The cash flow is the lifeblood of any business; it gives business owners the means to buy the goods they sell and pay their employees. For many small businesses, uncertain cash flow can hold them back from reaching their full growth potential. One of the most common culprits of poor cash flow is late-paying customers. [...]
Business owners and managers need to be efficient to make the most of every opportunity that comes their way. Here are some hacks that small business owners should consider to boost their productivity: Take Advantage Of Technology Gone are the days when businesses have to manually get things done. Apps and tools can now help [...]
without a reliable process for tracking and collecting payments will eventually find it difficult to turn their revenues and profits into cash flow. One in four businesses fail because of interruptions to cash flow. Don’t allow yourself to be included in the statistics of failed businesses by following these simple tips: […]
With widely available accounting tools, it is now easier than ever to keep an accurate record of where your company’s money is going. However, there are still possibilities of committing errors and accounting mistakes. While some accounting mistakes are insignificant and easy to correct, there are more serious mistakes that may have detrimental effects on [...]
Keeping your business finances in order is crucial because it can help you project your business’ growth, determine how your earnings and expenses stack up, and make informed decisions. Managing finances, however, can be difficult at times particularly for business owners who want to do everything alone. To make finance management and accounting more manageable, [...]
Basically, even cancelled or “forgiven debt” from a lender is still taxable income, according to the IRS. As such, it must be included as income on your tax return. Debts which you are personally responsible such as credit card debt, mortgages and some student loan debt are included. […]
As your family members get older they may need some help with day-to-day tasks. One of those tasks may be helping with their finances. Even ordinarily tasks, such as balancing a checkbook or paying bills may be something they forget or even avoid as being too difficult. If you had the time yourself, of course [...]
If a company releases its financial statements to the public, it is required to follow Generally Accepted Accounting Principles, called GAAP, in the preparation of those statements. “GAAP” consists of three important sets of rules: Basic accounting principles and guidelines. Detailed rules and standards issued by the Financial Accounting Standards Board (FASB) and its predecessor [...]
“An Accountant counts money!” says Mr. Joe Average; and he’s not wrong. But accountants do a lot more than just “crunch numbers”. Accountants deal with a wide range of finance-related chores that involve figures and statistics. Math is the core accountant’s job. […]
Money is a great motivator, which is why financial reports exist. Financial reports must contain truthful and unbiased information, and accountants must create unbiased and accurate financial reports for those who deal with finance in the various sectors of society. Accounting is the legal and moral method to create accurate and honest decisions that will [...]
