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Infographic: Accounting Should Use Cloud Technology

$10,000 Strong and Growing How U.S. Small Businesses Get Started QuickBooks. Most United States small businesses start with $10,000 or less in capital, primarily funded from the founder's personal savings. Humble as the startup beginnings may be, eventually robust results can be achieved. Yet sustaining and growing a small-scale company remains risky business-from a growing customer base, to recruiting and managing employees, to maintaining cash flow. Here, we show how small businesses are staying healthy and strong while building a better economy. From Survive to Thrive Heed the advice of the many who’ve come before you, as hundreds of small-business owners weigh in on their experiences in the startup journey. Cost to start a small business in America: Annual revenue needed to feel confident in your business' long-term health: • 35% At least $30,000 64% $10,000 or less 12% $10,000-$20,000 • 22% $30,000-$50,000 • 21% $50,000-$100,000 11% $20,000-$50,000 13% $50,000+ • 22% $100,000+ Sources of external guidance during the first year in business: Consensus among small-business owners is that the first year in business is the toughest. • 46% • 38% It's the most difficult year Online searches • 22% • 23% It's more difficult than most years Friends who own small businesses • 19% It's about the same as other years • 17% Formal education • 8% It's not as difficult as other years • 12% The Small Business Administration • 4% It's the easiest year Health, Wealth, and Wisdom When asked what they'd do differently if given the chance when first starting out, small-business owners share some common regrets. 67% Write a better business plan 65% Spend more time and money on marketing Nearly 2/3 49% of small-business owners (68%) recommend spending more time and energy on mastering financial management. Find a mentor 29% Hire an accountant Shape Up and Help Yourself Take advantage of the many available financial management tools and resources. Improve your financial management in as easy as 1-2-3. 1 3 Invest in new money- management methods. Separate your finances. Seek professional help. 56% of small-business owners use outdated tools, like spreadsheets or pen and paper 41% use financial management software 29% of small-business owners use the same bank account for personal and business transactions. 42% actively work with accountants for advice and business financial- management support. Exercise Smart Business Practices Cozy Up to Your Bank • Show your financial institution that you know your business inside and out, and you might receive better assistance. • Improve your confidence and make smarter business decisions with software's help. Know Your Industry Cash Flow is King Understanding your business' inner-workings is crucial. • Who are your best customers? • Which supplier has the best service and support? • What can you learn from your competitors? • Utilize tools to see exactly where your money is traveling. • The better you understand your cash flows, the more likely you are to succeed. Starting a small business can be empowering and is within your grasp. Take advantage of the tools at your disposal-things like financial management software or accounting personnel's expert advice-and make a big difference in the security of your business' future. Quickbooks.intuit.com intuit qD QuickBooks. U.S. Small Business Administration II

Infographic: Accounting Should Use Cloud Technology

shared by aditi90 on May 25
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This infographic List all the important reasons why Accountant, bookkeepers, and other professionals should use cloud technology.

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Technology
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