Nobody launches a new business expecting it to fail, but the fact is the majority of small businesses don’t last more than a couple of years. In fact, according to Bloomberg, a whopping 8 out of 10 startup businesses will close their doors after just 18 months. So, how can you protect yourself from becoming […]
For most small business owners – especially those just starting out – getting a business loan is a must in order to create a solid foundation on which to grow. Yet applying for this type of loan can be tricky. Oftentimes when a business owner gets denied, they blame the lender, when in reality it […]
Expenses. Every business has them, no doubt about it. How you manage those expenses, however, can make or break whether you’ll continue to realize success or not – especially if you’re just starting out. The key is to reduce business expenses as much as possible so that your bottom line isn’t impacted too significantly. That […]
As with anything else in business, deciding which functions should be handled in-house and which could be outsourced is a big decision. One of the most commonly outsourced tasks is that of accounting, especially for small to mid-sized businesses that are on a tight budget. If you’re still on the fence, here are some of […]
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. […]
