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Key Disruptions Rocking the Franchise Space




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Like veritably all businesses in the post pandemic era, those operating in the franchise space are experiencing a wave of major change—as is the franchising trade at large. Accelerated and elevated adoption of technology; consumer demand for more efficient and on-demand service; and employee appeals for greater flexibility are among the many industry pivots that are evolving seemingly by the day.

These and other kinds of changes and challenges each have their own implications within the franchise space—a sector projected to open more than 26,000 locations and nearly 800,000 new jobs, employ nearly 8.3 million people and contribute $477 Billion to the U.S. GDP by 2021 year end.

“Amid all of the economic upside and the changes that are propelling the sector into new territory on multiple fronts, there are also numerous disruptive trends that, if not aptly adapted to, can become make-or-break factors for a franchise-based business,” cautions Jimmy St. Louis, Chief Executive Officer at—the franchise business MLS that connects franchise buyers and sellers globally.

According to St. Louis, here are a few key disruptive trends reshaping the space.

Transparency Takes the Lead

Now more than ever, accurate data and transparency is no longer a request, but rather has become a foundational requirement. The franchise development industry has never experienced the collective and global transparency of franchise data that is now underway. Franchise brokers, consultants and online franchise portals currently dominate the franchise development industry, but these outdated methods do not adequately meet the needs of modern investors. No matter the investment, buyers expect transparency and comprehensive data to facilitate the vetting process. Franchise buyers do not just want to be sold something, but rather they want to invest in a business that will best assure they will thrive financially, professionally and personally. Proper franchise selection has the biggest impact on whether or not a franchisee will succeed in any or all of these areas. Brokers and franchise portals not only limit the options available, but may also guide a prospective buyer towards a brand that is not right for their goals, objectives and sensibilities.

Industry Portals are Perishing

Specialized industry lead generation and business development portals have long been the connector between franchisors seeking to engage with potential franchisees, and they are dying on the vine—and rightfully so. Although consumers may not be aware, portals can be doing them a disservice. This is because of the fairly ubiquitous business model where portals are compensated for leads created—inherently creating a bias and weighting interests toward the portals themselves versus prospective buyers. That means that, as a franchise investor, a portal makes money off of you whether or not you are actually interested in—or suited for—the brand you merely clicked on to check out. Beyond this dynamic, there are a myriad of other problems with franchise portals. Brands are looking to these portals to find qualified and interested buyers, but often feel that they are wasting their time, energy and marketing dollars on unprepared leads. Those that are often not pre-qualified, vetted or properly funneled toward applicable brands. In addition the prospective franchisee is then often prematurely bombarded with phone calls even prior to their understanding of the brand. In turn, they are also left to their own accord to organize their thoughts, perform their own research and make their own investment decision. Thus, franchisors have been lamenting that they are paying too much per lead and heeding very limited results—eroding business development budgets that are stressed and waning post-COVID-19.These dollars are now being allocated toward other lead generation methods with a more demonstrable ROI.

Mass Entry Mishaps

Also in the wake of COVID-19 people are more wary than ever. Many have lost their jobs and, with it, their sense of stability in a traditional career path. Suddenly a 9 to5 job and promise of a bi-weekly paycheck does not feel reliable and, income aside, many people are also seeking more professional autonomy. The recent pandemic has accelerated the mass exodus from traditional careers and fueled the transition to freelancing, gig work and entrepreneurship. With this, franchise businesses have become a very popular option for people looking to pursue a more entrepreneurial route while absorbing less risk. This wave of new buyers are seeking to capitalize on the engrained support—and to leverage the power of an already established brand—as they embark on their entrepreneurial path. However, this eagerness and enthusiasm can lead to hasty or high pressure-driven decisions and avoidable mistakes—with selecting the wrong franchise for their goals and personality paramount among them.

Biz-Busting Legislation

Industry insiders indicate that new legislation will soon be proposed that threatens the profitability of the franchise broker business model. Franchise brokers count on being paid a portion of the initial fee that a new franchisee has paid to the brand up front, before the unit opens. By example, if a franchise investor pays $99,000 for the rights to open five locations, a franchise broker is typically paid 50% or more of that as their commission, regardless of the amount of locations the franchise opens. However, the newly-proposed legislation allows brokers to be paid the franchise fee as each franchise unit actually opens. This payment paradigm changes the entire sales process and cash flow for a broker. Compounding the concern is the fact that there are thousands of franchises soled each year that never open. With the current system, brokers are paid for their efforts of successfully bringing a new franchisee into the fold whether or not a unit actually opens—a post-sale situation out of their control and sphere of influence. This entire dynamic can put both the broker and the franchisor in a more compromising position, strain professional relationships in the process and potentially undermine a franchisee’s ability to obtain adequate broker assistance when desired. In simple terms, this new legislation will align the interest of all parties, but the broker network will surely not like it.

What Does This Mean for the Future of Franchising?

“These disruptions in particular are prompting key concerns for all contingents: inadequate access to mission critical information, cost inefficiencies and misaligned interests among them,” notes St. Louis. “Franchisors are having immense difficultly finding qualified franchisees due to misaligned interests of portals. This as brokers, and the tidal wave of prospective new franchise buyers themselves, are lacking a means to procure qualified information and efficiently connect with the right franchisors. This sector exemplifies the need for innovation and we expect to see several technological solutions manifest over the next few years. Transparent and self-guided sales processes have already begun to dominate a multitude of industries, including everything from buying houses on platforms like Zillow and cars on Carvana to shopping for insurance and more. Franchise development is long overdue for change; namely to establish a more innovative sales method that truly aligns the interests of franchisors and franchisees, alike, to the drastic benefit of all parties.”

Perhaps anything less than what St. Louis describes would be akin to shopping for a home without access to meaningful online data, leading to wholly inefficient and uninformed decision making that only exacerbates risk. In today’s marketplace, and the hugely impactful franchise trade in particular, that kind of result is entirely unnecessary, avoidable and will surely be regarded buy industry pundits as wholly unacceptable. Today, one couldn’t even imaging buying a home without suitable online resources.

Toward this end, St. Louis is pioneering change with–a first mover in the franchise development space. By providing a platform that allows prospective franchisees to independently access all of the information they need, on-demand and at their fingertips, they can make a fully informed and unbiased decision about the franchise that will best meet their needs and help them achieve their goals as a business owner.

As an equitable, multi-sided business platform, allows prospective franchisees to connect directly with franchisors. This structure allows for both franchisors and franchisees to manage and store their respective custom data associated with franchise buying and selling, and to even execute the transition online. The vast amount of tools that are provided to both franchisors and franchisees are intuitive and can demonstrate critical value to the investing experience. This first-of-its-kind platform is well-poised to become the benchmark standard for any franchise investor and seller.

The process is comprised of three easy, user-friendly steps that do not require any prior experience with franchising.

  • How does a prospective business owner know that franchising is the right path for them? provides a thorough breakdown of franchising and what all it entails in an objective format, never pushing a user toward a brand—or franchising at large—if it’s not the right fit.
  • allows buyers to view company information such as investment requirements, franchise fees, royalty fees, how long the company has been franchising, how many locations are currently open, potential earnings and more. The platform offers thousands of Franchise Disclosure Documents available through the site that may be viewed at no cost. Users can even do side-by-side comparisons of franchise statistics with a convenient comparison tool.
  • Once a buyer has narrowed down their top franchise choices, they can work their way through the entire buying process right from their dashboard, including direct communication with the franchisor. No need for a middleman to slow or sway the process.
  • Franchisors can claim their brand, update their company information, access information on their franchise leads and engage directly with prospective franchisors. As an added service, they can also opt to have take care of the entire franchise development process for them, from start to finish.

“Because of the franchisee journey we’ve created, franchisors can rest assured that the leads they receive from our platform are high quality and truly interested in their brand,” St. Louis said. “This will be a welcome change from the wasted time and money spent chasing after the poor-quality leads provided by franchise portals. And the benefits for buyers equally abound and starts with free access. Anyone can create an account on Franchise123 and begin exploring franchise options at no cost. Our intention is to completely transform the industry and make a significant, quantifiable impact in franchise sector growth. Toward that end, franchisees can rest assured that they have adequate investment tools to make the best, most accurate and informed decision for their interests, needs and goals.”

According to one report, assuming control of the COVID-19 pandemic is forthcoming this year, FRANdata predicts that by year-end, franchising will have recovered to nearly 2019 levels in most metrics: business growth, employment, economic outlook, and contribution to the GDP. The report also cited that total franchise output is projected to grow by 16.4% and contribute a total of $780 billion to the U.S. economy. All this largely founded on antiquated systems and processes rife with shortcomings. One need only imagine the economic upswing were the franchise development space to operate in a more efficient and equitable manner. This St. Louis is apparently hell bent on making happen.


Forbes Business Council Member Merilee Kern, MBA is an internationally-regarded brand analyst, strategist and futurist who reports on noteworthy industry change makers, movers, shakers and innovators across all B2B and B2C categories. This includes field experts and thought leaders, brands, products, services, destinations and events. Merilee is Founder, Executive Editor and Producer of “The Luxe List” as well as Host of theSavvy Ventures” business TV show that airs nationally on FOX Business TV and Bloomberg TV and the “Savvy Living lifestyle TV show that airs in New York, Los Angeles, San Francisco, Miami, Atlanta and other major markets on CBS, FOX and other top networks. As a prolific business and consumer trends, lifestyle and leisure industry voice of authority and tastemaker, she keeps her finger on the pulse of the marketplace in search of new and innovative must-haves and exemplary experiences at all price points, from the affordable to the extreme—also delving into the minds behind the brands. Her work reaches multi-millions worldwide via broadcast TV (her own shows and copious others on which she appears) as well as a myriad of print and online publications. Connect with her at and / Instagram / Twitter / Facebook / LinkedIN



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Custom Bumper Sticker Printing Wholesale



Custom Bumper Sticker Printing Wholesale Custom Designing

You’ve come to the right place if you’ve ever wondered why people love to use custom bumper stickers for advertising. These reusable, weather-resistant stickers are an inexpensive way to advertise your business or product. You can choose from various designs, including images, logos, slogans, and more. Whether you want them for indoor or outdoor use, bumper stickers are ideal. The vinyl material is thick and durable, and they’re laminated for maximum protection against scratches and damage. Matte lamination also prolongs the life of the stickers and protects them from fading and UV rays.

Custom bumper stickers are a popular form of advertising

One of the most effective ways to advertise is through the custom bumper sticker printing wholesale industry. There are many benefits to using stickers to promote your business. A sticker can help you reach a lot of people. These stickers can promote a variety of different products, including those from your competitors. The prices for stickers vary according to their size and style. Some people like to add a little humor to their business, while others like to use a message aimed at a general audience.

While the concept behind bumper sticker printing has been around for a while, they weren’t always so popular. In fact, bumper stickers were first used in the tourism industry. The first known large-volume order placed at a print shop was for 25,000 stickers for the Marine Gardens in Clearwater, Florida. The popularity of these stickers spread throughout the country. Their widespread use during the 1952 presidential race led to an explosion in their use. Since then, bumper stickers have been used in nearly every political campaign and presidential election.

Bumper stickers are also a great way to promote a business. They can show a certain level of sophistication or low-key charm. They can even be a symbol of support for a particular cause. And with only a few square inches, bumper stickers can tell a story. And they can get people talking. That’s what makes custom bumper sticker printing wholesale such a popular form of advertising.

With so many benefits, custom bumper sticker printing wholesale is an excellent way to advertise your business.

With the right design and message, your stickers can reach thousands of people – and even become viral sensations. Whether running a political campaign, promoting a school athletic team, or promoting a new brand, custom bumper sticker printing is a perfect choice. The possibilities are endless.

They are a cost-effective way to spread a message

Printed stickers are an affordable way to spread a message or a business message. Custom Printed Stickers can be made into bumper sticker designs. They can be used as promotional items, decals for various firms, and labels for products. You can design your own stickers, purchase designs from other sticker manufacturers, or create a design using visual design software. Digital imaging software such as Adobe Photoshop and Illustrator are available for creating sticker designs. You can use any program you prefer, but make sure you use one that can produce JPG or PNG files. You should also determine the price of each sticker before ordering bulk stickers.

Decide on the target market before beginning your sticker business. Research the market to determine your target audience and product. Try to target one or two niches, such as colorful decals for kids or standardized shipping labels for manufacturers. Once you’ve narrowed down the target market, you can start selling your stickers to businesses and consumers. Consider your unique selling proposition and choose suitable suppliers to help you reach your targeted audience.

To profit from your sticker business, you should purchase printing supplies. You’ll need a cutting mat and clear vinyl laminate for printing pre-die-cut labels. The higher quality of the sticker will affect its longevity outdoors, which is a significant factor in a legitimate sticker business. Whether you’re a small or large business, a wholesale sticker printing service is a great way to spread a message for minimal cost.

They are weatherproof

Bumper stickers are a great way to market your business or brand. They are waterproof and can be placed on many surfaces, including cars, bicycles, and motorcycle helmets. They are also available in various sizes, from small squares to extra-large rectangles. Some are weatherproof, while others are designed to be scratch-resistant and are durable enough to stand up to the elements. Custom bumper sticker printing wholesale is an affordable way to brand your athletic equipment and get the same mileage for less money.

Waterproof product stock for bumper stickers is a specially coated vinyl sheet that allows high-resolution graphics and photographs. It is also easy to remove, and the adhesive is water-resistant. Custom bumper stickers can also be created using inkjet white vinyl media. These stickers are ideal for outdoor use, as they are resistant to water, sunlight, and scratches. Because they can withstand the elements, custom bumper sticker printing wholesale is weatherproof and durable.

They are reusable

When it comes to reusable custom bumper sticker printing, bulk orders can save you money. You’ll only have to pay for the sticker itself and the shipping costs, which are kept low. Your order will be processed as quickly as possible. You’ll also save on resources since you won’t have to print stickers separately for each order. This makes them an excellent choice for businesses on a budget.

Custom Bumper Sticker Printing Wholesale Custom Designing

Among the different types of reusable custom bumper printing available from a wholesaler is the Oracal 3 ml sticker. It’s made from durable vinyl and has a permanent adhesive backing. The sticker can be applied to virtually any surface and is UV and weather-resistant. The standard turnaround time for cut-to-size stickers is four business days. You can also choose a vinyl material if you want your product to last for years.

Whether you’re looking for a funny car sticker to promote your business or a message to spread, reusable custom bumper sticker printing wholesale offers a great solution. Customizing your sticker with your company’s logo or a slogan can make the whole experience more fun. You’ll want to choose a font that matches your brand and one that’s easily legible from a distance. Remember that bumper stickers are like miniature billboards, and they’re best when they’re designed to stick out from the crowd.

If you’re planning on buying reusable custom bumper sticker printing wholesale, you can choose from a wide range of designs. Depending on the size of your order, you can choose from a variety of finishes, such as gloss, matte, glossy, and matte. Many of these stickers are very durable, which is a great benefit. If you’re ordering large volumes, these stickers are a great option.

They are easy to design

Using a template, you can design your custom bumper stickers. Stickers come in various sizes, including square and round, and can be made of a variety of materials. You can also use different cuts to customize your stickers. Kiss-cut and die-cut stickers are two common types, and both are easily cut to the sticker’s paper backing shape. This technique makes it easy to make sheet stickers with more than one design.

If you want to sell stickers in bulk, you can use a service that produces these custom-made stickers. Zazzle and Cafe Press offers free store setup. These companies have fantastic online templates and allow you to design stickers independently. Once you’ve created your sticker’s design, you can scale up your production to larger quantities and sell them at a profit. After all, sticker printing is a relatively easy business to launch.

Choosing the right sticker design is the most critical part of launching a sticker business. After deciding on a brand and a slogan, you’ll need to figure out what kind of sticker to create. A cartoon cat may not be a good idea, but Ilona Rossinger has created her own. She uses milkie the cat as a theme for her stickers and mixes and matches different designs. Creating stickers for other people’s businesses can become part of your day job or a small side business.

Another factor to consider when designing a bumper sticker is the size. Because they have limited space, choosing the right size can make a huge difference in how well your stickers are perceived. For example, if you’re in the events business, use a script font that makes your business stand out. If you’re selling a product, choose a futuristic-style font or a sans serif font for general-purpose bumper stickers. Make sure your font choice is easy to read from a distance.

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5 Important Facts That You Should Know About Blockchain Development



blockchain development

Blockchain is undoubtedly one of the hottest topics of discussion in recent times. The term has gained a lot of popularity over the past few years. Blockchain technology evolved at a steady pace and is continuing to do so. Blockchain comes with its own set of advantages that prove to be extremely beneficial for a wide range of industries. It is precisely the reason why a huge volume of businesses are looking forward to utilizing the potential of blockchain technology and making the best use of the same.

 The popularity of the technology is clearly indicated by the rising demand for blockchain developers over the past few years. Hence, blockchain development has become one of the most sought-after career options in recent times. Moreover, several business owners are looking forward to hiring the services of a trusted and reputed blockchain development company to make the most of the technology to benefit their business. Thus, if you are planning to implement blockchain technology into your business or wish to opt for a career in blockchain development, here are five important facts about the technology that you should be aware of.

1. Blockchain Cannot Be Corrupted

Blockchain cannot be changed, altered, modified, or corrupted because of its immutability. The immutability of blockchain makes sure that the network is permanent and unalterable. It does not rely on central authorities and uses a collection of nodes where every node present in the system has a copy of the digital ledger. Every node is required to check its validity for adding a transaction. This, in turn, makes blockchain corruption-proof and promotes transparency. Once a transaction is added to the ledger, none is able to go back and change it, thereby not permitting anyone to edit, delete, or update the same.  


2. Security is Readily Enhanced 

None is able to change any of the characteristics of the blockchain network for their benefit because of the absence of a central body or authority. Blockchain uses encryption to ensure an added layer of security for the system. The security in the network is possible due to cryptography. Along with decentralization, cryptography helps add another layer of protection for users. Cryptography is nothing but a very complex mathematical algorithm that plays a significant role in acting as a firewall for attacks.


Each of the pieces of information on the blockchain is hashed cryptographically, meaning the actual nature of the data is hidden by the information on the network. Therefore, there is a unique identifier for each data. Every block in the ledger possesses its unique hash and contains the previous block’s hash. Hence, tampering with the data means changing the identification of the hashes, which is just impossible. Thus, security is readily enhanced.


3. Blockchain is a type of Distributed Ledger

A public ledger usually provides all information regarding a transaction as well as the participant. However, in the case of a distributed ledger, a consensus of shared, replicated, and synchronized digital data is spread across several sites, institutions, or countries. A blockchain is a type of distributed ledger on a network that is maintained by each of the participants in the system. This distributed computational power throughout the network of computers ensures a much better outcome. It is certainly one of the major features of blockchain that results in a highly efficient ledger system as compared to the traditional ones.


4. It is Decentralized in Nature

A Blockchain network is decentralized in nature, which means that it does not have any central authority, governing body, or a single person looking after the framework. Instead, there is a group of nodes that maintains the network, thereby making it decentralized. Decentralized nature is one of the key features of blockchain, which eliminates the need for any governing body making it possible for users to access it directly from the web and store assets. Therefore, the decentralized structure of blockchain gives power to the users to have direct control over their assets without any kind of intervention from anyone.


5. Blockchain Thrives on Consensus Algorithms

It is to be kept in mind that every blockchain thrives due to the consensus algorithms. The overall architecture of blockchain is designed very cleverly, and at its core, consensus algorithms are present. Every blockchain possesses a consensus for helping the network make decisions. To state the same in simpler terms, consensus refers to a process of making decisions for the group of active nodes in the network. In this regard, these nodes can very quickly come to an agreement. At any point in time, where millions of nodes are validating a transaction, a consensus plays a significant role in helping the smooth running of the system.


Moreover, the consensus is responsible for making the network trustless. The nodes might not trust each other. However, they can trust the algorithms which happen to be running at the core of it. It is exactly the reason why each of the decisions on the network happens to be a winning scenario for the blockchain, which is one of the major benefits obtained from the technology.  



Being aware of these five important facts about blockchain makes sure that you are able to make the best use of the technology. With the passage of time, companies are starting to realize the potential of blockchain technology and the benefits that it can offer. Although the technology is still in its evolving phase, we are yet to utilize its power in the best possible manner. It is expected to evolve further over time and become mainstream in a considerable volume of businesses regardless of the industry to which they belong. So, we have to wait and see what the future has in store for blockchain technology.

Author Bio

Ritam Chattopadhyay is a seasoned writer with over half a decade of experience in professional content writing. Ritam’s expertise in content writing has enabled him to work with clients globally on different projects. Presently, he is working with SoluLab, a premium IoT, AI, ML, and blockchain development company where he handles multiple projects as a content specialist.

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The Key Role of Bookkeeping in Business Finance Management




Bookkeeping plays a key role in laying the financial foundation for any business simply because that is where you have all the crucial information required for sound business and financial decisions. As every business owner depends upon accurate and timely financial records, efficient bookkeeping becomes a necessary process.

The core motive of maintaining accurate, well-organized records is to have a set of reliable financial data that business owners can count on. If you are running a business, you might already know how your accounting books help you make key business decisions. Let’s discuss briefly other significant reasons why you should set up and manage the bookkeeping process effectively.

Importance of Bookkeeping for Your business

Bookkeeping, regardless of your business type, is essential to ensure your financial and legal obligations are met. With having accurate financial records;

  • You get a clear view of your business’s health (by looking at important financial statements)
  • You get crucial information for financial analytics
  • You can detect discrepancies and take rectification steps well in time
  • You can prepare well for the future by understanding trends and patterns in financial transactions
  • You can rest assured and be confident about dealing with IRS audits or inquiries

Why Should You Hire a Bookkeeper?

The main reason why you need a bookkeeper is that considering your daily busy schedule, you would not be able to find enough time for maintaining records, reconciling them, generating statements, etc. Therefore, you need someone professional to manage these tasks, freeing you to spend your valuable time on other important value-adding business aspects.

If you want professionals for your books but you don’t want someone sitting full-time in your office crunching numbers, you may hire bookkeeping outsourcing services. According to Clutch, 37% of small businesses outsource finance and accounting. You may also consider outsourcing a strategic option to implement industry-best bookkeeping practices all while reducing bookkeeping costs.

However, you should join hands with an outsourced bookkeeping service provider who can help you meet all accounting principles and compliance requirements applicable in your province and to your business. Also, your outsourcing partner must have the required abilities and experience to establish the financial foundation of your firm.

Once you have a professional bookkeeper or a team of qualified, experienced, and skilled bookkeepers on your side, you will be able to realize a series of benefits, aiding the entire financial management process; let’s discuss some of them in brief below.

Benefits of Efficient Bookkeeping for Your Business Finance Management

Maintains Thorough Records

Ledgers or books of accounts act as the key source of all the financial information; no doubt why bookkeeping is called one of the core pillars of your business’s financial foundation. It records transactions using authentic sources including invoices, receipts, transaction notes, etc.

It helps you keep regular track of sales and purchases; basically, each transaction that is either sending cash out of your business or receiving it in your business accounts. All major accounting reports such as income statements, balance sheets, shareholders’ equity statements, etc., are prepared using information obtained via bookkeeping.

Helps You Do More with Numbers

Watching your business bank account balance increase over time is bliss. However, you need accurate numbers to depend upon in order to maintain such consistent financial growth. Bookkeeping helps you have a set of accurate financial records, allowing you to see and understand exactly where your firm is spending cash and from where it is earning the same.

Want to know how much your company spends on power, office essentials, and building maintenance? Your books of accounts will have these records.

Need to find your top-paying clients or customers? Your bookkeeping records will provide all the data required for comparison.

Makes Tax Preparation Easier & Smoother

According to a Staples survey with small business owners, more than 50% see tax preparation as complicated. Tax season can be challenging for any business owner due to multiple reasons. It requires one to sift through thousands of (paper/digital) documents, and dive into transactional data and tax rules to calculate due taxes. As a business owner, you might be doing the same along with managing your daily responsibilities like inventory management, staff salaries, vendor relations, etc.

On the other hand, high-quality bookkeeping records allow you to access all important information (systematically maintained over the past months or years) beforehand. It makes tax preparation easier and helps file tax returns before the due date.

However, the aforementioned survey also revealed that around 40% of participants do not have accounting expertise. This might be one of the many reasons why many business owners outsource bookkeeping services to professionals. It saves your time and effort, ensuring you don’t leave tax preparation to the last moment.

Helps Improve Decision-Making

You are making several important decisions every day. If you look into your financial books a little more closely and analytically along with reviewing statements, you would be able to read between the lines, which could influence your decision-making. For example; if you are planning to apply for business loans or thinking of an expansion, you must have accurate financial information to determine if you can afford to invest or pay back loans.

The list of finance-related decisions is long, having an efficient bookkeeping process in place helps you make sound decisions based on actual, authentic data, especially when it comes to the bigger picture of finance management.

Aids with Budget Preparation

Financial budgets are all about tracking and understanding trends, and patterns in financial activities over a period. And then predicting possible situations (challenges/opportunities) for the future in terms of financial management. Now you might agree how important it is to have precise accounting information that can be obtained by having an efficient bookkeeping process.

By taking a deep dive into your company’s financial records, you can make projections anticipating;

  • How much cash is needed to operate smoothly?
  • How much should be spent on marketing and outbound sales?
  • How much can you afford to hire more employees?
  • Do you have enough cash to manage inventory for the next quarter?

You must find answers to all these questions to prepare an effective budget and that’s where efficient bookkeeping helps you in the best manner. Similarly, your books of accounts tell you if you are overspending or underspending, or following the budget properly.

Ensures Compliance

Are you aware of all financial accounting guidelines you must adhere to? As a business owner, you are responsible for ensuring that your company’s financial reports comply with all important accounting guidelines. You must also know that even a small error or mistake can create a big difference between the calculated numbers and actual numbers.

Bookkeeping is not limited to data entry; bookkeepers also reconcile the transactions with bank statements and take corrective measures if needed. When some of the vital statements and reports (that you submit to government bodies) are prepared using accurate data maintained by professional bookkeepers, you rest assured of compliance requirements.

Bookkeeping can really have an impact on the way you manage your company’s finances. However, to optimize your firm’s bookkeeping process, you might need support. Many business owners also use bookkeeping software and hire a bookkeeper while many choose outsourced bookkeeping services to save more. You can also make a choice depending upon your needs and budget and free yourself to focus on core business aspects; let professionals manage the bookkeeping part that aids the overall finance management.

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