The primary element of making your business a success is knowing and understanding your financials. Unfortunately, many business owners struggle to understand all the different aspects of their financials. Where you may have experts assisting you with tracking different data, you might be unclear what to ask them to produce. Tracking profit margin might seem…
Many businesses often have trouble finding the right balance of price value and profit. When deciding how much to sell an item for or charge for a service, sometimes the set value is too high or too low. Both can affect your cash flow. When a business has been having cash flow problems, often they…
There are different types of people that you will see when it is time to work on your taxes. The one type has a file that they have set aside and collected all the documents that they would need to file their taxes. The other type seem to be the one that is unsure about…
Much of the time, when people start up a new business, they don’t understand the importance of proper financial management. This may be why 80% of all new business will likely fail within the first 18 months of getting started. While it does cost money to hire professional help to handle your finances, it will…
Owning and operating your own business can be challenging especially when it comes to keeping your accounting practices in order. One of the areas of accounting that can be difficult to navigate for those of us who are inexperienced or who do not have a formal education are audits. For example, a transaction audit and…
Running a small business right now may feel very stressful with the economy in the state it is in. How will your company make it through these difficult times? There are many aspects of running a business and all of them demand the right amount of attention. One of these aspects is your business’s tax…
Reporting that all expenses have been properly classified and that all of them have been reported is part of the process getting the books ready. Tracking all the expenses associated with businesses that involves travel for multiple people, can prove challenging. You can find ways to successfully track and manage all the expenses related to…
Often associated with a startup business, is a pivot. For the first year or two, a startup business spends the time testing the market, analyzing numbers, making adjustments, and finding the right path. In some instances, the business is not profitable and will need a new direction, which is known as a pivot. This is…
There is often confusion when it comes to knowing what constitutes items that can be tax exempt or tax-deductible. Whereas, depending on your location, are a few items that are certainly easy to understand. For example, in NYC, uncut bagels are tax exempt while sliced bagels have 8.875% sales taxed as it counts as prepared…
Small businesses face challenges on a daily basis and many of those challenges are financial in nature including lack of cash flow, inaccurate reconciliation of accounts and many more. Asking the right questions and understanding the steps needed to keep problems at a minimum are crucial to running your business successfully. Some of the most…
