A small business failure can be surprising in terms of what led to the demise and how it may have been avoided. There are some common errors that many small business owners and entrepreneurs make that lead to problems that cannot be overcome. Subsequently, it is these errors that often lead to the end of […]
A successful business or company leader knows when and what to delegate, and this includes outsourcing payroll and taxation tasks to someone else. Ideally, the leader of the team can put their focus into business operations but payroll is something that simply should be handed-off to a professional accounting firm, company, or site. Ideally, outsourcing […]
A lot can fall on your shoulders at the helm of a company or small business. As a business leader, others may look to you for modeling behaviors that will help them progress and succeed. The five worst mistakes that you can make as a business leader are: 1. Doing Everything on Your Own Don’t […]
When it comes to employee reimbursements, you must be careful that they comply with current tax law and IRS tax regulations. If not documented and posted correctly, expense reimbursements may get confused for income, which can create a mess. Furthermore, when your staff struggles for prompt and accurate reimbursements, it can create hostility and angst […]
If you want your company to succeed, you must maintain detailed financial records related to the operating of your business. Gaining a grasp on the more complicated aspects of accounting can help you garner a better understanding of your company’s finances, though hiring a professional accountant may be the most practical approach. Whether you learn […]
Cash Flow essentially determines the health and solvency of your business. Poor management of cash flow is to blame for the downfall of over 80% of all businesses, according to one study. Cash flow is how money comes in and goes out of your business, and it is imperative to monitor. Cash flow analysis takes […]
If you own a small business, you know the importance of tracking your finances and expenditures. This provides a clear view of your cash flow, while also increasing your ability to make efficient and cost-effective business decisions. One way to do this is with QuickBooks; QuickBooks is the most common accounting software program among small businesses for several reasons.
What will happen to your company when you retire? Business Succession is something that many business owners don’t consider until it is too late, making selling the company the only viable option. If you want to preserve the legacy of your company or if you have other invested parties to consider, a business succession plan is not just smart but imperative.
Business owners and managers spend hours filling out payroll tax paperwork for the federal government, but if it is not done properly, they can be held personally responsible. The IRS has policies for filing tax cases against owners and managers when income taxes are not withheld and are promptly sent to the IRS. An innocent […]
Wise investors know that they should conduct an independent analysis of the value of their business. Estimates must not be clouded by emotions, instead, financial professionals should perform objective analyses of relevant data, so you receive an accurate and fair valuation. Relying on buyer opinions or marketplace estimates cut short your profits when growing a […]