The Blog Of TL Wall Accounting

Archive for April, 2016

Extend What You Can Do If You’re Self Employed

Back in January we wrote a post about self employment for those people who are thinking about working for themselves or are new to it. This time around we’re offering suggestions that could possibly apply to people who’ve been in business for a while but are either struggling or not taking advantage of everything they know to increase their business.

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For instance, we’re an accounting firm. We’re pretty busy all year round, although we always welcome more business. 🙂 Still, if we weren’t as busy, there are a lot of other things we could offer that could help us not only bring extra income in but would help to advertise our business in the community.

For instance, myself or anyone else here could put on a program at a local hotel or elsewhere talking about accounting, Quickbooks, taxes or a number of other things. We could charge for it, advertise it in the newspaper and on this blog, and even if we only got 10 people to come that could make a nice little chunk of change.

We could do webinars and do the same type of thing, and our reach could be even bigger because of social media. Not only that but we could record it and sell it later as a product off our website. We could also take the material we produced, turn it into a book or ebook, and not only have another product but possibly something we could sell on a site like Amazon.

We find that most people see themselves as only one thing or only doing one thing. A friend of mine who works for herself saw her skills as a worker and that’s it. I had a conversation with her, saying that she was calling herself a consultant and that consultants don’t always just do work. She has the skill and knowledge to be an evaluator of processes for departments that are in her industry. She also knows how to offer advice, train, and handle interim management during periods where an organization might be in transition and need someone temporarily. She hadn’t thought of things like that and said she would think about it further and possibly alter her list of services.

When you work for yourself, it pays to take some time to sit down and think about all the things you can do within that business. While you’re at it, think about other things you might be able to do that relates to your business. For instance, there are a lot of people who have niche businesses that have turned it into a profitable speaking career. All it takes is some forethought, some confidence and the ability to speak to people and you could find yourself being seen as an authority in your industry.

Don’t rule out anything you might be able to do unless it’s something you don’t like doing. Being flexible is one of the wisest things those who are self employed can do to help them get by when things slow down.

Set Up Automated Payments Through Your Bank

In the movie The Secret, one of the philosophers, Bob Proctor, stated that instead of worrying about debt we should all start thinking about how we can improve and grow our income. His suggestion was to set up payments to automatically go out from our banks, make sure the money is in our accounts, then never think about it again.

The City
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While part of that is a bit scary, the part about not thinking about it, there might be something to setting up some payments to automatically go out from our banks to certain creditors. Let’s think about why we might do this.

These days, more companies are charging us for paper statements, trying to get all of us to set our billing up electronically. Sure, it saves them money, and we might get our bills sooner, but if you’re like me as it pertains to email you probably see it when it first comes in and then forget about it. Even those of us who have an idea of when our payments are due can easily miss a date because of this.

This is where setting up your account to pay some of your bills electronically might be a major benefit. Unlike the old days where it could take up to a week or more for payments to transfer, these days most payments actually show up in your creditor’s account on the same day your bank sends it. The longest you might have to deal with it is a couple of days, for which I don’t know a single creditor that’s true for, but I’ve heard that there are some that take a day to process your payments.

The negative is if your money situation is unstable, which means you’re not always sure that your money will be in your account. That and the worries about banking in places where your online access isn’t as secure as it might be at home could put you in a precarious position. Overall though, this is an efficient way to make sure your bills are paid if you don’t have any worries about money and don’t need to access your account too often when you’re not at home.

Because you’re doing it through your bank, the only thing they usually need from you is the name and account number of the institution you wish to be paid. After that, you select how much is paid and on what date and that’s pretty much it; you’re good to go. You can change either the amount or date whenever you want to; it’s pretty simple to do.

You could also set up payment arrangements directly with your creditor, but doing it through your own bank gives you more control over the process. Either way, it’s something to consider.