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....
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 5...
With another new year fast approaching, one of your small business goals may be to catch up on your bookkeeping. Indeed, one of the most common mistakes that small business owners make in this regard is mixing personal and business expenses also known as piercing the...
In our most recent blog post, we shared tips for optimizing your accounts receivable in order to boost cash inflows. But when it comes to money leaving the business, you also need to have a solid plan in place especially in regards to accounts payable. What is...
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...
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...
[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...
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...
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...
