Be strategic when managing your business finances! Being a business owner involves wearing many hats, however, being a successful business owner involves wearing many hats successfully. Strategic thinking means making decisions that dictate the future direction of an organization. Effective CEOs need to be strategic about every aspect of their businesses, including their business finances.…
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I spent the morning at the ‘2019 Raleigh Small Business Connect‘ held on the campus of NC State in Raleigh, North Carolina, it was an amazing experience and I learned that it is important to ‘Find Your Tribe’! Being a small business owner is immensely rewarding, but it is also extremely hard. Being a small…
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QuickBooks Online integrates with Amazon! Many small businesses now use Amazon for a large portion of their business purchases because of the ease of shopping. The downside to using Amazon has been the difficulty in knowing what the individual charges were for and how to allocate the expenses. When we would close out the books…
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What are the “5 Epic Tax Myths that Confuse Small Business Owners”? My goal is to debunk a few of the tax myths making their rounds in the small business community, in an effort to save business owners both time and money. Epic Tax Myth #1 There are magic deductions that small business owners do…
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Asking, “How is the financial health of your business?” is a loaded question. I meet a lot of small business owners and I am surprised by how many are unsure about how their business is doing. Many small business owners measure their success solely on the available balance in their checking account. Is your checking…
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Bookkeeping for your small business can be time-consuming, so here is a quick bookkeeping tip to make life easier. Bookkeeping Tip #2: Keep your business finances separate! No matter how tempting it may be to pay for your personal expenses from your business account or vice versa, DON’T DO IT! What exactly is a business expense? A…
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Bookkeeping for your small business can be extremely time consuming, so here is a quick bookkeeping tip to make life easier. Bookkeeping Tip #1: Keep your books up-to-date by entering your business receipts daily! We know that entering your receipts daily sounds like it would be a lot of work, but it does not have to be if you…
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Most small business owners would agree that their Profit and Loss or P&L report is among the easiest financial documents to understand. Two parts of your P&L report The top half of the P&L report lists the income the business has received for the period covered. After subtracting the cost of producing your goods or services,…
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Did you know that you need recurring revenue streams for your business? The same advice for building a healthy investment portfolio applies to your business: diversifying will lower risk and increase growth. Adding a recurring revenue stream (or a few) can provide an ongoing source of income. This ongoing source of income will help to…
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If you have any doubt that customer referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media…
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