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Payroll challenges and your business

There are so many challenges in managing, stabilizing, and growing a business and often times business owners don’t realize that the essential, administrative processes of running a business can be extremely time consuming and even expensive. Managing payroll, for example, is just one…

Common bookkeeping mistakes

When it comes to bookkeeping for your business you can never be too careful or cautious. The bottom line is that organized and efficient bookkeeping is essential not only for financial management purposes, accurate tax filings, record keeping, and legal protection, but also for the growth and…

Tax audits and how can your business survive one

While the chance of being audited may be rare, it’s probably something you’d like to avoid for your business altogether if you can help it. It can be a confusing and stressful time for you and your business when faced with a tax audit. If you are able, however, to understand the basics of…

Do you offer commission?

Is your business one that offers some form of commission or sales incentive to employees? For small businesses that rely on a sales force, developing an attractive program can be the key to a successful sales team. What factors must be considered – from an accounting perspective – if…

What do you do with old inventory?

Any business that maintains inventory has to account for it. 99% of the time, not all inventory will be sold and then what do you do? There are two options to handle this excess inventory that will not generate revenue – inventory reserves and inventory write offs. Investopedia  defines…

Credit Line and Small Business

As a business owner you obviously need to have a business credit card – it helps build credit and can be an easy way to manage and track expenses. But what about a line of credit? When is that necessary and why is it beneficial? First, what is a line of credit? A business line […]

The Importance of Key Performance Indicators

Key performance indicators (KPI) are values that a business uses to assess its success in reaching goals. For small business owners, there are certain KPIs that can be helpful to track. These can include Cash Flow Forecast, Gross Profit Margin as a Percentage of Sales, Revenue Growth Rate, and…

Why it’s important to keep my receipts?

We all have that shoebox, file folder, drawer, or.. yes, even a garbage can… that we use to file our receipts.  Some people insist that all receipts be kept. Other people say that the credit card statement should suffice. To best understand your business, it is important to keep your…

Understanding the importance of financial statements.

All business owners should regularly, and closely, evaluate their financial statements to best understand the health of business. The most important advantage of analyzing your company’s financial statements is that they allow you to make strategic decisions that support growth and…

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