There is no hard and fast forecasting process, but the following steps are generally applicable to most forecasting efforts: Take some time and list out all the basic facts about past trends and forecasts. What have you noticed about changes in past actual demand? Why did it increase? Why did it decrease? Analyze the cause [...]
There are two secrets your Income Statement knows about how you can make more money. You can make more income or you can pay less expenses. And the tips to doing that are on your Income Statement. When it comes to making more money, then are three primary ways to do that: Sell more to [...]
In September 2006, Leslie Janous of Knoxville, Tennessee, threw an elaborate larger-than-life “sweet 15” party for her daughter. Guests were surprised at the level of luxury, wondering perhaps how a bookkeeper could afford such an extravagant celebration, but, as it was disclosed later by an unnamed guest “some people save for years and years for [...]
A virtual bookkeeper is someone who assembles your records, prepares financial statements, handles payroll – everything you expect your regular bookkeeper to do, but they do it a little differently. A virtual bookkeeper does all that a bookkeeper does, who shows up your office, but from his or her, own office. Some of the benefits [...]
There are three phone calls a small business owner never wants to get: The bank is calling because you’re overdrawn. The IRS is calling because they’re about to seize your assets. A customer’s or employee’s lawyer is calling because they’re about to sue you. Bad bookkeeping can cause every single one of those cases. And [...]
The hot tax topic these days is ‘nexus.’ Nexus means connection. If you have a connection to a state, then you owe them taxes. It could mean income tax, sales tax and/or ‘other’ tax. Either way, you need to be aware of nexus. If you have an employee in another state, virtual or not, you [...]
Are you still feeling the aftermath of the economic crisis that started in 2007? The economy didn’t change your business. It revealed your business – its strengths and its weaknesses. I don’t know about you, but I don’t ever want to go through something like this again. I want to know in ADVANCE when my [...]
Are you looking for more money in your business? Here are a series of questions to walk you through the process to determine what you need to do to have more money. Do you need more cash flow or profit? If you’re looking for more cash flow: Look at leverage points with accounts receivable, accounts [...]
One of the biggest mistakes I made with my business in the early years was in trusting business consultants. That’s probably pretty harsh, because in effect that’s what my team does – consult with businesses on reporting results (through Cash Flow Accounting) and projecting tax cost and preparing business tax returns (through USTaxAid Services). The [...]
There is an old saying that history doesn’t repeat itself, but it rhymes. You can’t ever look back and say that exactly what happened in the past will occur exactly the same in the future. You do have some indicators of what is working and what isn’t, though. That’s where a timely and accurate set [...]
