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How does a business line of credit work?
A business line of credit can be very effective in funding the growth of your small business or in riding through uneven cash flow periods. However, a business line of credit (LOC) is not for everyone and should not be entered lightly. What is a business line of credit? A business line of credit is […]
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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 happens to your business if you don’t do any bookkeeping?
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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Understanding Income Statements vs. Balance Sheets
Understanding income statements and balance sheets are a necessary function of running a successful small business. Financial statements refer to your income statement (also referred to as your profit and loss or P&L), balance sheet, and cash flow statement. Financial statements provide you with the ability to understand a critical part of your business’s performance. […]
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Why Should I Track My Business Expenses?
Understanding business spending, specifically business expenses, can help the business owner monitor and predict costs looming in the near future. Business expenses should be tracked through your financial accounting system and reviewed monthly as part of your income statement. Creating the habit of tracking your expenses makes for a clear understanding of your business spending, […]
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Why your bookkeeping practice needs an automated solution
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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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 […]
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The new landscape in bookkeeping…
Bookkeeping has traditionally been a task-oriented process that require an understanding of how and when each task needs to be completed. This culminates in the completion of financial statements that can be reviewed for performance, risk, trends, and a host of decisions such as Do we need to hire? Can we buy more equipment? Can […]
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Rightsizing your business amid the pandemic.
The coronavirus has abruptly affected our businesses, some more than others. Small and medium sized businesses have experienced closures, reduced hours, layoffs, and furloughs. As a result, SMB’s will need to think differently to be successful in the post COVID-19 environment. Define your core: rethink staffing, workspace, and technology tools. Business services will be needed […]
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A chat with a customer.
If you are like most business owners, you are barraged with social media ads, email campaigns, and invitations to webinars telling you the next greatest thing you need for your business. You stop and think about some, and totally pass on the others. How do you know what to believe? We’d like you to take […]