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...
As a franchise owner, the success of current and future franchises is indisputably vital, perhaps the single most important goal of your entire business venture. Even individuals with little professional business experience would agree. However, while the success rate...
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...
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....
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...
