Small Business Accounting Tips

Global Resources LLC helps facilitate the change that is needed for small to medium- size businesses to flourish in today’s marketplace.  We excel in many areas crucial to the growth of small business, including accounting and analytics.

If you are a business owner that manages the accounting in your company, we have tips that may help you achieve success:

  1. Consider bookkeeper vs. DIY accounting – Though entrepreneurs might feel ready to act as head of accounting, sales and marketing at the same time to cut costs, it may help to hire a bookkeeper. It can help you to know someone with experience and deeper understanding is working on your books. To start, you can hire someone part time or as a freelancer, so you’re not paying a full time wage for these services. As an alternative, the U.S. Small Business Administration offers help with managing expenses on your own, while free accounting software from GnuCash.org lets you crunch the numbers yourself.
  2. Keep accounts receivable payments separate from borrowed funds – Small business owners need financial backing and/or loans for startup capital, marketing campaigns and other initial things in the early days. To make sure the loans don’t appear in the receivables, use software that separates income from borrowed funds. Don’t lose sight of what is yours and what needs paying back.
  3. Don’t allow clients to get away with not paying balances- Seeing a large amount in the receivables column is a good thing, but the money doesn’t really count until it is in your bank account. Don’t let clients avoid regular payments. Stand firm and insist you receive payment for past orders before letting them have more materials or services. The receivables department is crucial in keeping your company afloat.
  4. Detail daily expenses so you can budget for the coming weeks- It’s a good idea for business owners to keep records of everyday expenses they incur in the company. Instead of calculating expenses every two weeks for payroll purposes, focus on every day or every week. This can help you have a better idea of where finances are each week and how much money you’ll need to budget for in the upcoming weeks.
  5. Calculate a minimum monthly profit – When planning how much it takes to keep a small business running, the numbers can get complicated. Devise an accurate system of expenses and regular obligations so you know exactly the minimum income you need every month. Because income can be the easiest to calculate, make a strict target you’ll need to earn. Without that exactitude, accounting becomes confusing and your business can suffer.

To learn more about us and / or to schedule your appointment with the business experts at Global Resources, call us at 855-338-0266.

Tips When Hiring Seasonal Workers

Global Resources is a full-service business development group and general management consulting firm that can help you access the knowledge necessary to achieve success.   

We realize many small and medium – size businesses hire seasonal employees, especially during the holiday seasons. Although seasonal employees can be a great asset to a business, there are specific rules you must follow in order to abide by the laws. Below are five things you need to know if you hire seasonal workers:

1. You only worry about seasonal “workers” when you are determining if you are an Applicable Large Employer (ALE).  ALE has over 100 full-time and full-time equivalent employees in 2015 and over 50 in 2016. If most of the time you are too small to be considered an ALE and only become an ALE because you hire extra workers for up to 120 days, then you can use the seasonal worker exception.

2. A seasonal “employee” is a defined term and not just someone you believe is “seasonal.” By definition, a seasonal employee is:

(a) hired into a position which typically lasts for six months or less; and

(b) the position must begin at about the same time each year (e.g. every summer or every winter.)

3. It does not matter how many hours a seasonal employee works during the season. If you are classifying employees as variable, you will have to offer them insurance next year if they work on average more than 30 hours per week this year. Alternatively, if your employees are truly seasonal (i.e. in a position that is six months or less) then no matter how many hours they work per week during the season, you will not be penalized if you do not offer them insurance.

4. In order to benefit from the seasonal employee rules, you must be using the look-back measurement method. When you use the look-back measurement method, you are required to classify your employees as full-time, part-time, variable or seasonal. You must be able to prove that the position you are categorizing as seasonal really is seasonal. For example, if your season has been more than 6 months for the past 5 years, you cannot all of a sudden claim it is less than 6 months this year for purposes of the Affordable Care Act (ACA).

5. If you do not have a reliable and accurate way of measuring and documenting seasonal employees, you must offer coverage to avoid penalties.

To learn more about us and / or to schedule your appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Business Tips for Social Media Use

Global Resources LLC helps facilitate the change that is needed for small to medium- size businesses to prosper in today’s marketplace.  In fact, our experience, expertise and education has set the standard in the business consulting industry.

It’s our passion to stay on top of everything that affects small business. Therefore, we know firsthand that people are connecting with, listening to, following and collaborating with each other on social platforms at an amazing rate. A recent report indicates that 65% of American adults and 76% of all online Americans have joined a social network.

Not only is the internet used for personal use, but business people are using social networking sites to build their careers, promote their business and grow their reputations. It’s important to be strategic with your social networks, especially when intertwining business and personal.  Here are tips that may help you navigate the world of social media for your business:

  1. Use a different profile or account for your personal connections. Business and pleasure should not be mixed.
  2. Offer valuable information when you post. Don’t talk just about yourself and your company.
  3. Don’t befriend strangers with the intent of selling them on your products or services. You will quickly lose credibility and your so-called ‘friends.’
  4. Pick a screen name that represents you and your company well.
  5. Don’t send out requests for birthdays, invitations to play games or other timewasters for those using the site.
  6. Don’t put anything on the Internet that you don’t want your future boss, current client or potential clients to read.
  7. Check out the people who want to follow you or be your friend. Not only will you be judged by your “friends” but you also want to avoid spam accounts.
  8. Never post when you’re overly-tired, jet lagged, intoxicated, angry or upset.
  9. Compose your posts, updates or tweets in a word processing document so you can check grammar and spelling before you send them.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266.

Why Small Businesses Use POS

At Global Resources, our priority is to help small and medium – size businesses grow in their respected industries.  We achieve this by a variety of methods, such as implementing new cash control systems in the business at hand.

Our consultants have helped many business owners launch new Point of Sales programs to streamline business activity.  If you are unsure about POS, we have basic information that you may find helpful:

  • What Are Point of Sale (POS) Systems for Inventory Management? Point of sales systems are checkout locations in business operations where transactions occur. The checkout location is a point of sale or POS terminal, which is just a computer used as a cash register. Point of sales terminals and systems make perpetual inventory control systems possible.
  • Why Do Small Businesses Use POS? Having a POS system is a flexible and versatile way to streamline your business and increase efficiency, especially in retail and service industries. A basic POS will offer a way to take payments on the go. However, many also include powerful tools for customer and staff management, inventory and stock maintenance, as well as reporting and analytics.
  • What Are the Advantages of a Point of Sale System? With a point of sale system, you don’t have to worry how much inventory you have on hand. The point of sale system keeps track of that and you have the information at a glance. A POS inventory management system also allows a business owner to have more than one business location and adequately keep track of inventory at each without being present. No more worries about employee theft or pricing inconsistency between one location and another. The boss can be away and not worry about employee theft. Employee efficiency can be maintained. Point of sale systems take care of those problems that result when management isn’t present.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Tips to Help Secure an Internship

At Global Resources, our consultants help navigate the way for business owners to achieve success.  Our collective expertise allows us to access the information that is critical for your business to reach and surpass its goals.

Many small businesses find it valuable to partner with internship programs around the country. If you’re a student interested in finding an internship, we have tips for you:

  1. Choose your field: Internship programs for students provide the opportunity to explore career options with low commitment. You aren’t expected to make a lifelong career decision. But choose smartly—the field might help you get a leg up when it’s time to find a real job.
  2. Consider the location: Consider housing, transportation and proximity to family and friends.  An internship in Hawaii may sound terrific, but be realistic with your approach.
  3. Have your resume ready: To find as internship program, college students, even high school students, should be prepared with an organized, error-free record of your education and work experience.
  4. Get your papers organized: When you apply for an internship you may need some documents beyond your resume. College transcripts and letters of recommendation are great pieces of information to share with your potential employer when your job experience is limited.
  5. Prepare for the interview: If you are going to meet your future employer, you need to look the part. If it’s a phone interview, be prepared and polite. In both scenarios, do some prep work— be prepared to explain and discuss everything you included on your resume, think about how the college courses you’ve taken so far have prepared you for this job, have a few questions about the job and company ready to ask (they will ask you if you have any questions), and review your qualifications, strengths and weaknesses so you are ready to provide good answers.
  6. Create a realistic budget: Internships for undergraduates, while valuable learning experiences, often are unpaid positions. Consider the money you will need and work up a budget so you know what you can realistically handle.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.

Why Small Businesses Often Opt to Hire from Within

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America.  We work diligently to help business owners create strategy for important business functions, including staffing, cost control and accounting.

Often, small and medium-size businesses find it’s worth the time and consideration to look at current employees to fill positions, rather than hiring new staff. If you are in need of filling positions, we have listed three benefits to promoting employees from within the company:

  1. You’ll save money on hiring costs– By promoting from within, you save on hiring costs.  There’s no need to spend time and money advertising your position, reading tons of applications and interviewing candidates. Even when you think you’ve found your ideal candidate, there is always the chance he or she will turn down your offer in favor of a competitor’s. When promoting from within, you can quickly narrow down your candidate pool and the information you need to evaluate them is readily available.
  2. You’ll save money on compensation – When you hire someone from outside, you have to make sure your compensation package is competitive – particularly when the position is hard to fill. Hiring from within can alleviate some of those challenges!
  3. You’ll see a better quality of performance- When you promote employees from within, you already know they fit well with the company culture and have a proven performance record. And because they already know the company and the culture, your internally promoted employees can hit the ground running instead of having to go through an onboarding process, the way external hires might. In fact, research has shown that internally promoted employees perform better than external hires and are less likely to leave their jobs on their own accord. Of course, your newly promoted employees may still need some time to adjust to their new positions, and may require a moderate amount of skills training to ensure they are equipped to succeed in their new positions.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Sales Tips for Small Business Owners

At Global Resources, our business consultants help navigate the way for your success.  Our vast experience, expertise and education allows for us to access information that is needed for you to reach your business goals.

Many of the industries we work in, such as manufacturing, construction and wholesale, depend on business sales for company survival and growth.

If you’re an owner of a business that facilitates sales, we have general tips that may help you:   

1. Upsell Effectively – If you are not upselling, you are leaving money on the table. Upsells are very effective to increase sales. Once they buy from you and are in a buying mood, it’s easier to close an additional and related sale.

2. Run a Customer Reward Program – You really don’t need to be a fortune 500 company to run a rewards program. Just make it a simple program where people can get discounts for being a customer and satisfying certain simple criteria’s such as:

  • Collect points and redeem points for discounts, gifts, and so on
  • 10% discount on your purchase if you shop for more than $100

3. Contact Your Customers- Reach out to your customers and ensure that they can buy the products with ease.  Ensuring your customers are happy and forming strong relationships with them helps guarantee they become loyal clients. 

4. Create an Incentive Program for Your Sales Team – Provide incentive to your sales team and you’ll see that your sales will mostly increase after setting up the incentive. It can be anything from getting featured for the month on your company website or extra pay. See what works with your employees and give them something they will value.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.

3 Tips to Help in Career Advancement

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America.  We’ve worked with thousands of business professionals in various industries and have seen firsthand the significance of career advancement.  Not only are smart business owners interested in helping with employee advancement, but savvy business professionals are constantly thinking of their own career advancement.

Advancing your career is something that you should always be thinking about. If you aren’t working to advance your career, you may fall behind. No matter what sort of situation you’re in, even if you’re comfortable in your current job, you should keep your mind open to opportunities and ways you can move forward.

If you’re interested in career advancement, here are general tips that may help you:

  1. Set goals – Without goals to guide you, it’s hard to know what direction you’re going to move toward. Sit down and make a list of what you want, whether it’s a type of work, raise in salary, new title, amount of responsibility or other traits you want in a job. If you know what you want for your career, it will make the steps necessary to get there clearer, which will make reaching your goal(s) easier.
  2. Request more work responsibility- Oftentimes when companies are looking for people to promote, they are looking for people who they feel can provide value to the company. To demonstrate your ability to add value to your company, take on more responsibility and go above and beyond your expected requirements. Ask for more work and additional responsibility to show that you can provide extra value to your place of work.
  3. Continue learning – Education is crucial to career advancement. If you aren’t learning, you aren’t adding to the value you can provide to employers. There are several ways you can continue to learn. Work with a colleague who has knowledge of a skill set you want and use them as a teaching resource, learn a new skill or enhance an existing one on your own or decide to return to school for additional higher education.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Why Hire a Marketing Firm

Global Resources LLC helps many small and medium – size business owners access the knowledge needed for growth. We then help facilitate the change that is necessary for your business to thrive in today’s marketplace.

One common challenge we’ve seen business owners deal with is marketing for their growing brand. As your business grows, deciding between hiring a marketing agency or an in-house marketing team can be a tough decision.

There are several reasons many small business owners consider hiring an agency:

1. You don’t have to train and manage an agency– One of the most time consuming aspects of hiring a new employee is the process of bringing them into your company and having them understand their role. Some businesses spend months on the training process alone. Even after all that is done, you’ll still need to spend time managing the employee and making sure they stay on task. With an agency, it’s a whole other relationship. There is no training or managing to deal with on your end because that is handled internally by the agency’s management team.

2. You’ll save money – You might be surprised to hear that an agency, overtime, will be much less expensive. Here’s how:

  • You won’t need to pay payroll taxes since they are an independent contractor.
  • You won’t need to pay benefits/healthcare costs.
  • You won’t have to pay for any of the expensive tools that are needed to properly run and track a marketing campaign.

If you’re thinking that those are just minor expenses, you will also want to take into account that to get the experience and expertise of an agency you would need to hire premium employees.  In contrast, a marketing company may only charge your small business anywhere from an estimated $4,000 to $10,000 per month, depending on your needs.

3. You’ll have access to a team of experts – If you decide to hire an agency, you won’t just have access to one expert.  You’ll actually have access to a team of experts. The number one benefit to hiring a marketing agency is that they have worked on similar campaigns in the past. This means they know what works and what doesn’t especially if they work with clients in the same industry as yours.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266.

Reasons Why Small Businesses are Outsourcing

At Global Resources, we work diligently to help small and medium – size businesses grow.  We have a thorough understanding of how growth is critical to business owners.  In fact, the day your business stops growing is the day your business starts dying. We also know that growth takes time and resources — time and resources you may not feel you have.

For most small business owners, every minute of every day is already crammed full. It’s no wonder why many small businesses are choosing to outsource. If you’re considering outsourcing, here are reasons why other small business owners like yourself are choosing this avenue:

  1. Outsourcing frees up capital for growth. Saving money isn’t just smart; it’s a necessity for most companies. Why? Saving money frees up capital you can invest elsewhere in your business.  This is key–especially in the early stages–when you’ll benefit from avoiding large expenditures. Fortunately this is where outsourcing offers exponential advantages. By converting fixed (and often sizeable) outgoings into variable or smaller costs, outsourcing frees up cash to be used elsewhere.
  2. Outsourcing lets you focus on what you do best. You are most useful to your company when you focus on the activities that will make it grow. To do that, you need the time. When you outsource, you can allocate the tasks that you find the most challenging to the people who actually love doing them.  Hate spread sheets? Find an outsourced accountant.  Dislike social media? Find an outsourced social media expert.
  3. Outsourcing gives you instant access to experts. One of the biggest barriers to growth is failing to surround yourself with the right people, so outsourcing is a sure-fire way to access a talented bunch of people at a fraction of the price it would cost to hire them in-house.
  4. Outsourcing gives you much greater flexibility. No two small businesses are the same, yet the one thing they do have in common is the need to be flexible because things can–and often do–change quickly. Therefore, outsourcing has clear advantages. Not only can it provide you with instant support, but a service can adapt to the peaks and troughs of your business.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.