Better Business Management through the use of online outsourced bookkeeping services. These secure online services save business time and money.
As a small business owner, determining the ideal time to administer payroll may sound simple in theory. But the reality is that your payroll schedule must take into account a number of factors including: state regulations, cash flow needs, overtime rules, and the types of workers or contractors you hire. Simply put, you should…
The breakeven point shows you how much product you need to sell in order to cover the cost of doing business. It can also be used to determine when your business will start to make a profit. Therefore, it’s no surprise that breakeven analysis is a key component of most business plans, especially for…
A sole proprietor running a cash-only business with just a few customers and suppliers may get by just fine with a spreadsheet to keep track of income and expenses. However, for more complex business models, the benefits of investing in accounting software cannot be overlooked. By automating your business finances in this way, you can…
According to a LinkedIn survey, 70% of SMBs have hired freelancers in the past, and 81% plan to do so again in the future. These numbers should not be surprising considering the many benefits of bringing on independent contractors rather than full-time employees. Hiring freelancers can be a great way to access talent from…
If you’re like most businesses, then there’s a good chance that you offer credit terms to some of your customers. This is known as your accounts receivable or AR as it represents the balance of money owed to a firm for goods delivered or services rendered but not yet paid for by customers. In…
While we don’t recommend doing the books on your own (unless you’ve got an accounting background), it’s still important to have a good grasp on the drivers of your business finances. That being said, let’s take a look at the 23 bookkeeping terms every small business owner should know. Accounts receivable – many businesses…
Whether you use accounting software like Quickbooks, an Excel spreadsheet or your an old school ledger book, the ultimate goal of bookkeeping is to reconcile a trial balance. Said another way, the final total of debits and credits must match in order to complete the reconciliation of your accounts. As you may already be aware,…
“Doing the books” is not something that comes naturally to most small business owners. However, it is one of those critical tasks that can make or break your business in the long run. If you don’t already have a robust system in place for tracking your everyday financials, then keep reading to learn the basics…