Don’t let the challenge of processing payroll overwhelm you. Filing your business taxes may be the most frustrating process in your business, and it becomes more complex as you add more staff. But, it doesn’t have to […]
Is it time to sell your products and services internationally? The Census Bureau reports that the United States’ exports totaled $2.5 trillion in 2018, the highest on record. Ecommerce and other technology tools make it easier to […]
You can hire a bookkeeper instead of an accountant. But, does that meet all of your business needs? The answer is important because you need an efficient system to manage your accounting operation. You also […]
You need the right tools to manage your business. One of the most important set of tools is your financial statements, including the balance sheet. Many business owners make the mistake of using an unclassified […]
Your business uses assets to produce revenue. As assets are used up, you can write off the asset’s cost and post a tax deduction for the expense. When you post an expense for a particular asset can vary, […]
Payroll is the most complex accounting process you must complete. Your accounting transactions are posted to general ledger, but is the information accurate? How do you get the payroll process right? To understand how payroll […]
The start of the year is a great time to reassess your business. To grow sales and profits in 2019, you’ll need to process more transactions and serve more customers. You may also need to […]
Sales to a business are like rain to spring flowers. Without it, they wither and die. Finding what works to generate sales and earn a profit for your company is essential to your long-term success. […]
You can pay FICA (Federal Insurance Contributions Act) taxes as a self-employed person. Everyone pays both FICA taxes and income taxes. If you’re an employee, your company manages the FICA tax payments for you. The […]
You can deduct the actual costs of using your personal vehicle for business use. How the tax rules work The IRS allows you to deduct the actual expenses of operating a vehicle, or take a standard mileage […]
The income statement is a financial statement that reports on company revenue, expenses, and net income as of a specific time period, such as a month or year. The income statement is directly connected to the balance sheet, […]
Underpricing your product or service can be dangerous to your bottom line. Nellie Akalp, entrepreneur and founder of CorpNet.com, explains that: “Even though you might land the sale, underpricing your products and services comes at a cost. […]
Successful business owners learn from their mistakes. The effort required to operate your business may seem overwhelming, and you have to make a multitude of decisions every month. Once the month is over, you may […]
It’s difficult to keep all the balls in the air, when you’re trying to manage your business. It’s great to have a number of projects in the field, but working multiple projects presents some real […]
Successful business owners create an annual budget and compare the budgeted amounts to actual results each month. This process is the best way to make smart business decisions and increase profits during the year. However, […]
Do you really know how to price your product or service? What assumptions are you making about your costs? Are you pricing your product so low that you’re not making a consistent profit? As Entrepreneur.com explains: “Generally, the more you know, […]
Do you control your business, or is your business controlling you? Gino Wickman, an author and business consultant, finds this lack of control as a common frustration with entrepreneurs. Gaining control over your business requires time, and […]
Customers demand convenience. If your business can’t make the buying process quick, easy, and convenient, customers will go somewhere else. There are lots of examples that illustrate this point, including the demise of Toys “R” Us. The […]
It’s little surprise that many of America’s 45 million student loan borrowers are looking to loan forgiveness programs to ease their burden. But while loan forgiveness sounds like a dream come true, you might be waiting a while: Some […]
Is an international business strategy the next step for your small business? Expanding into new global markets can dramatically boost sales and profits, but it also requires careful planning. Don’t get bogged down in overly complex […]
Do you clearly understand all of the costs you incur to create your product or deliver your service? Now, that question may sound odd to you. You scan your accounting transactions all the time, and […]
Your time is precious. To succeed in business, you must make smart decisions about using your time, and that includes the time you spend on financial analysis. While many owners review the balance sheet and income statement, many […]
It’s deeply personal. Discovering employee theft can be infuriating. After all, you hired, trained, and trusted the worker to help you grow your business, and that trust has been violated. This situation may be the […]
If you could receive customer payments faster, how would your business improve? Many small businesses struggle with cash collections, and finding enough cash to operate each month can be a challenge. Speeding up cash collections, […]
Do you know the true cost of operating your business? Many business owners – even people with years of industry experience — don’t fully understand the financial impact of workers’ compensation insurance. The cost can […]
If you can’t identify all of your project costs, how can you determine the profitability of the engagement? You can’t. Company owners that conduct business on a project basis may be a difficult time tracking […]
As a business owner, you may find it increasingly difficult to file an accurate tax return. The tax code is complicated, and it’s not unusual to a mistake when filing your business taxes. However, if […]
How much help do you need to manage your business? The answer will change, as your company grows and becomes more complex. Many businesses hire experts to manage growth, but taking on a high-level employee […]
If you can’t answer this question with hard numbers, then you don’t really know. The most successful companies have systems in place to make sure that profit is prioritized, expenses are controlled and stakeholders are […]
Twin Lakes Tree and Lawn Care 2019 Budgeted Income Statement Sales $200,000 Cost of Sales Materials $40,000 Labor $70,000 Total Cost of Sales $110,000 Gross Profit $90,000 Operating Expenses Salaries $30,000 Depreciation, Insurance, Rent $12,000 […]