The power of entrepreneur networks

July 12, 2018 | 51 views

our team at Endeavor Insight studied the rapid growth of New York City’s information technology industry. We define tech companies as those developing an information technology or those whose businesses are Internet-enabled, excluding financial tech, green tech, and life sciences companies.1 Our goal was to identify lessons that leaders in other cities can use to support the growth of their own tech sectors. In the process, we created one of the largest datasets on a single entrepreneurship ecosystem in the world. It combines data from AngelList, Crunchbase, and LinkedIn with nearly 700 interviews with local tech entrepreneurs.

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Startup Poland

Startup Poland is a grassroots organization created by Polish startup founders with the goal to help build better conditions for Polish startups by influencing policy-makers, educators, academics and media.

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SMALL BUSINESS ADVICE, INDUSTRY OUTLOOK

How to Choose the Right Small Business Accounting Software?

Article | July 29, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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TECHNOLOGY

How Are Small Business Accounting Software Meeting the Industry Needs Today?

Article | July 16, 2022

Introduction Every business owner wishes to become financially independent when starting a business. To achieve that, it is crucial for the owners to manage their finances in an efficient manner. When done wrong, financial management, which is supposed to make a company's budgeting processes more efficient, has led to the loss of funds in many cases. Without sound financial management, small businesses may struggle to meet their objectives and might even suffer losses that could push them into insolvency. Financial management assists businesses in maximizing their market share, minimizing capital expenditures, maintaining proper cash flow, and improving profits. Accounting software plays a significant role in proper financial management and has become a vital need for all businesses today. With a better understanding of the inefficiencies of manual bookkeeping and the increased chances of error in finance tracking, business owners are increasingly shifting from managing finances manually to leveraging innovative solutions, such as accounting software, to improve their financial management. Why Is Small Business Accounting Software a Need for the Industry Today? In the course of a typical day, there are numerous tasks and responsibilities that must be managed and accomplished by small businesses by the end of the day. From planning to managing finances and accounting, a small business owner's back is full of a plethora of day-to-day tasks. As a result, keeping track of every last detail is nearly impossible for them, especially in accounting, where keeping track of every transaction is critical for managing business operations. Accurate and reliable accounting management is critical for small businesses and start-ups to ensure stable cash flow. As accounting software helps small business owners keep track of every single transaction along with other benefits, such as managing business finances, understanding profitability, and preparing tax statements, among others, it is becoming a necessity for small business financial management. Here are some of the other reasons why small business accounting software is becoming a necessity in the industry. Overcoming Manual Records With the growing number of transactions in the small business sector, it is becoming increasingly difficult for business owners to track and record income and expense data. As accounting software assists these owners to overcome manual work by recording the data directly into the page in real time and keeping a daily update of all the transactions, it is increasingly being sought by small businesses. Ease in Maintaining Transaction Due to the increasing customer inclination towards the adoption of digital payment solutions, small businesses are encountering numerous obstacles in maintaining all transactions from different online portals. Accounting software helps businesses leverage the bank feed feature to connect credit card accounts and the business bank, thereby centralizing and maintaining all transactional data in one place. Preparation of Reports and Financial Statements Keeping track of all small and large transactions and preparing financial statements, such as profit and loss statements and balance sheets, of these transactions manually is a tedious task and prone to errors. Accounting software automates the preparation of these financial statements and allows comparing transaction activity from prior months and years. As a result, it is increasingly gaining acceptance among small business owners. Increases Efficiency Accounting software allows small businesses to manage invoices and expenses, prepare for taxation, and keep tabs on all the financials, including payments, bad debts, upcoming dues, employee salaries, and others. Delegating all these financial management responsibilities to accounting software enables small business owners to focus on tasks that require their undivided attention, thereby boosting business efficiency. Bottom Line Regardless of the size of the business, every company strives to optimize its financial management, improve efficiencies, minimize costs, and simplify complex and tedious tasks. Accounting software can help small business owners achieve these objectives, along with eliminating time-consuming manual processes and redundancies, by automating accounting practices. Following this, the growing introduction of advanced cloud-based accounting software capable of providing real-time data access to business owners from anywhere at any time and on any device is expected to change the ways accounting is done in the small business industry in the coming years.

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TECHNOLOGY, SMALL BUSINESS ADVICE

5 Tax-Related Resolutions for Smarter Small Business Accounting in 2020

Article | July 16, 2022

Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.

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7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | February 11, 2020

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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Startup Poland

Startup Poland is a grassroots organization created by Polish startup founders with the goal to help build better conditions for Polish startups by influencing policy-makers, educators, academics and media.

Related News

The best social media management tools for small businesses

digitaltrends | July 07, 2019

Social media is a great way to spread the word about your business, connect with customers and network within your niche. Constantly posting to each of your social media accounts like Instagram, Facebook, and Twitter can be daunting, however, and hiring a social media specialist may not be in the budget. Luckily, there are some tools that can help you easily schedule posts, keep track of engagements, and much more. Here are the best social media management tools for small businesses.

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Learn About Streamlining Business Finances in This Upcoming Zoho Event

smallbiztrends | July 06, 2019

ZOHO has a suite of apps designed to address virtually every aspect of your business. Finance Seminar ’19 is going to bring these tools together so you can streamline the day-to-day operations of your business.The free finance seminar is designed to help you learn everything you need to know about Zoho apps.Small business owners, bookkeepers, and CPAs will be able to dive deep into accounting. According to Zoho, the seminar will show you how to manage everything from invoicing and expense policies to analytics, approval workflows, and more.

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Cheat Sheet for Mastering Google My Business

smallbiztrends | July 07, 2019

According to a study from Go-Globe, 18 percent of local searches lead to a sale within one day. And what do people normally use to search? That’s right Google. So if you want people to find your local business in their searches, you need to make your business really easy to find on Google. Google My Business is the search engine’s local business listing platform. You can create a profile that pops up right in the search page so people don’t even have to visit your website to get the information they need to visit you, including your address, phone number and hours of operation.

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The best social media management tools for small businesses

digitaltrends | July 07, 2019

Social media is a great way to spread the word about your business, connect with customers and network within your niche. Constantly posting to each of your social media accounts like Instagram, Facebook, and Twitter can be daunting, however, and hiring a social media specialist may not be in the budget. Luckily, there are some tools that can help you easily schedule posts, keep track of engagements, and much more. Here are the best social media management tools for small businesses.

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Learn About Streamlining Business Finances in This Upcoming Zoho Event

smallbiztrends | July 06, 2019

ZOHO has a suite of apps designed to address virtually every aspect of your business. Finance Seminar ’19 is going to bring these tools together so you can streamline the day-to-day operations of your business.The free finance seminar is designed to help you learn everything you need to know about Zoho apps.Small business owners, bookkeepers, and CPAs will be able to dive deep into accounting. According to Zoho, the seminar will show you how to manage everything from invoicing and expense policies to analytics, approval workflows, and more.

Read More

Cheat Sheet for Mastering Google My Business

smallbiztrends | July 07, 2019

According to a study from Go-Globe, 18 percent of local searches lead to a sale within one day. And what do people normally use to search? That’s right Google. So if you want people to find your local business in their searches, you need to make your business really easy to find on Google. Google My Business is the search engine’s local business listing platform. You can create a profile that pops up right in the search page so people don’t even have to visit your website to get the information they need to visit you, including your address, phone number and hours of operation.

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