Budgeting and Personal Finance
Why Is It So Important to Prepare Financial Statements?
If you are wondering whether or not you really need to prepare financial statements when you already know your business is profitable, the answer is definitely yes. You may be convinced that your business is doing fine, but you will need proof for investors, creditors, shareholders, government agencies—and you will also…
7 Easy Clues Your Financial Statements Are Wrong
As an owner or manager, your responsibility is to review accurate financial statements on a timely basis. This allows you to make good business decisions and spot minor issues before they become major crises. Here are seven easy-to-spot things to look for when analyzing your financial statements.
A Good Old Fashioned IRA Contribution
Most families and small business owners are still unaware on exactly how the rules work when it comes to contributing to a traditional IRA account. So here are a few facts you should know about these accounts almost forty years into the making.
Retirement Plans for the Small Business Owner: The SEP Plan
Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.
Retirement Plans for the Small Business Owner: The Solo 401k
Self-Employed individuals and owner-only (and the owner’s spouse) businesses and partnerships can save more for retirement through a 401(k) plan. The Self-Employed 401(k) allows you to take advantage of this increased retirement and tax savings opportunity with a full range of investment options.
Retirement Plans for the Small Business Owner: The SIMPLE Plan
Since there are so many people setting up individual LLC’s or home based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA. The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you?
Why Knowing Your Overhead Cost per Hour is Important
If your overhead is too high because of spending too much on extras and fancy offices, that can easily be resolved. However, if you’ve cut your overhead to the bone, then you must look other places.
7 Money-Saving Tips for Small Business
Money is one of the main ingredients in the recipe for success (or failure) of a small business. A necessary step in creating a budget you can stick to is finding the best ways to save money. You’ll be surprised to learn how simple some of these tips are to implement.
You Have to Understand Your Financials
Every business owner must understand and maintain their financial statements. By being unable to do so, many entrepreneurs get themselves into some major issues on so many fronts.
How to Get Great Business Travel Deals
Whether you’re a private consultant paying your own bills (and tracking carefully for tax write-offs) or working for a massive company, you are surely being urged from one source or another to scale back your business expenses.
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