At some point, every small business owner will need to make an important decision: should they use cash or accrual budgeting for their company? Businesses use both the cash basis and full accrual basis of accounting and budgeting in their operations. There are advantages and disadvantages to both of these options, and you should consider talking with an accountant to learn about how these methods will impact your business.
Cash flow management can make-or-break a company, and if you aren't properly managing the flow of your money, then you are setting your business up for failure. If you want to achieve long-term success with your company, then you need to make sure that you have cash available at all times.
If you’re like most small business owners, you have a serious problem on your hands. You don’t know how much your business is worth. You have so much of your own money and your own assets tied into it that it is impossible to get a value. Actually, you can get a business valuation, but you will need some help.
As a real estate investor, accounting is part of your daily life. You have to monitor the cash flow in, and make sure you’re managing your outflow in a profitable manner. For many investors, a paper accounting system is the one they know and use. However, if paper is holding you back, do what other successful landlords have done and make the switch to an accounting software program.
It is easy for small business owners to get stuck with questionable business practices, especially when they are in the early stages of development. Sometimes in the zeal to achieve profitability and success, the employees and management take shortcuts. Here are ten frequently overlooked secrets about small business management that will help your company achieve success:
The lack of robust accounting systems is one of the primary reasons that small businesses fail. Small business record keeping can be a thorn in every business owner’s side, and many companies are now turning to virtual accounting services. Here are some the advantages they find:
For the most part, it’s a great time to be a real estate investor: interest rates are low, and home values are climbing in most areas. In fact, metro areas like DC are growing rapidly, which means there’s a good chance you’ll get high returns from your investment.
Being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. But if you are thinking about investing in rental property or you are a new rental property owner, there are a few basic rules that will help you hit the ground running.
Taxes. If you are self-employed, the myriad tax rules that apply to your income may dampen your entrepreneurial spirit. Especially when you are preparing to file your return. But, taxes don’t have to be such a burden. Take advantage of the immediacy of your situation - what better time to do some planning than while everything is fresh in your mind. Here's some advice on how to get an early start on tax planning strategies for this year:
Cash flow is the life-blood of every business. For a small business, cash flow can make or break its ability to survive. If you want to adopt a proactive approach to managing your small business, then it is important that you enlist the help of a CPA who can assist with financial forecasting. A professional can help you fine-tune your business plan and know what to expect in the future.