Ways Trustworthy Can Help You Make More Money
Here are small business services Trustworthy offers that can help you Make & Save Money:
- Send out customer statements on time so you can get paid
- File all customer invoices so that nothing gets lost
- Track late payments in order to resolve these problems quickly
- Ensure that you stop serving customers who aren’t paying their bills
- Safeguard good customer relations by properly recording all payments
- Accurately calculate interest, and collect it from overdue accounts
- Reduce the need to borrow money due to poor cash flow
- Ensure that you don’t lose sales because items are out-of-stock
- Avoid rush delivery charges to obtain out-of-stock items
- Stop wasting money by buying more of what isn’t selling
- Set your sales prices based on profit instead of conjecture
- Concentrate on selling the most profitable items instead of the easiest ones
- Identify profitable cross-selling opportunities
- Avoid selling products at a loss because you don’t take markdowns on time
- Know which money-making product lines to expand, and which ones to drop because they’re money-losers
- Discover theft before it becomes a problem
- Never pay a bill twice by mistake
- Never lose a discount by paying a vendor late
- Reduce the need to borrow by planning for your payment due dates
- Maintain your good credit rating and keep your borrowing costs low
- Obtain better credit terms based on your good payment history
- Know how much payroll and sales taxes you owe, in order to avoid penalties and interest
- Never pay another bad check service charge
- Make sure all your cash receipts are credited to your account
- Know when you have excess cash so that you can put it to work
- Track your expenses in detail so you know which ones can be reduced
- Never spend beyond your budget
- Get the maximum tax deductions for the expenses of running your business
- Learn how much profit you’ve made, and what your business is worth each month in order to:
Know when it’s the right time to grow
Know when it’s the right time to hold back
- Plan accurately for taxes
- Save hundreds to thousands of dollars on your year-end tax return
- Comply with the reporting requirements of any business loan
- Respond immediately to any supplier’s or customer’s request for financial information
- Figure your profit on a cash or accrual basis so you pay the lowest taxes
- Track revenues and costs by job or project (contractors, landlords, attorneys, etc.) in order to:
Know on an ongoing basis which products are profitable and which ones aren't
Get paid on time as you complete the job
Avoid working on projects where progress payments are behind
- If you manufacture or assemble products (machine shops, bakeries, clothing manufacturers, etc.):
Know what it costs to make each item
Set a selling price to cover your costs and achieve a fair profit
Know what product lines to expand because they’re profitable
Know what product lines to drop because they’re money-losers
