Let’s face it; many entrepreneurs don’t like dealing with the accounting and finance side of running a business. Unfortunately, it is a necessary evil when it comes to establishing your own company. Business is still a financial affair. At the end of the day, we still...
Most businesses, regardless of size and industry, often overlook one very crucial aspect of their operations: cash flow management. Due to insufficient cash reserves or unforeseen financial scarcity, businesses are sometimes unable to support important development plans that could potentially improve their sales and systems. This...
We get it; old habits die hard. You’ve been using Excel for bookkeeping for months—or even years—now and it just seems like too much trouble to switch to a different program. We don’t blame you. As a cheap alternative to several bookkeeping applications, Excel’s considerably...
Small-scale businesses, especially startups, face constant financial management concerns. Because it’s easier in theory than practice, some businesses choose to set aside this daily operational aspect in favor of focusing on bringing in more business. Unfortunately, they don’t realize that ignoring it is the exact...
As of 2010, roughly 80% of registered small businesses used QuickBooks for all their accounting needs. Almost a decade later, it’s no wonder that the percentage has greatly increased. Most business owners prefer QuickBooks over similar services, as it has proven to be an efficient,...
The prospect of an audit is daunting enough, but it’s even more intimidating when situations that catch your company off-guard and trigger operational alarms arise. Therefore, it’s in your best interest to prepare your company for possible challenges prior the actual audit process. Having a...
As a small business, failing to track your cash flow can be a critical error. You may manage to get by every month without doing so, but you’re unwittingly wasting energy and resources just to pull it off. It’s imperative—especially for early startups—that you manage...
Most small businesses think they can get by with one or two bookkeepers in their accounting department and, perhaps, an accountant. This may be possible at the very start, when the business is new and has only been in operation for a short time. However,...
Whereas content is king for online marketers, small business owners consider cash to be their sovereign. In terms of financial management, knowing when and how much cash enters and exits your company is crucial. After all, proper management includes monitoring your cash flow. If you...
As a small business owner, you are constantly on the move. Working long hours, rushing to multiple business meetings, setting and fulfilling appointments with customers, hiring workers, marketing and networking … it NEVER stops. Once you finally carve out some time in your schedule, financial...