Money, Money, Money

money

Everyone wants to be paid. Why else would you have gone into business, whether you’re selling a product or a service? The ultimate goal is to earn money and to be profitable.

With an online business, you need to consider different platforms that allow you to achieve payment and clarity of the performance of your business.

Accounting

Accounting software is a crucial element of your business. When it comes to the finances of your business you need to be able to track the money coming in and the money going out. Firstly, to make sure that you are tax efficient and secondly to be paying yourself from the business properly. There are many different platforms out there some including Xero, QuickBooks Freshbooks. You can use them independently or subcontract this out to a self-employed accountant to support you. Alternatively, you can find software that is completely accountant based for me. For me, I wanted them to be together as I knew nothing about accounts. So I use a software called Crunch for mine.

 Payment Gateway 

Online payment gateway is probably a high priority integration. It is an integral connection point between a client and supplier. Due to the importance of the connection, it can be found that these platforms are a native integration on a lot of Platforms. These include SquareSpace, Zoom, DocuSign, WooCommerce, Podia, Katra and so many more.

There are many different Online Payment gateways out there. The ones that are most commonly used in the UK are PayPal and Stripe. Both are renowned in all areas of online business the difference between the two is the percentage commission that they take per sale. This is something that you need to consider especially if you have international clients when it comes to looking at conversion rates and the difference in percentages taken from different types of countries

Tracking

You are selling a service or product and the money is coming in Woooooooo. 

But,

Do you know the quantity of each item you are selling?

How much time does each item you sell take?

Do you know the profit margin of each item?

Are you pushing the sale of the item that has a smaller profit margin?

How close are you to needing to register for VAT? 

Can you have enough profit margin to bring in new staff?

Tracking your data is key to be able to make the key choices in your business

 

 Round Up

It is a one of the piece that every business needs so make sure this is one of the first choices you are making along with the communication and you will be firmly on your way. Make sure you are keeping an eye on and looking at all the different data that you are getting from the different streams in your business

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