We've created this Basic Accounting Terms series to help you understand the fundamentals of accounting. Whether you handle the accounting yourself or have delegated it to an in-house or outsourced accountant, you'll find these posts useful as you review the financial health of your company with your accountant.
Money is constantly flowing in and out of your business. How do you know when you should recognize or account for revenue? Is it during production? When you receive any form of payment? What if your clients make installments? When do you start recognizing and recording the incoming money as revenue?Continue Reading
This video is just one in a series that will help entrepreneurs and business owners with their small business tax preparation. Today we'll talk about:
Affordable Care Act & Health Savings Accounts
Section 179 (expensing fixed assets)
Long-term Capital Gains Rates
Watch the video or read the post to find out about 2014 general tax information for small businesses:
Whether you have been in business for a few years and you need financing for growth, or you're a new start up, finding the money you need can be tricky. Taking the time to craft a well-researched and passionate pitch is definitely worth it. Great entrepreneurs invest time and heart into their pitches. Below we highlight 3 experts' advice:Continue Reading
Basic Accounting Terms
Relevance + Reliability
As the decision maker of your small business, it's crucial that you understand basic accounting terms, such as "relevance" and "reliability" when you are reviewing financial reports and statements with your accountant. This post will define what makes financial information relevant and reliable. The consequences of not understanding some of these basic terms could cause serious problems that you could potentially overlook.
These terms are crucial, and, luckily, easy to understand.Continue Reading
What small business doesn't want to increase business profits? However, it's easy to lose track of the details that will set you up to hit your growth goals. We condensed our best profit coaching tips into 8 steps to help you increase profits by 15% every month. If you begin every month with these steps and set up your plan, you'll be in a position to celebrate on the last day of the month.Continue Reading
We've started this Basic Accounting Terms series to help you understand the fundamentals of accounting. Whether you handle the accounting yourself or have delegated it to an in-house or outsourced accountant, you'll find these posts useful as you review statements and reports with your accountant.
In order for both you and your investors to get a solid idea of the performance of your company, you'll have to create financial statements and reports. Each company and industry is unique--which means you'll have to modify your statements and reports to satisfy industry or even SEC requirements if you're a public company. You'll also have to decide what information you want to voluntarily include in those same documents.
Here's an overview of the basic statements and reports your company will have to generate quarterly and annually:Continue Reading
We know, it seems a bit counter-intuitive to pay someone to help you save money. We also understand why doing your own small business accounting brings peace of mind and, of course, can save you money. Many of our clients started out doing their own accounting, and it definitely worked for some of them while they were small enough. We also have many clients come to us with outdated books and shoeboxed documents.
Whether you plan on doing your own accounting temporarily or for the entire lifespan of your company, here's some things that many clients wish they had known while they were DIY-ing their accounting:Continue Reading
We know that many of you have resolved to keep better records for 2015, and so we wanted to show you our favorite receipt tracking tools. It's amazing what you can do on the go with your smartphone to make sure everything is accounted for. Many of these apps allow you to store pictures of receipts, categorize them, and create expense reports for you.Continue Reading
It's tax season and you're regretting your disorganized habits of last year. What a mess! There are receipts piled on top of your desk, some more lingering in your kitchen "junk" drawer, and even more crumpled up in the crevices of your car (think of all those gas receipts!). Ugh. You really don't want this to ever happen again, right?
The time you spend trying to gather a year's worth of receipts, invoices, expenses, etc at the end of the year is far more than the time you spend if you keep up on it throughout the year. Time is money, right? Here's 5 things you should do at the beginning of the year that will set you up to become one of the profitable businesses you hope to be by the end of the year:Continue Reading
As part of our profit coaching efforts, we try to go beyond number crunching and help clients really grow their business. We weed through a lot of crap on the Internet, but we save the good stuff to share with you. Here's the 6 most insightful and inspiring bits we found on the world wide web this week:Continue Reading