Small Business Bookkeeping to help business owners create accounting processes and reporting to understand the financial health of their business.
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 revenue. For those inexperienced with accounting duties, we are here to help. Below, we discuss the basics of…
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 also speculate they are overpaying. Tax season is a stressful time for any business,…
Operating a small business is demanding. Financial management, customer service, excellent communication, negotiation, project management, networking, and leadership are few of the many business skills required to be more profitable. Amidst daily demands, nagging requests, and unforeseen problems, small business owners often oversee a tight budget. According to the U.S. Small Business Administration, nearly 50%…
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: • Better quality products – More often than not, improved product quality results in happier…
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…
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…
According to the Small Business Administration, only about 50 percent of small businesses survive for a five year period. And, just one third are able to make it to the 10-year mark. While these statistics may not seem particularly encouraging, by identifying some of the common root causes of financial distress, you can take steps…