July 6 2017
Nothing can put a bigger crimp in your business's cash flow like outstanding client invoices. According to one survey, nearly a quarter of the business owners surveyed say collecting on overdue invoices is the biggest challenge in their business. As if that wasn't bad enough, more than a third of receivables don't get paid on time. So what's a business owner to do? Here are our suggestions for handling late payments.
June 20 2017
There comes the point in every business when it's time to hire a professional to handle the financial management. If this is where you are in your business, then congratulations! Your company has grown enough that you can now begin to hand off some of those many hats you wear as a business owner. While your first thought may be to add a full- or part-time bookkeeper to your staff, it's smart to also look at outsourcing your bookkeeping to a team of accounting professionals. It's true what they say: There is strength in numbers. And when it comes to your financial numbers, you can benefit from a team. Accounting firms thrive on teamwork. (They wouldn't make it through tax season if they didn't, believe us.) Here are some of the best reasons to consider hiring a team to handle your accounting.
June 7 2017
Don't make the mistake many business owners make by waiting until the end of the year to worry about your taxes. Mid-year tax planning allows you to make changes and adjustments while you still can, saving you time, money, and surprises when tax season arrives. There's nothing worse than hearing your accountant say, "If you had only made this one adjustment, you could have saved (insert dollar amount here)."
May 23 2017
As a busy business owner, chances are you may need to hire a contractor at some point. We're all for it -- contractors are specialized professionals who can help take over an area of your business so you can focus on what you do best. If you hire contractors, you'll need to know the ins and outs of 1099s.
May 8 2017
As we all know, cash flow is the lifeblood of every business. One study found that half of all business owners have cash flow issues. A healthy cash flow strikes a balance between increasing the cash coming into the business while slowing down the money going out of the business. Here are twelve ways to boost your business's cash flow.
April 24 2017
Cash flow shortfalls: they can happen to the most well-run small businesses. An unexpected expense or repair pops up, a customer goes MIA on their invoices, or a large sale doesn't happen. Or maybe you just scored a big sale, but you need cash to purchase the equipment or help you'll need to get the product into your customer's hands. You may find yourself needing cash -- and needing it quickly. You could apply for a small business loan, but you'll need spotless credit, collateral to borrow against, and the loan could take weeks or even months to process. Invoice factoring and invoice financing are two ways you can cover the shortfall quickly, but what's the difference between the two? Here are the ways they differ and how to know which to choose.