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With the economy in a bad state, small business owners are struggling to stay afloat. But does it have to be this way?

In fact, there are many ways a small business can succeed even in a bad economy. Business owners need to digitize and make use of all the latest tools available to them. From Digital Banking to automated payments, there are many things they can do today that will help their business grow and thrive.

The first step is understanding how your customers work—do they prefer online shopping or would they rather shop in your store? This is important because if you’re not offering an online option, potential customers may go elsewhere.

Once you know what your customers want, then you can figure out what kind of payment options they prefer. If they like using cash or checks instead of credit cards or debit cards, then it will be up to you as a store owner whether or not you’ll accept those forms of payment from them.

If your customers like using credit cards or debit cards more often than anything else then it’s worth considering accepting those types of payments versus others like checks or cash only for good reason such as security concerns about identity theft etc..

Small businesses are the backbone of our economy.

They’re where people go to find their first job, and where they go when they want to start something new. But it’s tough out there for small business owners these days. In this economy, it can be hard to keep your head above water.

So how do you make sure your business stays afloat? We have a few tips for you.

First off: digitize everything! From the ways, you accept payments, to the way you track inventory, to the way you book travel for employees—digitizing your business means saving money and making things easier on yourself.

Second: automate everything! You don’t want to spend hours manually entering data into spreadsheets or trying to remember which form went where when every employee leaves at 6pm on Fridays (all right, maybe that last one is just me). Automation makes everything easier and faster, so why not take advantage of it?

Finally: make sure you’ve got an accountant on your team who knows what they’re doing with taxes and regulations. You don’t want any surprises when tax season comes around—and even if your accountant isn’t able to help with taxes themselves, they can still point you in

Small businesses require a lot of bookkeeping to keep their finances organized and running smoothly. However, the owner of a small business can’t expect to do all of this work on their own. They may have to hire someone to help them with bookkeeping or accounting, which can be expensive if they don’t know what they’re doing.

Accounting is a broad term that encompasses many different aspects of financial management. Bookkeeping refers specifically to the recording of transactions in a ledger or account book that’s used by businesses and individuals. It includes recording transactions and posting them to accounts such as cash, assets, liabilities, equity, and income. After you have posted your transactions into your ledgers, you need to make sure that all of these numbers balance out at the end of each month or quarter.

It’s important for small business owners to understand their numbers so they can better manage their finances and make informed decisions about their business operations. Small businesses often use software programs like QuickBooks or Sage 50 Accounting software for accounting purposes because it allows them to create reports from their financial data easily and quickly so they can see where money is coming in and going out and how much profit they made during each period of time. However, using external accounting software, that doesn’t include expense management or payment systems can be a huge admin requirement. That’s why many business owners choose Great Week to get everything under one place, from Banking to Accounting.

Use digital financial tools to save time and money.

If you own a small business, you need to keep track of your finances. You can do this by yourself, but it’s easier and cheaper to hire a professional — an accountant.

A professional accountant can help you make better decisions about how to use your money. They also help you stay compliant with tax laws and other regulations that may apply to your business.

Accountants have several different specialties, including bookkeeping, accounting and auditing. Bookkeepers keep track of the money coming in and going out of a business. Accountants prepare financial statements and advise on tax planning. Auditors review financial information for accuracy and compliance with standards set by government agencies or industry associations.

Costs

The cost of hiring an accountant depends on several factors:

How much work do they need to do

How many hours do they work per week or month (a full-time CPA can charge more than part-time)

The geographic location where they work (the cost of living is higher in some parts of the country)

Great Week has over 20 CPAs in their network that digitally look into all the transactions of your business and help you do the formal reporting. Since Great Week has done lots of automation, the cost of actually having a CPA is a fraction of the cost if the CPA would need to go through all your receipts, payments, revenues etc.

Track your cash flow.

When you’re running a small business, it’s important to keep track of your cash flow. You can’t grow if you don’t know where your money is going!

Fortunately, this is something we can help with. We can provide accounting services that will help you track your finances and make sure that you have all the information you need to make decisions about how best to use your money.

We can also provide bookkeeping services that will make it easier for you to manage all of the different accounts associated with running your business.

Manage and pay your bills on time.

Managing your business’ finances is probably the most important thing you’ll do. It’s also one of the most time-consuming, so it’s important to find a bookkeeper or accountant who understands how to keep costs low and make sure you’re paying as little tax as possible.

You may also want to consider outsourcing some parts of your bookkeeping. For example, if all you need is someone to record payments, reconcile bank accounts and send out invoices, an online tool like Great Week is more than enough. If you need help with more complex tasks like payroll, tax returns, and filing HMRC returns, then it might be worth looking into hiring a full-time accountant instead.