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...
Business Management
How To Choose The Right Accounting Software for Your Business
[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...
How to Manage Payroll for Independent Contractors in 3 Steps
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....
Accounts Receivable Aging Report Explanation!
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...
23 Bookkeeping Terms Every Small Business Owner Should Know
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...
Bank Reconciliation for Small Businesses: Why It’s Important and How to Do It
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...
Five Bookkeeping Tips for Small Businesses
[vc_row][vc_column][vc_column_text]“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...
Time Tracking Software for Small Business: 5 Reasons to Have It
Manually tracking employee hours is a time-consuming and inefficient process that can lead to costly errors. But what if there was a better solution that would improve efficiency, boost employee productivity and ensure compliance? Keep reading to learn the top five...
Are You Cut Out for Small Business Ownership?
Starting your own business sounds like a path to freedom. Pursuing your passions, being your own boss, setting your own hours — does it get any better than that? Despite the rewards of owning a business, it’s not right for everyone. Not everyone can succeed in...
How to Run a Paperless Office
Completely eliminating paper in your small business may not always be practical but even a small reduction in paper usage could yield cost savings and boost productivity. Let’s take a look at the benefits of running a paperless office and our top 7 tips for going...
How Does Outsourced Bookkeeping Work? 7 Tips to Get You Started
If you’re ready to spend less time running your business and more time growing your business, then it’s probably time to outsource your bookkeeping needs. Keep reading to learn the Top 7 Tips for getting started with outsourced bookkeeping for your small business....
How to Make New Year’s Resolutions for Your Small Business
Happy New Year from all of us at RQB! The start of a new year is the perfect time to reflect on the past - so you can make plans for the upcoming months. In order to have a thriving business, you need to constantly evaluate existing processes to see if any...