Our Founder and CEO, Mark Kilduff, recently offered helpful business advice in an interview, sharing vital tips for staying afloat during the difficult conditions of COVID-19! Enjoy the entire article below.
BRIDGEWATER, MA / ACCESSWIRE / May 6, 2020 / Remote Quality Bookkeeping have been working on finding ways to put the pieces together in terms of how to stay afloat during the COVID-19 pandemic. Remote Quality Bookkeeping or “RQB” in short, has seen it all during their 20+ years in the accounting and bookkeeping industry. They have seen a lot of ups and downs in terms of the economical situations and have assisted their clients by coming out of it through their experience and expert guidance.
RQB has nine associates who work with hundreds of small business owners across the United States in various industries as well as 13 franchise systems where they support the accounting for franchisees who are in need to account for their business as well as providing payroll service, accounts receivable and payable services, meals and sales tax services, along with CFO level interpretations reviews and so much more.
Another interesting aspect for them, and which to our knowledge no one else has done before, is that they have perfected three pieces of intricate software that drive a beehive Bookkeeping service for the masses. They’ve built their infrastructure to support over 500 clients where one of the software is a time tracker so that their staff can document promptly the time spent on individual tasks for individual clients. Now they’re able to give the client analysis on where the time is being spent. The second is an encrypted safe database perfected for associates where quick access to client’s banking and credit card information is readily available so they can quickly move from task to task without the cumbersome aspects of today’s world of verification. The third is the most impressive, a document management system that not only integrates storage and archival but creates workflow and OCR readable documents so that said documents can be channeled through work process as well as prepare table for importing data into accounting softwares so that there is no more need for data entry and human error.
RQB services small business owners with businesses who desperately need to relinquish accounting so that they can focus on growing their brand. Or a person who needs better information and answers from their books. Or someone who is trying to grow and cannot get out from under the paperwork.
In a recent one-to-one interview, the Founder and CEO of RQB, Mark Kilduff highlighted the recent COVID-19 situation and explained how to gain clarity in times of fear and uncertainty. In the same interview, Mark stated his intentions for the future. His primary goal for the next 12 months, he states, will be to adapt to this new environment post COVID-19 which is why he has written:
THREE TIPS ON HOW TO KEEP YOUR BUSINESS THRIVING DURING COVID-19:
If you own a small business right now that means that you operate with an entrepreneurial mindset. No matter how scary things may get during this pandemic, you are already at an advantage because you are a problem solver by nature. The true test of an entrepreneur is not how much money they make, it is how well they adapt to change. Right now there are some huge challenges for small businesses around the country but if you are willing to adapt your business model and change some of your habits, you may find yourself staying afloat or even coming out ahead when the economy gets back to normal. So, here are 3 tips to keep your business thriving during COVID-19.
1. Analyze your costs
Where are you spending money and why? Is some of this spending avoidable? Some businesses find it inevitable that they need to layoff staff, but this is dangerous. Not only will that further damage the economy by contributing to unemployment, but your business will suffer as well because your staff are who service your customers and bring in the revenue. Ask yourself if these layoffs are necessary, or can you reduce overhead somewhere else, for example, switching to an outsourced bookkeeping service. Then, think about reducing any excess; marketing, rent, etc. without affecting quality. Be efficient!
2. Adapt to current market trends
This can be tricky, and it takes a lot of creativity, but consider the advantage you will be in if you are able to provide your products and services remotely. For example, dine in restaurants are struggling because people cannot sit down and enjoy a meal, however, those who are offering carryout and delivery are doing pretty well. Our business started out by offering traditional bookkeeping and payroll services within driving distance, but has adapted to work remotely, and now serves hundreds of businesses across the US. It has grown to the point where we have 13 franchises in multiple industries that use our system!
3. Use your time wisely
If you are not using the first two tips and adapting quickly, your revenue will come to a halt. It is cliche, but time is money. In 2020 you cannot afford to slowly change your habits if they are resulting in waste. One of the biggest wastes of time for any small business is bookkeeping. It is a necessary evil, but results in a diversion of focus. It is hard to grow your business while keeping track of employee records, recording transactions, reporting irregularities in data to management, completing tax statements, etc. This is why, after working as a CFO for 18 years, I realized that I could offer remote bookkeeping as a way to outsource clients data.
By using cloud accounting, Remote Quality Bookkeeping can save you time and money so that you can focus on your small business’s challenges during this complicated time. For one low monthly fee, you get a team of professionals with CPA and CFO level staff with over 25 years of experience. As well as fully trained and certified intuit QuickBooks Pro Advisor bookkeepers.
Our service is tailored to give you peace of mind, and as a small business owner, your creativity is the tool you will use to adapt to market trends and put you ahead of the competition. If you can imagine it, you can achieve it. If you can dream it, you can become it. It is hard to be creative while you are stressed out from paper work. The mind is a delicate thing, and you should never underestimate the value of strong mental health. Do not view this quarantine as a setback, instead look at it as an incredible opportunity to become a level-up entrepreneur, and come out of this stronger than before.
Original article can be found here!
For additional resources on surviving COVID-19 as a business owner, view our ebook!