How often are small businesses audited? What alerts the IRS to come knocking at your door? While audits are sometimes simply random, and cannot be entirely avoided, the IRS notices a variety of red flags – audit “triggers” that can be prevented. Unfortunately, many...
Small businesses thrive on the relationships they build with customers and product suppliers. However, at any moment, these relationships can struggle due to the lack of proper inventory management. To prevent a shortage or surplus of your company’s products, managing...
As a business owner, navigating complex financial topics can be challenging. However, getting to the root of financial decisions that significantly impact an organization is critical. One such decision lies in business accounting. Every organization must decide which...
Small business owners who recently opened their doors may feel inexperienced with the operational tasks involving bookkeeping. Quickly, they understand that running a company involves more than selling products or services, growing your client base, and increasing...
Most people can work through filing an individual tax return. However, when responsible for submitting your small business taxes, a lot more is at stake. Though 93% of small businesses confidently believe in their ability to accurately file taxes, almost one-third...
Effective vendor management is an often overlooked process. However, it is one of the most critical processes to ensure the smooth running of your business operations while planning for future growth. Building (and maintaining) strong vendor relationships results in:...
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...
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...
[vc_row][vc_column][vc_column_text]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...
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....
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...
For small business owners beginning to grow their enterprise, sometimes background work like bookkeeping may seem daunting at first with its many terms and facets. Even if you decide to hire a bookkeeper to help with accounting needs, it is still imperative that you...
