Every Small Business Needs These Services

Every Small Business Needs These Services

So, you’ve just started a small business and you want to know a little about financial services. What financial services does your small business need, and which ones can you do without or at least put off until your business grows?

Project Management Tools

At first, project management tools might seem like an unnecessary complication —and an equally unnecessary expense. You may be asking, “Can’t we just exchange occasional updates and then leave everyone to do their work? We could save so much time and money!”

There are plenty of projects that have been managed with nothing more than e-mail and other simple tools in the past. But did they hit all their marks? To meet all your goals both on-time and within budget, project management tools are necessary. Learn what tools you need by working with an expert management consulting company.

Why Project Management Tools Matter

Without good project management, schedules can go off the rails, budgets can inflate, and the final result, be it a new product, service, or process, can become unfocused and deadlines missed. Given the plethora of great tools available, not having one could be considered foolish. A good project management tool provides many benefits, including:

  • A clear focus on both the big picture and the day-to-day details.
  • Keeping the project within realistic boundaries.
  • Providing opportunities to mitigate risk.
  • Allowing managers and their teams to learn from their mistakes —and their successes

Banking

When a business first starts, it may be small —perhaps with only one employee, the owner! It may seem like no big deal to use personal banking accounts to run a small business, but truly, it is better to keep them separate. Having separate accounts limits legal liability; makes it easier to track business transactions, every day and especially at tax time, and makes it easier to obtain loans. Get educated on business valuation and analysis by working with Global Resources LLC.

Insurance

There are two types of insurance nearly every small business need: general liability and workers’ comp. Workers’ comp protects your employees, while general liability protects your property. Depending on your business, additional types of insurance might be necessary. For example: if you make deliveries, then you will need a commercial vehicle policy. If most of your business is online, you should consider a cyber liability policy (for server outages and hacking incidents).

Accounting and Bookkeeping

If you already have a bookkeeper –or just some bookkeeping software –you may be wondering why you need an accountant. You need a company that provides both bookkeeping and accounting services, and we are here to tell you that they are not the same thing.

Both bookkeeping and accounting are concerned with the financial health of a business. The difference fundamentally is like the work. Bookkeeping is about transactions: incoming and outgoing payments, to and from staff, vendors, and clients. Meanwhile, accounting is about analysis and interpretation. The day-to-day transactions, considered over time, paint a bigger picture of what is going on. In addition, accountants have training in tax preparation and can help keep a business compliant.

So, among others, these are the main services that every small business needs to prevail and be successful. It’s a matter of creating teamwork with other companies that can help out your business to make it to the top.