Be Sustainable With Your Accounting, A Green Future, A Profitable Future
Today we know that the tax prep industry is expected to grow by 4% compounded annually. This is why now more than ever, it is important to learn some of the rudiments about taxes and bookkeeping to stay on top of your business, and also adhere to some of the new ways in which people are dealing with accounting in 2021.
You may know how to generate invoices and manage your taxes but it is likely that things are going to go beyond this in 2021. The world is turning digital – and sustainable -and businesses need to try and catch up. Once upon a time, the term “ green business ” was only associated with businesses that dealt directly with clean energy or in the fields of the environment but today “green business” is not characterized by a particular activity and does not have to be related to the environment at all.
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What is a green business?
A green business is a company that is active and supports business practices that do not contribute to environmental pollution and global warming. And the trend is clear: more and more businesses are moving to green activity and are committed to reducing as much as possible any polluting activity.
These firms invest in things for the greater good that will benefit their businesses. For example, a lot of big businesses as well as huge corporations are moving to cleaner office lighting – replacing the old incandescent bulbs and energy-hungry ones (neon and halogen bulbs ) with economical LED bulbs. Now there is even an online business management system and online invoicing systems!
Understanding green software
It is important to mention one more significant virtue of the transition to these green software: improving the image and reputation of the business. Using advanced internet functions for management and communication with customers/suppliers will give the business an image of a sophisticated, young, serious and reliable business.
It is much easier to track and recognize customers’ needs when all their data and past purchases appear on the screen in an orderly and organized manner, and customers can also be impressed by you and trust you more in future purchases.
Why you should embrace automation
And after the purchase, sending an invoice online to the customer’s email also contributes to the fresh branding of the business and increases the customers’ confidence in your efficiency and corporate culture, especially if the invoice is designed and branded in a respectful manner. Whilst this is all well and good, you must first have the skills to be able to create the invoices and manage your finances.
That is truly where the fun and games begins. No business can input any amount of money into the pot to buy new equipment if they are not handling the books well. So, learn about financing, be on top of the trends and the facts about taxes and more. This way you will be able to make more educated decisions on the matter and create a profitable future, even after the coronavirus crisis!
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Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/