Yesterday you had a great idea, today you have a new business – now what? Good news for new business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of new businesses pass the five-year mark,…
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Running your own business can give you flexibility and control, but it can also be challenging. If you are like a lot of small business owners, accounting is one your least favorite business tasks! Did you know that good bookkeeping is crucial to business success? You can both protect your business and reduce your stress by avoiding these ‘4 Costly…
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Being an entrepreneur is often about squeezing all the value you can out of your resources. That means spending only on the essentials, not fluff. Unfortunately, things you consider to be a waste of your money may actually be worthwhile business expenses, just what your start-up needs to survive. Data Analysis Successful business owners make decisions based on good information, not on a whim. As a…
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What is a Chart of Accounts? The chart of accounts a system for categorizing all of a company’s financial accounts. A chart of accounts is usually divided into five categories: assets, liabilities, equity, income, and expenses. Why do photographers need a Chart of Accounts? The categories on the chart of accounts feed directly into the financial…
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As an entrepreneur, you know the importance of good financial management. It’s just that dealing with all those numbers can be so daunting. Nonetheless, you sense that not keeping track of those digits can, or has, cost you. Don’t let it get you down. Below are 5 common bookkeeping mistakes and some simple tips to avoid them.…
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Creating good business habits is essential to long-term business success. If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event –…
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A Business dashboard is a valuable business intelligence tool, offering an “at-a-glance” view of a company’s performance. Some business owners use dashboards to track KPIs (key performance indicators) for just one aspect of their business, such as sales growth or financial data. Others want an overview of data from various sources, such as their accounting…
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Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room…
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If you think accounting software is just for tracking expenses and generating financial reports, you are losing out on an opportunity to improve your sales, and your bottom line. By taking advantage of information provided by your accounting software, you will benefit from a more informed approach to marketing and customer service. With a little…
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On average, small business owners spend 10 hours each week bookkeeping activities, such as recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in…
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