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Using Financial Statements to Grow Your Business.

There is a lot of focus on having clean financial statements to understand your business’s performance and have your tax returns prepared at the end of the year. However, there’s more value that business owners can gain out of having clean, up-to-date financial statements. Understanding income statements and balance sheets are a necessary function of

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What is the difference between sales revenue and c...

Sales revenue and cash flow are often mistaken for each other or incorrectly used. Revenue is the measurement of your business’s sales and marketing efforts. Cash flow is the activity of cash that comes into and goes out of your business during a specific period. Revenue is essentially money coming into the business and does not

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Options for small business lending

Lending options for small businesses come in a variety of shapes and sizes. Lending sources are used to fund an expanding business or provide financial assistance to a struggling one. While gaining access to funds can help run and manage your business, challenges can arise when small businesses look to lenders and other sources for

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What is working capital and how to calculate it

Many indicators represent the health of a business. Working capital joins the ranks of income statements and balance sheets to determine the company’s financial status. The absence or lack of working capital affects its ability to invest in itself, its employees, technology, and continued growth. What is working capital? Working capital, also known as net

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What happens to your business if you don’t do an...

The dangers of not doing bookkeeping stretch far beyond the financial impact on your business. If you don’t do any bookkeeping, or just for the sake of argument, you do some bookkeeping; you are running your business with blinders on. The absence of a clear understanding of your business’s financial health can seriously affect decision-making

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What is cash flow?

Cash flow is often misunderstood yet is critical to the success of any business. Cash flow issues are one of the most significant challenges small business owners face. 4 out of 5 businesses are likely to fail due to poor cash management. What is cash flow?   Understanding your small business’s cash flow is one

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Why your bookkeeping practice needs an automated s...

Today, most bookkeeping is performed by humans, but with the advent of AI (Artificial Intelligence) and RPA (Robotic Process Automation), the future of bookkeeping is changing very quickly. Computers are taught how to perform bookkeeping tasks, …and they do them quickly and without error. Oh, and it is incredibly secure. Automated bookkeepers can now “read” bills and

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The art of remote out-of-office bookkeeping

Businesses of all sizes are learning how to function in an out-of-office structure during this pandemic. The challenges include the following to name a few: Maintaining current clients Acquisition of new accounts and business Keeping a healthy cash flow Functioning remotely, including sales, service, marketing, and accounting. Few companies are prepared to migrate their employees

New tools for collecting receivables

Small businesses fund their operations from cash generated by the business. While some companies accept their customers credit cards for payment, others invoice their customers or send a monthly statement. This is referred to as selling on credit because you are offering the customer credit terms (i.e. Net 30) to pay the invoice/statement. While many

What is financial visibility?

Overseeing and building a small business requires the owner to wear many hats. Have you heard the saying, “jack of all trades master of none?” We hear that phrase from many SMB owners trying to juggle sales, service, human resources, and most importantly- finance. Accurate and comprehensive accounting practices are critical, but don’t often equate

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