There are thousands of great entrepreneur success stories that inspire and challenge us to be better versions of ourselves. Perhaps the most surprising thing about successful entrepreneurs is that their success sometimes comes from the most unlikely places. We hand-selected these entrepreneur success tricks they used to become successful long time ago, and still useful nowadays.

First of all, this is a brief list of the basic tricks that will help you to continue on the road of being an entrepreneur, and when this tricks are applied in your small business is what makes you a successful entrepreneur:

Love what you do: Choose something that is in line with your own personal interest and passion, then it never seems like work. If you don’t love what you do, it’s hard to be successful, this helps you stay positive after all, you need to maintain your optimism. And don’t be afraid to fail

Have Mentors, Coaches or Masterminds around: You can’t know and do everything. You must rely on others.  Surround yourself with great mentors. They will help you to improve the development and growth through advising from their mistakes and successes.

Come up with innovative ways to solve problems: New ideas and projects that will help others are great ways. Necessity really is the mother of invention. Coming up with out-of-the box innovations will improve your business in different ways, so keep your creativity up.

Plan, Set Goals and Celebrate: Organize your plan of attack. Set realistic benchmarks and meet your own deadlines. Challenges are unavoidable. When you hit a road bump, try it again different, so you can continue moving forward. Detach yourself from all the little distractions. Celebrate when there is something worth celebrating to keep your eyes on the prize.

Here are tricks you can do right away at your small business with minimal costs:

• Creating a working group: These working groups are also a great resource for your first-time customers. You can create a place to share tips on how they can use your service. Use an online forum, so your customers can help each other out.

• Giving away cool gifts for your best customers:  Clothing, bags, stickers, pens, cookbooks and calendars are good ideas.

• Showcase exemplary customers: A simple gesture like a customer of the month recognition nurtures customer loyalty. It is all about promoting your customers.

Here are tricks you should consider as you scale your business:

• Outsource the payroll: Choosing to outsource the payroll ,we can avoid investing in training and payroll software. These are reasons why choose an outsourced service like payroll in Chile, is a right choice.

• Outsource your design: A good way to project the impression of a large team is a great design. There are so many great places to find high quality designers at affordable rates.

Many businesses spend at least four hours every month on payroll. Over the course of a year, means a full work week.

With professional companies like, payroll in Chile, you can run payroll in minutes, not hours. We want to share some basics that will help you to master accounting.

As a small business owner, accounting can be a complicated. You are busy selling to customers and it is tempting to worry about how to account for it later. Without proper accounting practices, you may be exposing your company to working capital shortfalls or tax penalties. Take some time and learn to master this four basics for small business accounting.

 Set-up your cloud based accounting

The days of doing your accounting on old software is over. There are numerous cloud-based accounting solutions that you should consider. By moving to the cloud, you can connect your accounting provider to other cloud-based applications, from time-tracking, expense management, and of course, payroll. Since many third-party accounting firms also use the latest software, it is important to pick a software solution that scales as you grow.

Decide on your accounting method

There are two popular accounting methods: Accrual accounting and cash. Depending on the method you choose, you can have a meaningful impact on visibility into your business operations.

• Accrual Accounting: This type of accounting recognizes revenue and expenses when they are earned, regardless of when cash is paid in or out.

• Cash Accounting: Recognizes revenue when cash is received and expenses when cash is paid out. With this method, there is no accounts receivable or payable.

Which one is the best choice? While most small businesses start with cash accounting, as companies grow, they adopt accrual accounting because it monitors a company’s long-term financial health. It also follows accounting’s matching principle.

Invoicing online

As your business grows, it is important to make sure you are getting paid. The traditional way of invoicing is to send invoices to your customers by the end of your billing period, typically through a simple mail. As you can imagine, a lot can go wrong in these situations. Your invoice can get lost in the mail and it is time-consuming  to follow-up if the customer is late to pay.

To stay on top of your invoices, start invoicing online with a cloud-based accounting provider and collect your payments online as well. An online service can help you:

• Accept payments online
• Automate follow-ups
• Track the work throughout the engagement
• Create an online paper trail for clients and regulators

Track your expenses online

Just as getting cash more quickly into your business it is vital, to track your expenses closely. One particular area where small businesses get tripped up is collecting, recording, and managing receipts.

In the other hand, this is a common mistake made by novice and seasoned entrepreneurs alike. Receipts can become faded and unclear, or lost. The impact on your business can be very meaningful, particularly around tax time. Without proper expense management, you may miss expenses on your tax return, which means less deduction. You may also end up triggering an audit.

Poor expense management means you have poor insight into your company’s spending. Rather than wait until tax day to organize your expenses, you should consider tracking them as close to real-time as possible to manage your company’s operations daily.

Most cloud-based accounting providers have an export and import function for expenses that tie into your credit card and bank accounts. There are also providers, like accounting in chile that help you manage expenses and track reimbursements.

Payroll Fraud is real. According to some Associations of Fraud Examiners, it’s the number one source of accounting fraud and employee theft.

There are three common types of payroll fraud:

Timecard falsification: can be easily caught through the reconciliation and employee review process.

Ghost employees: They are employees that do not exist. It can be paying themselves a duplicate paycheck through a false name, and having the money deposited in their checking accounts.

Misclassification and workplace: Self-inflicted by the employer through worker fraud. It’s the illegal practice of designating an employee as a non existing worker or an independent contractor. Some business owners do this to avoid paying payroll taxes, unemployment tax or workers’ compensation insurance and are therefore able to submit lower bids for projects, undercutting responsible companies. In the other hand, many other business owners may be misclassifying workers without even knowing it, such as if they designate tasks or set time with the contracted employee in all cases, it is simply not worth it.

Payroll fraud needs your attention; the key is catching it and minimizing the risk. Anyone can steal at any time.  The best way in doing so is to reconcile your payroll at least quarterly with someone other than the person who runs your payroll. The reality is payroll fraud is not preventable, but is catchable. Yes, it is that simple.

There is much that goes into choosing a payroll company. While you may not realize the importance right now, this is a decision that will greatly affect your company’s financial future. With many options, you should be able to locate a service that is perfect for your company.

These advices can help you make an informed, confident decision:

• Make sure the service is experienced in handling the most important areas. This includes: paying your payroll taxes on time; paying your employees on time; and filing your payroll tax forms by the deadline.

• Know what you don’t need and know what you need. Payroll companies offer a huge variety of services. It is important to pay for what you need and to avoid signing up for something that does not pertain to your business.

• Monthly cost, based on the company you choose as well as the level of service you require and the number of employees you have. It is important to know exactly how much you will be paying, month after month, so that you can budget for this expense. Companies like payroll in chile, can adapt to your business with the services you only need.

With this information, you will find it easier to locate the right payroll company for your organization; avoid fraud,  save time and money for focus in your business.

Running a business implies a lot of documents that have to be updated and reviewed constantly. That is basic, general financial record keeping and long term planning can help us to improve and satisfy the customer needs, and keep our business working.

The financial control is essential, without handle the financials some problems may occur, and many important things we will not know, like:

• Matters of a tax
• What is working and what is not working
• Money sinks

Bookkeeping functions updated and an evaluation on time can help your business for work effectively. However, when we talk about tax it is a serious issue, because strong financial records are required for dealings with the tax authority of your country.

There you have a few tips for staying on track with your bookkeeping:

Organize your numbers

Organized and consistent records can make or break your business. You have to ask yourself some questions, like; do i have seasonal trend for my products? The prices of my products are right? Am I losing money from certain product or service I provide? For these issues financial software, can help to organize and put these types of reports together.

Control your expenses and income

Keeping a careful record of all the receipts like; mobile phone bills, invoices from your web hosting company, office supplies and travel expenses, gives a global visión of the numbers that your business do.

Also you need to record your income receipts like till rolls and PayPal records.

Get paid from your accounts receivables

One way that can help you to avoid receivable problems, is to make easier for customers to pay you, for example by accepting electronic payments and credit cards. It is up to you to invoice your customers after a sale, and get paid from past due accounts. Sometimes, cash flow problems may not be due to poor sales but down to poor accounts receivables.

Two more things

1. Look at it as a strategic asset to your business rather than something that has to be done.
2. Having and outsourced company like accounting in chile, realize these tasks and adapts to your company easily and rigorously. Also they can do other functions you choose like manage the payroll.

The challenge of start a company is exciting, anyway there are some responsibilities like; get inventory, get business structure in order, get customers and sell your products. All that at the same time, also, you have to track important risk or metrics going out of business, within the first year. Here are 7 points that will help you to manage all:

1-    Open A Bank Account

Open a bank account for your business; it’s necessary before it can accept payments on behalf of the company. It is very important for avoiding problems and face customer’s complaints.

Using your personal bank account for transactions can be used for a court to come after your personal assets, so it is just not worth it. To have a separate business bank account establishes that you’re a serious business owner and prevents commingling of funds.

2-    Get Invoice Templates

It is important to not forget about your invoices. To create these ones on the fly when and as you need them it is a serious mistake. You can grab invoice templates from a reputable company, customize them and save time of creating invoicing.

 3-    Make A Budget Or Outsource Your Bookkeeping

This area can be outsourced for your convenience, you have to make sure that your books are in order and the payroll is paid on time.

Outsourcing this area, keeps a track of all your expenses and the outsourced service like accounting in Chile, adapts to your company easily and rigorously. Also they can do another functions you choose like manage the payroll or improve the invoices for example.

4-    Tracking Gross And Net Margin

The gross margin is the total sales revenue of your company minus the total cost of your products or services sold. This number is then divided by the total sales revenue and expressed as a percentage. The higher the percentage, the better, because it means you’re retaining more money.

Net margins are the other half of this equation. A net margin is the ratio of net profits to your revenues.

The function of the net margin is to show profitability, however a low net profit margin usually does not mean that your company is unprofitable

5-    Quick Ratio and Current Ratio

These are two metric that are measured together and tell you how liquid your company is, explain how much money you have on hand to meet current and unexpected results or liabilities.

The quick ratio takes all of the cash in your business, along with the account receivable and divides it by the current liabilities. It’s simple but it is a way to determine how you’re working financially.

The current ratio is the measure of current assets divided by current liabilities. Tells you, whether all of your assets that can be converted in cash, within a year or right now. It could be used to satisfy all of your liabilities in under a year.

If you obtain a ratio less than one means you may end up running short on money, while a ratio of more than one, means you probably have a good surplus.

6-    Account Payable and Receivable Days

These metrics measure how quickly you’re bringing in cash and paying it out. The accounts payable days is calculated by taking the amount you owe (your liabilities) and dividing it by the cost of goods sold, multiplied by 365 days.

A higher number is better, while all other things being equal. It is used because you want to retain cash in your business for as long as possible and only pay out when you need to.

Accounts Receivable Days is calculated by dividing this account value by total sales and then multiplying by 365. Lower numbers are generally better, but again this depends on the industry. You want to obtain a low number because it means you’re collecting cash quickly and retaining is for working capital and other company purposes.

 7-    Get New Customers

Your company has to make money and generate cash flow, one of your tasks is to focus constantly in get new customers so, you can market those products and services to them. It is very important to maintain good client relationships for the business.

The payroll function is not only paying your employees, is also one of the functions that can make your company bigger and strong no matter the situation.

Statistics reveal that the 60% of small businesses manage their payroll in-house and the other 40% outsource the payroll. However the size of your business, we must have an organized and clear payroll system, for avoid penalties and keep our employees paid on time.

The following steps can make you understand briefly, how you can improve your payroll.

Keep your workers classified

Classifying your workers, furthermore than the task they made, classify them as employees by the type of contract they have; independent contractors, full-time employees or interns. Anyway in your country there is a tax guide  specifying how they should be classified.
Set the periods in which your employees are paid

The periods of time your workers are paid it is important and makes the payroll easier; deciding if your employees are paid monthly, weekly or bi-weekly is appropriate for your business.

Specifies wages

Determining how much your employees are paid keeps everything consistent, decides if your employees should be salaried or paid hourly is a long-term benefit. In the case your employees are paid hourly, you will need a system for keep track the time and compensation.

Give ID numbers to your employees

ID numbers are useful for process taxes and make the identification of every worker easier. Nowadays most entities and businesses have ID numbers. The tax service of your country can provide ID numbers and guide you in the process.

Additional benefits instead of wage raises

To give additional benefits to your employees will simplify the tax paperwork. Additional benefits like; additional insurances, stipend for childcare, new objects are some tax-free options you can choose.

Plan a budget

A budget of wages and taxes is essential for avoid unemployment taxes, and keep all the expenses updated. Planning a budget will help you in a long-term way.

Simplify the payroll function acquiring an outsourced payroll service

Stop spending a lot of time and money managing the payroll function, with an outsourced payroll service like payroll in chile.

To choose an outsourced payroll service is better, because we avoid investing in training and payroll software, and we do not have to be under the stress of all the keep in-house functions.

So why not let all the payroll issues with an outsourced payroll service and focus on your business?

Improving the payroll function requires organization, patience and communication, with this steps your business will be more efficient.