Which accounting professional does my business need?-
There is much confusion over what type of services are offered by which type of accounting professional. The more common types of professionals that are used interchangeably are bookkeeper, accountant and tax accountant. While the services they each offer do build upon each other, they each offer their own type of services. Below is a list of services that each type of professional may offer. This will assist in deciding which type of professional you need based upon the needs of your business.
When you open a business, as an entrepreneur, we wear many hats in the beginning. As you start to piece your business together, you will find that there are two processes that will help immensely in your business. Those processes are automation and delegation. Automation is when you set up processes in your business to run by themselves. Delegation is handing off tasks to others in the business.
You have a business which fulfills the dream of being your own boss. You have a passion that fuels the creativity behind your product(s) or service(s) that you provide. You love what you do, a fact that alludes many. However, there is one huge problem. You aren’t making a profit in your business. You won’t be in business long if it does not start to provide a profit.
Small business owners should make themselves very familiar with certain reports for their business. This allows owners to not only see how the business is doing but also allow them to make changes and improvements along the way.
Fall is quickly approaching with the last quarter of the year around the corner. Fall is my favorite time of the year for many different reasons that range from the weather to the smell of apple pies baking. It is also a time to make sure that your business books are in order.
What if I told you that my business made $1M dollars in sales yet made $200K in profits. Are you wondering how that can be? Why isn't one the same as the other? Many business owners find themselves confused and tend to think that revenue equals profit. That's never the case. It is key to understand each of these terms, the implications of each on the business and most importantly understand the difference between the two.
In our quest to start our small business, we may think that we need to spend on everything to begin. But the reality is as small business owners just starting out, lean is the best way to go. Don’t over-complicate or do so much that you begin and are already behind financially. You do not have to sign up for everything nor have the latest and greatest systems in place.
It is inevitable that in business, there will be some things that slide especially in the beginning of your business. You are wearing many hats and it’s not possible to do every area greatly. There are some hats that you must pay attention to. One of those hats is the accounting hat. In the beginning, we tend to wear the accounting hat ourselves and as business grows we outsource it. In this newsletter, we are going to talk about various fees that we pay in our business that should be avoided.
Every business owner needs to manage their cash flows for their business. Cash flow is the total amount of money that flows in and out of your business. Cash is coming into the business when collection of accounts receivable takes place. Cash is going out of the company when payments to vendors are made or expenses are paid.
It’s already July, that means half the year is over. All those goals that you had set up for your business in 2017, should be theoretically half completed. Hopefully you will take the time now to look at those business goals and perform an honest evaluation.
Summer is officially in full swing. The cookouts, beaches, and amusement parks are all being taken advantage of throughout this beautiful weather. Small businesses can be very much like a roller coaster. There are many ups and downs when owning a small business. This ride can be very easy to maneuver when you make sure to have all the pieces in place in your small business.
Happy Independence Day! - July 4th is a U.S. holiday used to commemorate the adoption of the Declaration of Independence and the beginning of the United States of America. While celebrating with cookouts and fireworks, also celebrate that this was the beginning of our great nation. A nation that allows us to dream and to make those dreams a reality. It allows us to have our small business and to be independent in our quest to call something our own.
It's the summer and the sport of baseball is very much in full swing, success measured by wins and losses. With every team racing to get into the playoffs and ultimately win the World Series Championship. In order to attain success in baseball, the team needs to have all the pieces in place. If one piece struggles, for example the pitcher, then the entire team struggles and the wins are harder to come by. Having a business is much like a baseball team. Each function such as accounting, much like the pitcher, is an important piece to the team.
You have a business which fulfills the dream of being your own boss. You have a passion that fuels the creativity behind your product(s) or service(s) that you provide. You love what you do, a fact that alludes many. However, there is one huge problem. You aren’t making a profit in your business. You won’t be in business long if it does not start to provide a profit.
When you open a business, as an entrepreneur, we wear many hats in the beginning. As you start to piece your business together, you will find that there are two processes that will help immensely in your business. Those processes are automation and delegation. Automation is when you set up processes in your business to run by themselves. Delegation is handing off tasks to others in the business.
Many small business owners begin as solopreneurs. It’s one person that wears the many hats of running the business. That may work for the beginning of your business and the idea is that you will grow the business to a point that you need more than just yourself to continue that growth. Once you decide as a business owner that you need outside help and you can no longer do everything with one person, there are several avenues you can take.
Every business owner needs to manage their cash flows for their business. Cash flow is the total amount of money that flows in and out of your business. Cash is coming into the business when collection of accounts receivable takes place. Cash is going out of the company when payments to vendors are made or expenses are paid.
You have endured the tax season as a business owner and survived, congratulations! But now what? What is your next move as a business owner? Tax season should not be stressful nor surprising for a business owner. There are several ways to make tax season less stressful and minimize surprises. Tax season should be a time period in the business that does not disrupt operations. Find ways to apply these tips and the next tax season should be no more than a speed bump in the road of your small business.
Accounting Reports Every Small Business Owner Should Have
Small business owners should make themselves very familiar with certain reports for their business. This allows owners to not only see how the business is doing but also allow them to make changes and improvements along the way.
Small Business Accounting-Top Tips for Your Business-
One of the areas that most business owners seem to dread and put off until they can no longer ignore it, is accounting. Most times this area is only touched upon once a year, at tax time. There are many instances when business owners just do not understand the accounting of their business. With the tax season quickly coming to an end, I have put together a list of top tips when it comes to small business accounting. Regardless of how the accounting was done for your business last year, with these tips you can right the ship for your business this year.
