Posts Tagged ‘Financial Management’
True 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 MoreAbout Personal Use of Corporate Assets
It is no secret that the IRS looks carefully below the surface for personal use of company assets (including cash) in its corporate income tax audits. This insight addresses more the impact of such behavior upon the actions of employees and others who observe that behavior from a senior manager or owner of a business—and…
Read MoreSmall Business Health Check: Are Your Finances in Order?
The success of your small business hinges on the health of your finances. Every business faces hurdles and unexpected expenses—but when properly prepared for, these are just minor inconveniences. Financial security when it comes to small businesses has little to do with gross sales and everything to do with how money is handled. Are your…
Read MoreChecks and Balances to Ensure You are Receiving the Correct Royalties
While there can be prestige in developing your business into a franchise, that’s not why you put in the massive amount of work and invested heavily into growing your business. You’re here to collect the royalty checks. Prestige only goes so far, after all. Royalties capitalize on your ability to create a sound business plan,…
Read MoreHow Your Small Business Can Overcome Its Debts
Starting a small business isn’t easy—or cheap. Even the most well-organized and generously funded business can quickly run into cash flow problems, so it’s hardly surprising that many small companies experience debt problems, particularly during phases of growth. So if you find yourself facing a mountain of debt, what can you do? Try cutting your…
Read More6 Tax Moves to Make Before the End of the Year
As the hectic holiday season approaches, most people are wondering how they’ll be able to save on holiday shopping rather than what they can do to save on taxes. So, let’s explore some tax moves you should consider making before the calendar turns to 2017 to help you reduce your tax bill from Uncle Sam.…
Read MoreA Guide to Balance Sheets and Income Statements
When you own a small business, organization and good recordkeeping are two of the most powerful tools you have at your disposal. Keeping track of things like sales, outstanding invoices and monthly expenses is essential to understanding how healthy your business is at any given moment. Proper records are also a must if you plan…
Read MoreHow to Start a Small Business Without Ruining Your Credit
Starting your own business is no doubt a noble endeavor. But on the road to becoming a successful entrepreneur, you’ll encounter numerous obstacles that will test your courage, character, and ability to remain focused and positive. To take the helm of your own enterprise is truly the adventure of a lifetime. For aspiring entrepreneurs, starting…
Read More4 Ways Your Business is Wasting Money
To err is human. Many entrepreneurs make mistakes when starting a new company, and that can often result in the downfall of a company. It’s not because they pigheadedly or recklessly jump on a new business idea. Enthusiasm and passion are requirements to succeed. However, small business owners make errors without actually understanding or even…
Read MoreHow to Get People to Pay Attention to Finance Presentations
You know that effective financial management is one of the most essential ingredients for business success, and that communicating this information to key people within your organization is important for achieving company objectives. So it can be frustrating when your audience simply doesn’t listen to your message or take it on board. But blame can’t…
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