Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to…  Read more

How Accounting Software Can Increase Profits

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost…  Read more

Three Ways an Accountant Can Save You Money

Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional…  Read more

5 Apps for Tracking Small Business Expenses

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox. In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time. Why not take…  Read more

Tips to Keep Your Business Finances in Order

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

Similarities and differences between a bookkeeper and an accountant

They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant – and whether you should hire one, or both. An established, growth-focused company will employee the services of both an accountant and bookkeeper. The…  Read more

How to Hire the Right Bookkeeper for your Business

“Outsource your weaknesses.” So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel’s advice seems spot on. Unfortunately, many small business owners seek to keep costs low by doing everything themselves— unwittingly sabotaging the financial stability of their own company. If numbers aren’t…  Read more

10 Productivity Tools to Help You Do More at Work

In today’s fast-paced world, everyone wants to be more productive. Fortunately, there is an ever-increasing number of tools, many of them available online and across multiple devices, that promise to help us achieve our goals. The challenge then becomes how to know not just which tools will live up to their promise but which tools are right for our business. Choosing the best productivity tools depends on a number of factors,…  Read more

Why Keep Your Data in the Cloud?

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more

How to set your small business payment terms

Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it or break it” years. Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out of business. These simple guidelines for setting payment terms can help you get paid quickly…  Read more

Small business tech trends to watch in 2017

If you’d like to save time, cut costs, improve productivity and increase sales, take a look at how the latest technologies can serve your small business in the new year. The rise of the remote office Although cloud-based solutions aren’t new, it’s anticipated remote work teams are on the rise. One reason may be that small businesses, initially slow to adopt cloud technology, are now realizing its potential; recent research…  Read more

Which video conferencing app is right for you?

There’s no denying the importance of face time—or the competitive advantage businesses enjoy when they can video chat with colleagues, remote workers, and clients from anywhere in the world. Video conferencing apps increase productivity and save time in innumerable ways. They reduce travel time for business meetings, optimize meeting attendance, and allow those in different time zones to chat in real time, helping to streamline sales and the decision-making process.…  Read more

The three most important financial reports

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement…  Read more

Tips for updating your business plan

Think of your business plan as a roadmap designed to point the way to your current destination, knowing that where you land may not be your ultimate end point. After all, things are constantly changing in a healthy, thriving business. Market fluctuations, new competitors, changes in staffing or your sales figures may nudge you in a direction you wouldn’t have previously dreamed of, requiring new goals and strategies to achieve…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Ten Proven Ways to Get More Twitter Followers

Social media is a more potent force than ever before and one of the sites at the forefront of the social media revolution is Twitter.  With millions of active users, Twitter is an extremely powerful marketing tool.  The secret to Twitter success, of course, is growing and then holding a large follower base which can then retweet your own tweets, bringing you even more exposure.  But how does one best…  Read more

6 Proven Ways to Improve Your Content Writing

When it comes to writing for blogs, not all content is created equal. Many articles are rushed, poorly written, and lack the research to back them up, all of which can drive away traffic and leave visitors with a negative first impression. The good news is that with the right know-how and a bit of effort, virtually anyone can dramatically improve their writing skills. Below are some of the most…  Read more

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