In this blog post, we will discuss the four most common business structures: sole proprietorship, partnership, limited liability company (LLC), and corporation. Sole Proprietorship A sole proprietorship is the simplest business structure, where a single individual owns and operates the business. The owner has full control over the business and assumes all liability for its […]
Choosing the Right Business Structure Read More »
Tax
1. Digital receipts decrease costs Receipts eat into your profits. It costs money to buy the paper and the ink which is more than it costs to simply email receipts to clients. Your business saves money by not printing receipts for every customer. On a per-unit basis, receipts might not seem like a big cost.
Considering Digital Receipts for Your Business Read More »
Accounting/Bookkeeping
1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set of books. Analyze your data to learn what products and services make you the most money, which ones cost the most to offer, and identify where you can save.
7 Tips on How to Adjust for Inflation Read More »
CFO Consulting
Navigating Challenges Small businesses and startups typically have a streamlined staff, which keeps costs down and allows the business owner to focus on healthy growth. But sometimes, a financial challenge comes up that is beyond the skill or experience level of those on the team. This is where a fractional CFO can be of great
What is a fractional CFO? Read More »
CFO Consulting
From day one, business owners should have a separate bank account in which to deposit their income and pay their business expenses. It’s also crucial to designate a business-only credit card. Come tax time, separate statements will make submitting claimable expenses quick and easy, while reducing the risk of a painful audit. Letting accounts receivable
Bookkeeping & Accounting Tips for Small Business: 5 Things to Avoid Read More »
Accounting/Bookkeeping
You can only make informed decisions about your business when you have a full picture of your current financial situation. That means knowing how much money is in your accounts, what your cash flow forecast predicts, and how much money you owe. Without that information, it’s much more difficult to know when you can afford
3 Reasons to Prioritize Bookkeeping Read More »
Accounting/Bookkeeping
Here’s why your small business might want to consider the benefits of working with a virtual CFO. High level decision making A virtual CFO can analyze your company finances and provide expert advice to help you make more informed, strategic decisions for ongoing profitability. That senior level financial oversight can help you understand any risks or
How “Virtual CFO” Services Can Help You Grow Your Business Read More »
CFO Consulting
The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask the accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to improve profit margins, but the best way to quickly and sustainably grow revenue will vary
Four Questions to Ask the Accountant Read More »
Accounting/Bookkeeping, CFO Consulting, Tax
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