Budget season is officially here, which means federal, state and local governments, big corporations, and small businesses alike are all hunkering down to create and approve budgets for the coming year. When it comes to allocating percentages of spending, one of the most difficult categories for businesses to nail down is also the one that…
Consultants, freelancers, contractors, and other self-employed professionals make up a substantial portion of our nation’s economy. Each year, these individuals face the question of whether to incorporate their business, which essentially means they need to decide if they would be better off legally separating their work life from their personal life. So when should a…
Proper cash flow management is one of the most essential elements to running a successful business. Basically, you cannot pay bills if you do not take in money from customers and clients. Of course, controlling cash is difficult because some key factors in the inflow and outflow equation are actually out of your control. But…
Tax codes are in constant flux. With all the proposals and laws state, city, and federal legislatures present, debate, and enact each year (Florida has produced more than 130 new laws this year alone), the average person would need to make a full-time job of reading the news just to keep up. Luckily, a person…
Maintaining a high credit score is as important for a business as it is for an individual. And as many small business owners know all too well, if a company doesn’t have good credit, it can be extremely difficult to obtain loans or negotiate favorable rates and terms on financing agreements. Plus, entrepreneurs who separate…
Nearly every entrepreneur experiences a period in their business’s life cycle when money is tight and they are struggling to keep the doors open. Whether you are just getting your start-up off the ground or an established business owner proactively looking to be more cost-conscious, operating with a thrifty mind-set can save your company thousands…
Running a small business is an all-encompassing enterprise. For business owners who manage their own accounting functions in addition to the day-to-day operation, an orderly system with a well-thought-out schedule is essential to keeping a company’s finances in order. While big tasks like recording transactions are hard to overlook, others can slide off the radar…
When a small business is in its early stages, most owners are primarily concerned with breaking even on their investment, then turning a profit and eventually increasing the profit margin. It might seem overzealous to even think about setting money aside for future expansion. But the time to budget for growth is always now, because…
For small business owners who want to manage their accounting processes in-house, the wide range of reputable software programs on the market is both a blessing and a curse. But the right business accounting software can simplify your bookkeeping tasks while providing truly insightful information about your business’s financial performance by division or product, future…
As the year comes to a close, and small businesses wrap up their budget planning for the next 12 months, taxes are often the next big task on small business owners’ horizons. But there is a crucial step to remember before putting the 2015 accounts to rest (one that will make tax planning infinitely easier):…
