December 19, 2017
When a manufacturing company doesn't have a focused idea of its annual budget, it runs the risk of spending more money than it earns in a year. Even if production has been running smoothly for years, one small change can alter the entire financial picture. Money may be coming in, so all seems fine, but without a handle on expenses versus income, you can quickly find yourself in the red.
December 18, 2017
In the restaurant industry, many employees rely on tips as the primary source of their income. As with all wages, it is important for restaurants to ensure that tips are correctly managed and reported. Because tipped income functions differently from a traditional paycheck, it can often be confusing to know precisely how to account for this income.
We’ve compiled a list of four best practices to make sure that your restaurant business is handling tips in the proper way.
July 6, 2017
Nothing can put a bigger crimp in your business's cash flow like outstanding client invoices. According to one survey, nearly a quarter of the business owners surveyed say collecting on overdue invoices is the biggest challenge in their business. As if that wasn't bad enough, more than a third of receivables don't get paid on time. So what's a business owner to do? Here are our suggestions for handling late payments.
June 20, 2017
There comes the point in every business when it's time to hire a professional to handle the financial management. If this is where you are in your business, then congratulations! Your company has grown enough that you can now begin to hand off some of those many hats you wear as a business owner. While your first thought may be to add a full- or part-time bookkeeper to your staff, it's smart to also look at outsourcing your bookkeeping to a team of accounting professionals. It's true what they say: There is strength in numbers. And when it comes to your financial numbers, you can benefit from a team. Accounting firms thrive on teamwork. (They wouldn't make it through tax season if they didn't, believe us.) Here are some of the best reasons to consider hiring a team to handle your accounting.
May 8, 2017
As we all know, cash flow is the lifeblood of every business. One study found that half of all business owners have cash flow issues. A healthy cash flow strikes a balance between increasing the cash coming into the business while slowing down the money going out of the business. Here are twelve ways to boost your business's cash flow.
April 24, 2017
Cash flow shortfalls: they can happen to the most well-run small businesses. An unexpected expense or repair pops up, a customer goes MIA on their invoices, or a large sale doesn't happen. Or maybe you just scored a big sale, but you need cash to purchase the equipment or help you'll need to get the product into your customer's hands. You may find yourself needing cash -- and needing it quickly. You could apply for a small business loan, but you'll need spotless credit, collateral to borrow against, and the loan could take weeks or even months to process. Invoice factoring and invoice financing are two ways you can cover the shortfall quickly, but what's the difference between the two? Here are the ways they differ and how to know which to choose.
March 28, 2017
While owning a seasonal business can be rewarding, the inherent ups and downs can also be a challenge. There are ways to help weather the fluctuations if you know what to look for and if you get the help of an accounting professional. Here are our recommendations to manage the accounting of your seasonal business and how your accountant or CPA can help.
March 14, 2017
If you're a small business owner who's DIY-ing your bookkeeping, you can use all the help you can get. Apps can be your lifesaver, not only saving you valuable time and money, but also enabling you to run your business from the palm of your hand, giving you 24/7 access to your vital stats from anywhere in the world. Even if you have a bookkeeper, you'll want to consider giving these apps a try. They'll help streamline your bookkeeping system while saving you wages. Here are our choices for apps that will make your business accounting a bit easier.
January 18, 2017
While there are some legitimate reasons to file a tax return extension, for most business owners, it doesn't make sense. If you're running your business properly, you'll be ready to make that date with your CPA before the New Year's confetti has been swept off the floor. Here are our tips for a smooth tax filing.
January 7, 2017
There are some changes you'll want to know for budgeting and financial planning purposes in the new year. Some result in more expenses for your business, but there are also some that will benefit you. Here's what you need to know for 2017.