With cyber security being increasingly important, we have listed a few tips to safeguard your financial information and online accounts. Here is a link to our record retention guide: Regularly download any pertinent financial information such as bank statements, credit cards, financial statements of your business, and your tax returns. Make sure after you…
Let’s explore the different parts of your accounting system, how all the pieces come together and how you can design an accounting system to best fit your business. Often in the process of wanting a more “robust” accounting system or wanting specific Key Performance Indicators/reports, business owners can look at different solutions to receive the…
With our world being more inter-connected with technology and identify theft becoming more prevalent, monitoring your personal information for potential fraud is vital. Below are resources on why freezing your credit report is so important and steps you can take to protect yourself today. Resources: Why you should put your credit report on ice…
The Importance of a Sound Financial Reporting System Receiving an accurate and timely financial statement each month is based on the reliability of your financial reporting system. A sound financial reporting system ensures proper checks and balances, an audit trail, and the financial statements needed to make better business and tax decisions. The following questions…
In our previous session, we talked about implementing a budget and putting together a strategic plan. From there, it is all about executing that plan and turning your plan and numbers into results. Turning “What If” into Results The key to turning “What If” scenarios with your numbers into results is being able to…
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of…
Do you know how to understand your numbers in a meaningful way? Do you understand the terminology? Do you know your break-even point and is there a company budget in place? Every owner should be able to determine the strengths and weaknesses of their finances by reviewing the numbers of their financial statement. Your financial…
Running a small business can be challenging, and for this very reason you as a small business owner must have a team of advisors to surround yourself with. The advice and guidance you receive from others in managing your business will impact the business decisions you make. This team is called the 5 Star Alliance…
Starting your own business can be exciting, but it also presents some challenges. Having the proper tools and skills in place will help you map out how to start and run a successful business. Seeking advice or getting professional help is a great first step, especially if this is your first business venture. Accountants and…
Avoid the Common Pitfalls Business Owners Face When Managing Their Finances When it comes to managing a business, your accounting is critical. But there’s hope: most accounting mistakes made by small businesses stem from a misunderstanding of the fundamentals. Businesses fail, lose money, or struggle not because of the big stuff, but because the fundamental…
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