Posts Tagged ‘Bookkeeping’
5 Services All Business Owners Should Consider for the New Financial Year
As we’re in the new next financial year, now is the perfect time for business owners to invest in the right services. The new financial year is a fresh start, and with it comes the opportunity to review current practices and make sure business is going to plan. Strategically designing the year ahead is vital…
Read MoreTrue Story: Missing Assets Equal to a Year’s Sales
You don’t think finance and accounting matter in small business? Here’s a true story, and it’s about a small business like the ones I write about, in fact one I was involved in, not a large publicly traded company. $3 million worth of assets went missing, but nobody took them. Where do you think they…
Read MoreSmall Business Bookkeeping: What You Need to Know
In the rush and excitement of starting a new venture, it’s easy to overlook the importance of good small business bookkeeping in the early days and let things slide. When this happens, small business owners often get a rude awakening in the not-so-early days of the business. This can come in a variety of ways,…
Read MoreLong-Term Debt on a Balance Sheet
What is Long-Term Debt on a Balance Sheet? The Long-Term Debt category appears as a long-term liability on a Balance Sheet. The balance represents the total outstanding balances of all bank loans, mortgages and financial contracts. Discussion: Long-Term Debt is expected to be payable in a period that is longer than one year. The current…
Read MoreCommon and Costly Bookkeeping Mistakes
Tax Question What are common and costly mistakes made in corporate bookkeeping during the year and how can these be avoided? Facts There are many simple checks and cross checks that can be done monthly to help find and correct common and costly bookkeeping mistakes. Discussion Bank accounts, Accounts Receivable, Accounts Payable, and Sales Tax…
Read MoreBusiness Plan Financials: Cash vs. Accrual Bookkeeping
I hate the buzzwords and general environment related to accounting and financial terms. No wonder business owners shy away from it. “Accrual accounting” sounds like something you do with thumb screws, rack, and chains. But—damn—it matters. If you run a business, you have huge incentive to understand this stuff. And there is some good news…
Read MoreA Simple Cash Flow Spreadsheet Anybody Can Use
If there’s just one formal business skill every business owner should have, it’s understanding and forecasting cash flow. It’s not intuitive because it’s not the same as profits; but it’s vital. We spend cash, not profits. It’s one of the most important pieces of every lean business plan. Here’s my recommendation for a relatively simple way…
Read MoreA CPA’s Real Job
CPAs think their important job is to complete and file clients’ taxes during tax season. If you’re a CPA or bookkeeper, the most important job is to help your clients build profitability, cash flow and terminal value. Most small businesses never get there. They sell a new client, do some work, get paid for it…
Read More4 Bookkeeping Tips for New Businesses
In the world of business, paying tax is as much a part of life as buying and selling. Companies are obligated to pay tax on everything their business makes, unless they can prove they are entitled to a deduction. So, if you don’t keep clear and organized records of your expenses, then you are likely…
Read More5 Small Business Bookkeeping Tips for New Business Owners
Raise your hand if you absolutely love handling your small business bookkeeping requirements. There sure aren’t many hands up—and that’s pretty common. Documenting all payments, expenses, deposits, and withdrawals can make your head spin. The good news is that there are some easy ways to simplify this process. Consider these small business bookkeeping tips for…
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