whose employers are strict about vacation days. However, most employers frown upon the notion of secrecy and prefer their staff work only from their home offices or an approved location. It seems that some employees may wonder if it makes a difference whether they disclose their location if their work is getting done.
Taking a hush trip may seem exciting but consider these potential risks and problems that may arise.
What are the issues that could arise from hush trips?
#1.It is all too easy for hush trips to cause friction between employees. When one employee takes advantage of the generous work-from-home policies and goes on a hush trip, the other employees may find out and feel that their colleague is not taking their responsibilities seriously or not pulling their weight. This can easily lead to conflict and tension between employees. Therefore, managers should consider introducing policies regarding working locations to ensure all employees are aware of the expectations of remote work.
#2. A breakdown in trust between employees and managers can detrimentally impact the team dynamic. When information is concealed from leaders, they often discover it later, which creates a sense of deception. This can foster mistrust between you and your employer and undermine unity. To prevent the trust from deteriorating within the team, it is best to avoid a hush trip all together and be open and honest about your plans.
#3. Many employers are skeptical of employees’ productivity when working remotely outside their homes since there can be all sorts of distractions. The loss of structure and greater flexibility may cause a worker to be less productive. This rate of productivity may decrease even further if the employee is away on a trip. Plus, in the event of an emergency meeting or problem, it is not always easy to find a solution if an individual is in transit. This can cause major problems for the employee who is away, other team members and the employer. The potential losses in productivity and quick problem-solving capabilities might outweigh the advantages of allowing employees to work remotely at all.
Of course, there are many employees whose productivity wouldn’t skip a beat while working remotely from a vacation home or rental property for an extended period of time! This makes company policy and decision-making even more complicated for the business owner and the management team.
#4. Finally, there are internet security and tax implications to consider. When your business is conducted online, you must ensure that your data and devices are secure from cyber-attacks. You also need to be aware of any tax implications that may arise when working remotely for long periods, as there may be different rules for taxation depending on the country in which you are based. Before committing to a long-term remote working arrangement, it is essential to do your research and understand any potential financial and legal implications.
How can businesses better support their employees who prefer to travel?
If employees are unable or unwilling to disclose their travel plans to their employer, it may indicate a mismatch between company policies and employee requirements. The necessity of keeping this information secret can have a considerable emotional impact on employees and weaken the trust between the company and its team. Instead, companies could recognize and even encourage distant remote work by creating guidelines that support it, thus eliminating the need for hush trips altogether. This would not only help build trust, but it would also protect the company from potential tax and legal challenges.
There is no disputing the value of taking time off. Stepping away from the usual routine and changing surroundings can have significant advantages. It can spark fresh ideas, boost productivity, uplift morale, and create an environment for higher-quality work. In addition, taking time away can enhance your employees’ work-life balance and let them effectively handle personal and professional obligations. However, we recommend communicating your plans to do so.
In today’s fast-paced society, prioritizing self-care and taking breaks have become more vital than ever. Vacations and time off serve as a reset button for employees, enabling them to return to work with a sense of rejuvenation and renewed energy. This, in turn, can boost motivation and foster better collaboration among colleagues. Taking breaks has positive implications for both physical and mental well-being. By dedicating time to relax and recharge, your employees can enhance their focus, enthusiasm, and creativity when they return to work.
Over to you
Have you or someone you work with considered taking a hush trip? Or perhaps you’ve already taken one? Would you have felt more comfortable if you didn’t have to keep your location hush-hush?
Distant remote work can be a terrific way for your employees to enjoy new locales, avoid burnout, and improve their mental health as long as it does not interfere with job performance. To avoid hush trips, consider discussing these options with your employees. As employers, you can help by ensuring your staff is aware of any safety and security measures and ensure they are taking all necessary precautions. That way, they can make the most of their time away without compromising their performance at work.
One of the latest trends in social media is not about trying to persuade viewers to buy items; instead, it is doing the exact opposite. It even has a name – de-influencing. Whereas the influencer market informs people about the latest trends and shows them products to buy, some influencers, known as de-influencers, are doing their best to reduce overconsumption.
De-influencers are taking it upon themselves to promote a more sustainable lifestyle and encourage their followers to buy fewer, better-quality items. Some share their experiences with second-hand and vintage items and ways to get creative with what they already own. De-influencers encourage their viewers to exercise caution and make more deliberate choices by demonstrating that owning less stuff does not necessarily imply a lack of flair or originality. Additionally, they are also teaching their followers how to live more sustainably.
What exactly is de-influencing, and is it more than just a trend?
It’s no secret that the hashtag #deinfluencing has been viewed millions of times on TikTok alone. This is perfectly timed to appeal to people who are concerned about the current economic climate of inflation and rising living costs. Many people use TikTok to learn more about specific products and watch consumer reviews, making the platform a powerful force in customer decision-making. And as we mentioned in a previous blog post, TikTok can be a powerful platform for businesses looking to reach a younger, highly engaged audience.
De-influencing has sparked a broader discussion of how popular products may not necessarily be the best, and some content creators are outwardly questioning the necessity of certain purchases. This reflects a growing recognition of the impact of social media on our constant consumption habits. It’s fair to say that this significant trend is helping people focus on their purchasing habits while businesses are reconsidering the authenticity of their marketing methods.
How could de-influencing impact businesses?
While de-influencers are gaining prominence, it doesn’t necessarily mean that businesses should abandon their influencer marketing plans altogether. In fact, it could be an opportunity for organizations to re-evaluate their brand strategy and focus on promoting authenticity. Businesses could reduce the risk of becoming the target of de-influencers by presenting their brand honestly and avoiding false claims.
Small businesses, in particular, may find that traditional influencer marketing tactics are not as effective due to the growing demand for authentic interactions between customers and brands. Customers increasingly want to see real people using and endorsing products. By building genuine connections with their followers, small businesses can set up trust and loyalty that can lead to sustained success.
Over to you
De-influencing is a growing trend that is putting the traditional approach to influencer marketing to the test. De-influencers promote a more sustainable lifestyle and encourage their followers to make more informed purchasing decisions. Overall, de-influencing appears to be more than just a fad. Instead, it could be the start of a movement that has the potential to significantly influence how organizations and customers approach purchasing and marketing strategies.
Are you looking for a new and exciting way to engage your audience? Look no further than TikTok! This social media platform has become incredibly popular in recent years, especially among younger audiences. With its short-form video format, TikTok is the perfect platform for businesses to connect with their audience in new and engaging ways.
TikTok offers a wide range of creative opportunities to engage with customers. You can create videos that showcase your products or services or use the platform to share stories and experiences related to your business. You can also develop creative challenges that encourage user participation and generate buzz. By leveraging the power of TikTok, organizations can tap into an entirely new audience and open up growth opportunities.
Are you interested in how TikTok can be successfully integrated into your organization’s marketing strategy and how others use this widely popular platform? Let’s jump in!
Why should I consider using TikTok as a business, and what other types of organizations are on it?
TikTok can be a powerful platform for businesses looking to reach a younger, highly engaged audience. Many different types of businesses are using TikTok, from small local businesses to large global brands. Some common examples of businesses using TikTok include fashion and beauty brands, food and beverage companies, and entertainment brands.
On TikTok, businesses can easily create short videos that showcase their products, services, or brand personality. These videos can be highly creative and entertaining, making them a great way to connect with younger audiences. TikTok also offers a range of advertising options, including in-feed video ads, branded hashtag challenges, and influencer partnerships.
Here are a few examples of the kinds of businesses that are using TikTok. As you’ll see, the platform has become a great tool to help businesses of all sizes and industries create engaging content and reach new audiences.
Fashion and beauty brands: Many fashion and beauty brands are using TikTok to feature their products and promote new collections. They often use influencers and user-generated content to create engaging and entertaining videos.
Food and beverage brands: Restaurants, cafes, and food brands are using TikTok to showcase their menu items, create recipes, and share cooking tips.
Travel and tourism companies: Hotels, airlines, and travel agencies are using TikTok to highlight popular destinations, offer travel tips, and promote special deals and packages.
Entertainment companies: Movie studios, music labels, and TV networks are using TikTok to promote their latest releases, share behind-the-scenes content, and engage with fans. You may even see the next big star before they hit it big!
Fitness and wellness companies: Gyms, fitness coaches, and wellness brands are using TikTok to share workout routines, offer health tips, and promote their products.
Educational institutions: Schools, universities, and educational programs are using TikTok to provide a glimpse into campus life, share educational content, and engage with students.
Small businesses: A variety of small businesses are using TikTok to advertise their products and services, demonstrate their company culture and values, and connect with their local community.
Pros of using TikTok for your business
There are plenty of benefits to using TikTok for your business. Some of its main advantages include the following:
Reach a highly engaged audience: TikTok has a massive user base, with over one billion active users worldwide. This means that businesses can potentially reach a large audience with their content.
Showcase your brand personality: TikTok is all about creativity and personality. Businesses can use the platform to showcase their unique brand voice and connect with their audience in new and exciting ways.
Highlight workplace culture: Humanize your business by showing your employees’ day-to-day activities. Showing off comradery, or introducing your team creates connection between your business and those following you.
Cost-effective advertising options: TikTok offers a range of advertising options that are relatively affordable compared to other social media platforms. This means that even small businesses can afford to advertise on TikTok.
Increase brand awareness: TikTok’s algorithm is designed to promote content that is engaging and entertaining. As such, businesses that create relevant content that resonates with people can potentially reach an even wider audience and increase brand awareness.
Cons of using TikTok for your business
While there are many benefits to using TikTok for your business, there are also some potential drawbacks to keep in mind. Some of the main disadvantages include the following:
Limited targeting options: TikTok’s advertising platform is still relatively new, and it doesn’t offer the same types of targeting options as other social media platforms like Facebook and Instagram.
Time-consuming content creation: TikTok’s short-form video format can be highly engaging, but it also requires time and effort to create high-quality content. This can become challenging for businesses that don’t have a lot of resources to devote to content creation.
Limited analytics: TikTok’s analytics dashboard is still relatively basic compared to other social media platforms. This can make it difficult for businesses to measure the effectiveness of their TikTok campaigns.
Are you ready to take your TikTok game to the next level? Here’s what you need to be prepared to use this platform.
To be successful on TikTok, you will need to be prepared to create high-quality, engaging content on a regular basis. Some best practices to keep in mind include the following:
Start with at least 3-5 videos: When you’re just starting out on TikTok, it’s a good idea to have several videos ready to post. This will give you a better chance of gaining followers and building momentum.
Post regularly: TikTok’s algorithm favours content creators who post regularly. Aim to share a post at least once a week, if not more often.
Focus on entertainment: TikTok provides a place for businesses to share entertaining and engaging content. People would prefer to watch business content that is creative and enjoyable rather than just promotional.
Be authentic: TikTok users respond well to authenticity and transparency. Businesses should aim to showcase their brand personality and be genuine in their content.
Use hashtags: Hashtags are a key part of TikTok’s discoverability algorithm. Businesses should research relevant hashtags and use them in their posts. This will help increase the chances of their content being seen by a wider audience. One key TikTok term is #fyp which stands for “for you page”.
Collaborate with influencers: Influencer marketing is powerful on TikTok. Businesses can partner with relevant influencers to create sponsored content that promotes their products or services.
Over to You
In conclusion, TikTok can be a highly effective platform for businesses looking to reach a younger, highly engaged audience. However, it’s important to be prepared for the time and effort required to create high-quality content on a regular basis. By following best practices like posting regularly, focusing on entertainment, and collaborating with influencers, businesses can potentially achieve great results on TikTok.
