As you build your business, it will soon become clear (if it hasn’t already) that it’s necessary to bring in help, hiring or outsourcing to people whose expertise is to do things that aren’t your primary skills. So, if you are at that point, you may have considered hiring an accountant or a CPA advisor. But what exactly is a CPA advisor? And how can hiring or contracting one...
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Time is money. This mantra of the business world is a truism beyond any others, and making sure time isn’t wasted is critical to ensuring money isn’t wasted. For companies that bill hourly, having their employees track their time is critical to fair and responsible charging practices. Salaried employees of all businesses should be tracking their time, even if those hours aren’t then used to...
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With that shift into adulthood, Millennials are also accounting for a larger portion of the base of taxpayers across the United States. Their impact is not just restricted to avocado toast or iPhones. They are now a significant portion of tax clients and tax practices are recognizing the need to adjust to them.
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Most people start a business because they have an idea and a passion for sharing actual products or services. That being said, the financial aspects of a business will absolutely make or break a new and growing small business, so they cannot be cast aside without a solid plan. One of the increasingly popular strategies for taking care of these business needs is hiring a financial...
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The responsible and savvy business owners out there know the importance of keeping business records. You never know when you may be hit with an audit, when the legal need will arise to prove your paper trail, or when a financial institution may need to see proof of your business operations.
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Financial management is as critical to the health of your business as that original idea or execution on your product or service, but it may not be your top focus or an area you are excited to spend much time. That being said, financial management cannot be avoided. Keep your eye out for the following financial management errors to make sure you’re doing everything you can to do right by your...
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As your business grows, your costs and responsibilities will follow. Typical upgrade costs you may consider are a larger office space, a new security system, or office hardware. However, don’t let your everyday software get overlooked and pushed to the bottom of the list. The solutions that worked for your firm yesterday may no longer apply today.
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You’ve completed the project and hit it out of the park, not only meeting but exceeding all client expectations. For business owners, this feeling is treasured, but the dread and headache of realizing that a client has still not paid for services rendered is more profound.
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Early-stage companies and small startups are traditionally high on creativity, drive, innovation, and tenacity. However, all the ambition in the world does not solve for one of the most essential needs, which is funding. Getting a company off the ground usually requires personal investment, profit investment, and a traditional bank loan. Now, venture capital is becoming the more trendy and...
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The fate of your business’ health and prosperity goes far beyond waiting for revenues to exceed your expenses. While this is the goal, there are ways to be proactive about forecasting your expected growth. If you have an approximate understanding of what’s coming in, you’ll have an even clearer picture of what your costs should be.
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Your financial statement could have its hand in helping you attain lower interest rates on loans, give you a clearer picture when you perform a revenue forecast, and ultimately help you strategize and plan for the future of your business. Let’s take a closer look at how a financial statement prepared by an outsourced accounting firm is more reliable.
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As a business, your livelihood depends on getting something in return for the products or services you are providing to others. While we safely assume that once we send out an invoice a payment will arrive shortly after, this is seldom the case. A common frustration is that once these invoices go out, payments are either habitually late, or worse, non-existent.
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