Five ways to accept payment and manage money
Posted: Thu 30th Jun 2016
Boiling business down to its most basic level involves making sales to happy customers and encouraging those customers to return, whilst managing costs. You need to ensure the amount of money coming in is higher than the amount going out! Emma Jones, founder of Enterprise Nation, shares five tools that can help you achieve the right balance.
When it comes to getting paid, it doesn't get much easier than PayPal. You can plug PayPal into your website in minutes, to make it e-commerce enabled and accept currencies from across the globe. The company also has an option for taking payment on the move called PayPal Here. This is a card reader that can be paired via Bluetooth with your mobile phone or tablet so you can accept card payments when selling face to face, at a market or in a pop-up. Simply set up a business account with PayPal, order the device and start accepting payment! The card reader accepts contactless payments so you can take payment fast without the need for a PIN and the receipt system makes sending the customer receipt straightforward.
Build a great e-commerce enabled website and the sales will flood in without you having to leave your office! For your internet shop to succeed you need a user friendly design and a payment system that encourage customers to browse and pay. Several e-commerce solutions exist but consider using WooCommerce which powers 37% of the world's online stores.
If you are surrounded by paper receipts and spend Sunday afternoon putting them in a spreadsheet and shoe box, then this could be the tool for you. Take pictures of your receipts, upload to a cloud accounting software tool (see next tool) and Receipt Bank takes care of the rest by plugging the expenses into your accounts. Picture perfect!
Referred to as 'beautiful accounting software', this is the tool that enables you to keep on top the money that's coming in and going out. Raise invoices, track late payments and plug in a feed from bank statements to get a complete picture of your financial situation. Many accountants also now use Xero so you can start with the software for around £20 per month and find an accountant who can pull the figures and build tax returns on the back of the data.
Have questions on tools relating to getting paid and managing money? Make the most of the fifth route which is a free call with an accountant! Visit ICAEW's Business Advice Service to find an accountant in your area, or operating in your sector, who is willing to have a call (at no cost) for up to an hour, to answer your accounting and payment questions.
This post is supported by PayPal Here, helping entrepreneurs and retailers never miss a sale.
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PayPal does not endorse any third party products or services and can't be responsible for their content. PayPal (Europe) S.à r.l. et Cie, S.C.A., Société en Commandite par Actions. Registered office: 22-24 Boulevard Royal, L-2449, Luxembourg, R.C.S. Luxembourg B 118 349.
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