The year 2020 has affected every one of us and slowed down our progress. All our plans and goals are now on hold, while we are trying to grasp this ‘new normal’. However, those who were amongst the most affected are the small businesses. Some are trying hard to survive while some have lost their hope and already closed down. If you are one of those, then by applying a few methods you can take your business back to its track.

1. 1. Switch to the cloud:

Everything is done online now. So why not your business management? When all your data is uploaded on the cloud, it gives everyone in your firm easy accessibility to it. Since many people are going to work from home, they can access the data without asking for it again and again, which might have been hindering the process and slowing the work.

1. 2. Budgeting:
2. 
   

Everyone knows how important budgeting is and why we should stick to it. But one of the most common mistakes small businesses do is sticking to their budgets religiously. Budgets should be flexible and can easily be changed according to the change in situation or circumstances. However, the degree of flexibility also matters. It does not mean you change your budget and spend more than necessary or spend less when necessary is going to directly affect your business.

1. 3. Use of accounting softwares:

There are various accounting softwares available in the market. These softwares have easy-to-use and understand interface. So, even if you are not very well-versed in technology, you can still easily use them for managing your business. Most popular accounting softwares are Xero, Quickbooks, MYOB, wave app, etc. You can either buy these softwares or take their subscriptions on a monthly basis. This will save a lot of your cost and also give security to your data.

1. 4. Outsourcing:

If you are capable, outsource your accounting to outsourced firms. They offer professional services to manage your accounts, as well as give tips for your growth as well. This will save your cost of hiring an employee for the accounting purpose only and save the amount spent on it too.

Furthermore, they not only do accounting for you but also pay taxes on your behalf as well as pay salaries to employees, so that you don’t have to stress over them. These firms offer services in packages and therefore, you can take it according to your needs.