Ruby Business Solutions

We are SO excited and honoured to be nominated for TWO awards with Small Business BC! The awards we are up for are: Best Immigrant Entrepreneur 2021... Best Youth Entrepreneur 2021 We would LOVE your support. Please follow this link and cast your vote. . https://smallbusinessbc.ca///2021/ruby-business-solutions/

Having slow-paying customers is inevitable for most businesses. Here are a few ideas that your business could use to help encourage your customers to pay faster and sooner. Introduce incentives to encourage your customers to pay early to help offset late payments. You could offer scaling discounts for clients who pay early. For example, if you own a small accounting business, offer a 10% discount for clients who settle their account 10 days early, an 8% discount for client...s who settle eight days early and so forth. If you sell big ticket items, consider requesting customers to pay a deposit. Use accounting software to help your business track slow-paying customers, and send your customers automated reminder emails before payment is due. Your business could initiate a cash on delivery policy for customers who frequently make late payments. For more cash flow tips please visit https://rubybusinesssolutions.com/

Are you running a clinic with multiple practitioners, accepting insurance, and a fluctuating quarterly earning? Then you probably need a bookkeeper! Let us help you keep all your AR/AP, tax records, and cash flow projections running smoothly. ... You're busy helping your clients, let us run your finances.

A huge thank you to our wonderful clients! We are so proud of being able to work with small businesses from across Canada. Here is what one happy customer has to say: "Laura the owner and founder of Ruby Business solutions has been a life saver for the bookkeeping side of my small business. She rescued the shambles of receipt bundles and organised me onto Quickbooks and other automated easy to use apps in a seemly swift and seamless transition. My books are so well streamline...d, thanks to Laura I know exactly what the financial status of my business is on any day of the week. She follows up and not even the smallest issue is left unattended. Very happy client! Thank you Laura." Jennifer Muller Thank you, Jennifer! For more information about our services and processes please visit our website. https://rubybusinesssolutions.com/

2020 has affected how some small businesses are managing their finances. Here's a quick tip about how to save money in an unpredictable world. Reconsider fixed cost commitments: Flexibility is a jewel of 2020 and years ahead. Long-term commitments for the business will be a one-time expense, giving value for longer durations. This hack is simple but really useful. ... For example, almost all subscription-based software for small businesses, including accounting software, offer discounts when you take long-term deals. It can help to avoid frequent payments and outflow of cash. Furthermore, as a rule, long-term packages are more profitable than a monthly subscription deal. It also ensures you can utilize services even if there is a time of crisis when your business is not making similar amounts of profit.

Prepare for tax season by saving as the year passes. If you've fallen behind, don't worry. Just start now and add extra savings every month. Open a business savings account and set aside money from your business earnings every month to pay your quarterly tax. Calculate a percentage (25-30%) of your income and transfer it over before you spend it. A fool-proof way is to do it the minute your customer pays you.... *Tax savings percentages will vary based on your company's income.

Merry Christmas from our family to yours!

Keep a close eye on accounts receivable. When customers don’t pay on time, your business’s cash flow can dry up fast. Pay attention to when your receivables are due and contact late-paying customers right away to nudge them along. Even if a customer is having financial problems, you may be able to set up a payment plan to get at least some of what you’re owed. Getting a friendly conversation started is always a good first step. ... If you have questions or are facing challenges when it comes to your company's accounts receivable DM us.

Are you looking for more ways to grow your business? Let's start with looking at your finances. Working with an experienced bookkeeper can mean finding ways to make more, uncover, and protect your money. Check out our website to find out more! ... https://rubybusinesssolutions.com/ See more

Don’t wait too long before seeking a loan. An easy mistake to make is waiting until your business is in financial trouble before applying for a small business loan or other credit. This is exactly when you will be least likely to receive financing. Consider applying for a business line of credit when your small business finances are still in a good state. You can use the funds for expansion or as an emergency should you need access to funds. Unlike a loan, you won’t pay any interest with a line of credit until you actually withdraw funds.

On a positive note during this challenging year, it's completely acceptable to give gift cards as holiday gifts to your clients. Digital Gift Cards that are sent via email will mean that there is no chance of contamination and you do not have to worry about delays in shipping. Your clients will appreciate the chance to share your gift with their team to match each company's unique situation and you wont have to worry about getting your gift in the mail on a deadline.

Although it can be tempting and fun to create your marketing and branding materials right away, it's best to not spend prematurely. Don’t go big on business cards, signs, marketing materials, cars, inventory or a trendy office space before any actual revenue comes in. This can create a cash flow blockage. Make a plan to add these expenditures as your cash flow grows. This will help you avoid having to scramble to find more clients, you'll be able to build at steady pace and give each client and piece of work its due attention.