4 tips every small business owner should remember
One of the best Honey "saves you money" stories we've heard came from a business operations manager whose job entailed a lot of online shopping for office supplies. Not only did he save his company a bunch of money with us, but he was able to rack up enough points to redeem them for over a thousand dollars in cash back, too!
We hear a lot of similar stories from our small business owners. Every dollar counts for them, from the money saved on a new printer to how efficiently they can run their enterprise. Enter: Intuit QuickBooks, which is now offering 50% off QuickBooks Online for three months. How can this help the budding entrepreneur save, you may ask? Here are four things every small business owner should know.
Creating a solid business plan includes more than choosing a name. You need to get into the nitty-gritty: estimate startup costs, get to know local markets and pricing, and finally, set realistic goals. To help with the latter, QuickBooks Plus (the most popular package) can track profitability. This means getting a high-level view of things like your labor costs, inventory, or even just expenses of the job (in case you're a team of one) in clear dashboards and reports. With your expenses under control, you can see how much you're likely to profit...and a quick indication of where you stand in terms of goals.
Things can get messy quickly! Stay organized and know exactly where your money currently is and where it's going. QuickBooks packages can help do the work for you, from tracking income and expenses, sales and taxes, and invoices and payments to even paying your bills (with the Plus package, that is). Staying on top of your money can boil down to something as simple taking a photo of a receipt of that new desk setup you absolutely need, which will then be uploaded and organized into its rightful expense category, or something more passive, like how QuickBooks can import transactions straight from your bank, credit card, and even Paypal accounts.
You have an awesome product, but what does that mean if no one knows about it? Creating a website, launching your social media presence, and photographing your product or visually showcasing what your product can do are keys to success. Luckily, Honey can save big on all the tools you need (think: website domains and photography equipment); while, QuickBooks can track those expenses. Aren't we a helpful pair?
A lot of people are scared to start their side hustles because of the headache that is taxes. But QuickBooks makes it easier. Not only does it automatically calculate taxes on your invoices, but you can sort your expenses and receipts to maximize tax deductions (trust: your CPA will thank you) and even manage your 1099 contractors (which can be prepared and filed straight from QuickBooks). Being organized at the start will make tax season a lot less scary.