There’s a lot of talk in businesses today about virtual assistants and it only goes to follow that small business owners are also looking to outsource the one task they all seem to universally hate: bookkeeping. I own a virtual bookkeeping firm, so I have to tell you that I’m not objective. I think virtual [...]
If you have a business, you know the importance of financial statements, or at least one of the financial statements at least one time per year. In the case of a true business structure like an S Corporation, C Corporation or Partnership (or LLC that acts like one), you are required to have financial statements [...]
For every dollar of sales, 10 cents goes to theft. That’s according to a study by the Colorado Springs Business Journal. The US SBA states that 2/3s of all of those thefts come from employees. Now, let’s make it even worse. The average small business embezzlement is somewhere between $150,000 – $190,000, depending on which [...]
There is one purpose of a business – to make money. But as good as a business, its purpose, its market, its price, nothing works unless you, the small business owner, are doing your job. How are you doing with these key indicators? How good are you at turning your assets into profits?For this question, [...]
There comes a moment in everybody’s business when they discover that the profit they make in the business does not equal their cash flow. If you’re tying up your operating cash flow with building assets such as inventory, equipment, and other items, you may be setting yourself up for failure. Remember one of the tests [...]
Why did you get in business? Maybe circumstances forced you to go into business. You needed to find a more certain, quick to make money. It could have been a loss of a job or a concern there might soon be a loss of a job. Or maybe you needed to supplement the money you [...]
