One of the biggest challenges small to mid-sized businesses face is managing cash-flow, specifically, getting customers to pay their bills in a timely manner. When you’re constantly chasing after delinquent balances, not only is it a waste of valuable time and resources, but it ultimately affects your bottom line. The good news is there are […]
Business expenses are an integral part of any organization. Yet, when it comes time to start pulling everything together for taxes or an audit, many professionals find themselves overwhelmed, pulling out their hair trying to track down receipts and other documents and wondering if they’re missing anything important. To avoid this, here are five simple […]
Hiring a professional bookkeeping firm can seem like an overwhelming task. You don’t want to take any chances – especially with your important business finances. So, how can you make sure that the company you hire will be a good fit? Simple. Know what questions to ask ahead of time. This will help give you […]
Depending on where you are in your business, using a business credit card may or may not be wise. We’d like to touch on some of the “do’s” and “don’ts” of business credit so you can determine if you are using yours wisely. DO You keep things separated. On this blog we’ve talked about keeping […]
Calculating your daily sales outstanding (DSO) is a relatively straightforward process. By dividing your accounts receivable by the annual revenue Managing Your Daily Sales Outstanding per day, you’ll have a better understanding of the average number of days it takes your business to collect from customers. Logically speaking, a low DSO means that your customers […]
Most businesses rely on an in-house bookkeeper to handle their bookkeeping needs. Usually, this in-house bookkeeper is an office assistant who handles bookkeeping in addition to various other tasks. Having bookkeeping handled by non-specialists is error-prone and expensive especially when you can outsource bookkeeping at a fraction of the cost while dramatically improving its quality. […]
Set Yourself Free by start delegating the tasks on your table Delegation of Tasks will free up your time and brain. You’ll actually be able to think, not just react. All of those interruptions and the discussions about the routine have trained your brain to stay in the grip of daily work. When you stop […]
I’m a huge fan of checklists and couldn’t live without them. They get me through my day and help me make sure I’m not forgetting something vital. It also saves me from a mountain of post-it notes and little “reminders” that get lost just when you need them. So, if you’re ready to get your […]
Maintaining the books of accounts is a crucial aspect in every business. Any business is not only the realization of the vision of an entrepreneur but involves the efforts of many individuals and multiple resources. Accounting is one such resource. In order to ensure a smooth functioning of each segment of the business organization, a […]
Small business owners often wear many hats from head chef to chief bottle washer and everything in between. Bookkeeping is one of those many hats and one of the most important. Tracking accounts receivable and accounts payable are fairly simple but what about tracking all those varied and random expenses? Create a filing system for […]