Home-Based Travel Agent - February 2008 - (Page 18)

YOUR Lifeline Continued from page 16 Improvements in technology and user-friendly web sites make online bill paying almost as easy as logging on to check your e-mail. Slash the Costs of Keeping in Touch As a travel agent, you must be reachable at almost all times. In that department, you’ve never had it so good.With your cell phone, pager, broadband Internet access and regular telephone service, you’re never far from anyone who wants to reach you. Unfortunately, you’re probably paying a lot more than necessary for all that communication technology. If you’re like most business owners, you added individual services one at a time, paying top dollar for each. One way to lower those costs is to take advantage of the bundled plans now offered by most providers. Contact your primary provider to see what bundled plans are available in your area. In addition to saving you money, dealing with one company will greatly simplify your bill-paying procedures. Give Your Accountant a Pay Cut Sure, you hate paperwork and record keeping. Don’t we all? Nevertheless, if you find yourself scrambling to locate receipts and other records at tax time every year, you’re probably costing yourself some real money. “When clients present me with a shoebox full of unsorted papers, I have to charge them for the hours it takes to make sense of them,” says Tom Normoyle, a CPA in Huntingdon Valley, PA. “A simple filing system that separates records of different types is one sure way to reduce my fee.” Normoyle says that even the simplest of systems, one file for income and one for expenses, can be a money saver. Going one step further by separating expense files into categories such as office supplies, capital purchases and taxes can really make a difference in how much time it takes to prepare tax returns. 18 FOR THE AGENT And remember, accountants like things to be in balance. So, make sure that you reconcile your bank statements each month. This reduces fees by eliminating time spent tracking down unaccountedfor outstanding items. Dig Yourself Out From Under Paper With all the paper you’re required to slog through for business purposes, you don’t need to add to the burden by hanging on to reams of it because of the worry that you might need it some day. Most of it will never see the light of day. For more tips on office organization, turn to page 12. Slay the Credit Card Monster Life as we know it wouldn’t be possible without credit. But credit has its dark side as well. Credit cards have been compared to drugs: They offer short-term pleasure in exchange for long-term pain. A pocket full of credit cards can sweep you up in the illusion that you have more money than you actually have. Saying “charge it” is quick and easy, but that habit, uncontrolled, can lead you down the road to financial oblivion. Once you become hooked on credit cards, it can be painfully difficult (and sometimes impossible) to free yourself. The more credit cards you carry around, the more likely you are to dig yourself into a bottomless financial pit. Equally important, if your wallet heavy with plastic is lost or stolen, the risks of identity theft skyrocket. If your wallet or purse is bulging with plastic, now is the time to relieve yourself of that hazardous burden. Begin by deciding which cards you need to keep. Perhaps you have one of those “reward” cards, and maybe a low-rate card for purchases you can’t pay off in full. If you keep one or two separate cards for business, you’ll want to hang on to them. Then, cancel the rest on a controlled basis, perhaps one each month. Cancel the newest ones first—credit-reporting agencies look favorably on a history of responsible credit usage. Once you get yourself down to the fewest cards you need, your wallet will be bulging with the money you’ve saved instead of all those plastic squares. While it may not be possible to eliminate every potential financial pitfall in your home-based travel agency, careful adherence to these eight operational techniques will greatly reduce your exposure to costly profit leaks. —William J. Lynott Do it. Delay it. Delegate it. Dump it. If that sounds like you, organizing guru Maria Gracia (www.getorganizednow.com) suggests these guidelines to help end the nightmare of out-of-control paper: I Follow the 4 D’s: Do it. Delay it (file for later retrieval). Delegate it. Dump it. I Open mail over the wastebasket: Open your mail right over the wastebasket. Immediately discard what you don’t need, such as catalogs or advertising offers of no interest.Then use the 4-D system on what’s left. I Use e-mail: Rather than sending snailmail, communicate and share information via e-mail. Most e-mail and attachments can be stored on your computer. Just beware of virtual clutter. The same rules for avoiding paper pileups apply to computer files. Home-BasedTravelAgent F EB RUARY 2008 http://www.getorganizednow.com

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Home-Based Travel Agent - January/February 2008 Editor's Note Publisher's Note Your Lifeline Agent Spotlight: Tracy Dennis News Hot Deals Reader Survey All-Inclusive Resorts Home-Based Travel Agent Expo Portugal New York Bermuda Cover Story: Singapore Cruise: What's New Tours: Adventure New Products

Home-Based Travel Agent - February 2008

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