Maintaining business records is a must for any small business. Keeping good records ensures that your business runs smoothly and efficiently, and that you’re prepared when tax time rolls around. Many businesses have experienced crippling issues that compromise business success when they ignore basic recordkeeping practices. Here’s a primer on small business recordkeeping and why […]
Bookkeeping
How to Create & Analyze a Small Business Budget
So, your sales are rising, you paid off an SBA loan, and you just hired your first employee. Everything’s going swimmingly with your small business. Or so it seems anyway. How can you tell for sure? One way to gauge your success is to craft a budget that acts both as guardrails and yardsticks for your […]
SMB Bookkeeping: What to Do and When
Managing finances is a top priority for small and midsized business owners. Bookkeeping is a large part of that. Some bookkeeping tasks need to be done only once per year. Others require your attention more often—daily, weekly, or monthly. Here’s a guide to what bookkeeping tasks you need to do and when to do them. […]
6 Ways to Improve the Performance of Your Small Business
As a small business, you will always benefit from improving your operations, and there are a number of things that you can do to remain competitive. These options include using digital marketing, outsourcing their bookkeeping and keeping up with the latest trends. You can also inspire employees, create a high-quality website and automate as many […]
Common Bookkeeping Mistakes and How to Avoid Them
Bookkeeping can be the bane of many a business owner. But it doesn’t have to be the onerous chore it’s often made out to be. Avoiding bookkeeping mistakes can keep your business successful and headed in the right direction. Here are some common bookkeeping mistakes and how to avoid them. Procrastinating Waiting too long to […]
Bookkeeping vs. Accounting
Accurate and complete financial records are essential to the success of any business. Bookkeeping and accounting are two processes business owners rely on to track and understand their finances. Actually, the line between bookkeeping and accounting processes is becoming blurrier all the time. Technological advances in hardware and software have automated many of the traditional […]
4 Reasons Bookkeeping is Important for Business Startups
Entrepreneurs starting a new business usually know they need to keep good books. But many are overwhelmed by the sheer volume of other work they need to do to get their business off the ground. As a result, they delay getting their bookkeeping ducks in a row. Bookkeeping can involve everything from recording day-to-day income and […]
Understanding What a Bookkeeper Does
If you own or manage a small business, you may worry so much about certain financial issues that you have trouble sleeping at night. Some of these issues might include lost receipts, not getting paid for products or services, not knowing where your business stands financially, or being audited by the IRS. Fortunately, help is […]
Bookkeeping vs. Accounting
If you own or manage a small business, you know the importance of accurate financial records. You also know that your business success often depends on having a clear financial path forward. Bookkeeping and accounting are two processes businesses rely on to accomplish these goals. Some business owners take on bookkeeping and accounting tasks themselves. […]
3 Most Efficient Ways to Set Up Your Business’s Financial Systems for Success
Your financial system should be as precise as the grooves in a vinyl record. A solid financial system includes components like your accounting software, purchase approval process, receipt collection process, system for budget creation, and even your point-of-sale (POS) software. These are just a few examples; anything related to handling finances is part of your […]
