Bookkeeping and Accounting will often be tasks that a small business owner will struggle with.
Let’s face it. Your goal in the long run is to make money. That is why you are doing this in the first place. Often entrepreneurs start their own venture so that they can own a business and generate a comfortable living doing what they are passionate about. That passion will come from a variety of outlets, such as products, manufacturing, services, and many other types of revenue generating activities. Whether you hire employees or a one man show right now, your attention should be on the activities that will create that flow of money coming into your business. It is the lifeline that will support your business and yourself. Getting your product and services out to the general public and delivering your goods to the end user is your most important task. And it should remain that way.
But you cannot neglect the necessity of having your financial records taken care of. Quite often, this can become a task that is not viewed as being as important as generating the actual sale. And you may be right on that point. But it is something that needs to be taken care of for the overall benefit of your company.
If you operate a business that, as an example, requires payment up front for a product, then you may not be concerned at all about collecting on orders placed. Funds are in the account immediately! But if you are a company that allows customers to place orders or purchases on an account, you are going to need to get those invoices out as soon as possible, following the order being fulfilled. Are you creating invoicing as soon as possible and getting it mailed out or emailed to the customer for payment? The quicker you can convert these invoices into cash in the bank, the better cash flow you will have to operate. You may need to follow up with some customers who may be a bit slow in processing. All of these receivables need to be managed so that you are making sure you get paid for what you have provided.
You will also need to make sure that all of the business activity expenses are recorded and tracked. Be careful with those receipts! Getting your expenses recorded in your books as soon as possible is much easier to manage, rather than trying to find where you put them and enter them every month or so. If you are purchasing any materials, goods, or even services for your business that you place on account with another business, you need to know when the payment is due. Remember your receivables, mentioned above? Well, your account is a receivable for another business. You need to do your part in ensuring payments are issued when they are due. Getting this kind of expense recorded as soon as possible will help a great deal with this. And avoid late payment penalties.
Where do you record all of this? In a notebook? On a pad of paper? No, there are many different bookkeeping and accounting software solutions on the market that can tackle this very easily. The packaged software will come with all the necessary components to set up your ledger accounts (a fancy name for the type of expense or revenue) and will equip you with report generating tools that will give you a snap shot of the health of your business.
These financial reports may just look like a report of a bunch of numbers to you. They are so much more than that. They provide clarity on the overall activity of the business. They will pinpoint issues that may become very problematic in the future. And they are key reports that investors and banks will be looking at, if you are needing funding at some point in the year. Or, if the end result you are seeking is to sell your business, this is “looking under the hood” for potential buyers.
Unless the business you are operating is actually an accounting or bookkeeping service, chances are that you will have very limited knowledge about how to set up your books. How accurately you are able to set up those ledger accounts, will determine how accurate your reporting is. As bookkeeping or accounting isn’t your primary focus in your day-to-day operations, you shouldn’t be using your time to learn everything about it. Instead, trust a professional who is as passionate about your books as you are about what you do. They will share with you their insights on the health of the business, help you to understand all those reports with the numbers on them, and help you see your path forward into the future. Having them on your side is well worth it.
Nothing will make your garage floor look great than epoxy coating. Many home owners have discovered just how stunning the final product can be for their own garages. With a wide range of colors and patterns, the creativity of the homeowner isn’t restricted. And the extra added benefit is that epoxy will improve the lifespan of the flooring.
Just so we are all in the know, epoxy is a strong, durable resin that will repel oil, water, and other different materials that stain and damage garage floors. It is very useful in protecting and extending the life of concrete, keeping it from deterioration and failure. And the maintenance is very easy.
Let’s go over a few of the reasons that many professionals will recommend epoxy flooring for your garage.
The surface of epoxy garage floors is sealed and smooth. Any dust or dirt is easily swept away. Nothing collects on a rough surface, like concrete can. It is also water resistant and does not create a favorable environment for bacteria or pathogens to grown. If you or anyone suffers from certain allergies, epoxy will help keep that under control.
Easy to Maintain
As we mentioned earlier, the maintenance of an epoxy garage floor is very simple. Because the surface is smooth, there are no gaps, pores, cracks, or joints that can collect dirt and grime. Being water resistant, it will not allow for moisture to penetrate and cause damage. Chemical and oil spills are easy to clean up. And the floor will resist staining from these spills.
You will not experience damage to the epoxy garage floor due to your tools. This is really important. Because items such as Jack stands, jacks, and rolling toolboxes could cause damage to other types of floors. It is resistant to temperature damage, that being either extreme heat or colds. So it will weather very well in all seasons the climate will give us. Clean up of road salts and icy brines that get tracked in by vehicles is very easy. Also, as a nice add on, you can have a slip resistant aggregate applied during the final coating. Creating a slip-resistant surface, which is also a safety benefit.
Epoxy is tough. Extremely tough. It’s very much like giving your garage floor an armour to wear. Grease, acids, gasoline, and other car fluids will not break through and cause damage. Nor will other chemicals such as bleach and other cleaners. Industrial applications have been going on for years. Now residential applications are seeing the durability this product has to offer. When applied correctly, epoxy coatings can maintain its color and condition for decades.
If you are looking for garage flooring that will take your garage to the next level, epoxy is the material to use. Absolute stunning results can be obtained. There is such a wide range of colors and styles to choose from and applications for use keep growing. You can create the appearance of metallic, granite, or terrazzo. There is definitely a style and color to fit everyone’s taste and style.
We offer you a warning though. Epoxy is best installed by a professional. The skill they bring to the table is required to get the best epoxy flooring results. Epoxy flooring is definitely not a project you want to take on yourself.
Do you have any plans this summer to tackle a renovation project? It can be really exciting to set out plans and visualize what your space will look like after! The job may take time, but it will be worth it! Diving in head first might not be the best approach. You are going to want to plan out exactly what you are going to keep and what you are going to dispose of. This includes walls, carpeting, windows, you name it! It also includes furniture, old appliances, cupboards or cabinets, even the kitchen sink!
You might want to consider renting a dumpster to have on premise, while you are doing your demolition work. It will keep your work area free of debris and will keep it a lot safer for you and others who are working or visiting the site. Last thing that you ever want is for someone to step on a nail! Or to cut themselves on a sharp edge of metal trimming or such. Keeping the work space free of all hazardous material is the best method of avoiding a trip to the emergency room, or having to stock up on band-aids! But you should still have a first aid kit on hand regardless. Hopefully, you will never need to open it, but it’s there if you need to.
If you are going to rent a dumpster or bin, you should definitely contact a junk removal company early. Bin rentals during the summer months are a pretty popular thing. When you realize that a lot of home owners or businesses like to do their major renovations during the warmer season, this makes sense. So, we would recommend that you plan ahead, at least a month or two, and book the dumpster early. At least you will have it reserved, come the time that you will need it on site.
If you are removing old appliances, you can also hire a junk removal company to come and take them off your hands. This might be the perfect time to get rid of them, rather than moving them and then reinstalling them after the renovation. Why not get rid of them instead, at that time. You can schedule your delivery of new appliances to co-inside with the completion or partial completion of the project. Getting the old out of your way to start with will free up space for you to plan and renovate how you want the space.
Are you planning on replacing flooring? Maybe taking up the carpet and installing hardwood floors instead? Haul it outside and have it taken away. You won’t have to waste any time taking it to the dump. You can stay on the job site, continuing with the renovation, while a junk removal company comes and takes the old stuff away.
Are you going to upgrade your furniture? Maybe a new couch and chairs? Or a new kitchen or dining room set? You can donate your old furniture, if it still has some life left in it. There are many different charities that take donations of furniture for people in need. Some will pick up. Some won’t. But many junk removal companies are aware of the need for furniture and such, and will recycle them appropriately. Many will take them off your hands and deliver them to the charities directly. They are working hard to try and keep items out of landfills as well.
When you do use a junk removal service, the fees associated with the job depend on the size of the load. Often, there may be a small surcharge if you need them to remove the item from your home. You can always remove items prior to the scheduled pickup time and place them outside yourself. This will reduce the cost to you. But if you are not able to do so, they are always capable of doing that for you.
If you prefer to take items to the recycling centres yourself, you can find where they are located and the hours of operation online. But sometimes, especially during renovations, it may be more time-saving to hire someone to haul your debris and unwanted items away. Keeps you working and moving forward on your renovation project!