As a business owner, choosing how to handle your finances is one of the biggest, if not the biggest, decisions you can make. There are many things to consider when choosing between hiring an accounting firm versus using an accounting software. There are benefits of both options so here are….
Tag: small business
While it may seem counterintuitive, small and medium sized businesses are far more exposed to the prospect of fraud than large organizations. Approximately 5 percent of annual revenue is lost to internal fraud each year, according to research from the Association of Certified Fraud Examiners (ACFE). Unfortunately, many businesses focus….
Small businesses today must be extremely mindful about their cash position. If the last several months have taught us anything, it is has reminded us that the state of the economy can change quickly. While no one could have predicted the coronavirus pandemic, small businesses who have a strong handle….
Surviving the coronavirus is the theme of 2020 so far. From big corporations to small business, it seems like nearly every industry is getting hit, and hit hard. The thought of profiting during COVID-19 is unthinkable to many, but there are inevitably organizations that benefit from a pandemic. Who are….
From layoffs to furloughs and from temporary closings to permanent shutdowns, COVID-19 has impacted virtually every single industry under the sun. It’s no secret that economic growth worldwide has plunged significantly. In the United States, business owners have had to pull rabbits out of their hats left and right in….
COVID-19 has made a major dent in the global economy and the long-term business fallout is inevitable. For many small businesses, the coronavirus means they must close their doors entirely, even if temporarily. For others, it means scaling back significantly and making unfortunate cuts to salaries, workforce, and more. Owners….
From balance sheets to income statements and from cash flows to retained earnings, financial statements are essential to any entity. Evaluating financial activities means using these financial statements to unveil where a company is, how it compares to past successes, and possibly where it has the capacity to go in….
Budgeting is something that most adults take into account when making financial decisions. From a personal perspective, creating a budget is practical and commonplace. So, should the approach to budgeting differ at all as it relates to a business? How important is a budget to a company’s overall functionality? And….
Entrepreneurs across every industry share a number of character traits that make themselves, and their businesses, successful. From being relentlessly hardworking to maintaining a constant push towards innovation, running a company well requires a specific type of person and a specific set of principles. One of the more surprising and….
Research estimates that more than 66 percent of companies lack any type of formal succession plan for their organizations. But in today’s fast-paced, constantly-evolving markets, establishing a succession plan is critical for success in the present and in the future. Massaging talent to eventually fill leadership roles means positioning a….