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Posted by: Charles P Myrick CPA Posted on: Jan 14 2021

6 Financial Stability Resolutions for Your Small Business in 2021

The end of one year and the beginning of the next should always prompt small business owners to think about their business resolutions for the coming year. This is true for 2021 more than any other recent year, after enduring what 2020 brought. These six resolutions not only apply to most small businesses for the coming year but are useful for years to come.

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Posted by: Charles P Myrick CPA Posted on: Dec 17 2020

It's Not Too Early to Plan for 2020 Tax Filing

The year 2020 was a topsy-turvy year, financially, for most Americans. Some were able to continue working and earning with little or no interruption, while at the other end of the spectrum, some lost their livelihoods. Some were ineligible for unemployment and many others landed somewhere in between. Whatever your situation, this would be the year to start your tax preparation early with a virtual consultation and planning meeting.

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Posted by: Charles P Myrick CPA Posted on: Dec 03 2020

Don’t Fall for Phone or Email Scams

Scams by phone or email have been around for years. With COVID-19 dominating 2020, scammers have become more creative and relentless. Between online shopping and year-end fundraising, the season will almost certainly include attempts by scammers to get your money.

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Posted by: Charles P Myrick CPA Posted on: Oct 22 2020

Rewrite a Business Plan for a Fresh Start During C0VID-19

Your business has undoubtedly been affected by the COVID pandemic. If it was once prosperous and viable, it can one day again be successful, even in a future which may never go back to “normal.” Pivoting is returning to a business model that existed during your startup to make possibly large or extreme adjustments to accommodate new growth or a changing external business environment. In the case of COVID-19, the business environment is almost alien, and to survive and thrive, pivoting to embrace and make changes is necessary.

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Posted by: Charles P Myrick CPA Posted on: Sep 29 2020

Rethinking Overhead in a New Virtual World

The world of business has changed in ways that were unimaginable just a few months ago. The change has been coming for a long time. Still, with the recent pandemic, quick advances in the virtual office, sales, meetings, customer service, and other aspects of doing business have been thrust upon large and small companies alike throughout the globe. While this brought many technical and procedural challenges, it’s also changed the nature of business overhead costs.

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Posted by: Charles P Myrick CPA Posted on: Sep 17 2020

How to Predict a Cash Shortage

What does the future hold for your small business finances? Positive cash flow is crucial for maintaining business operations and paying employees. If you don’t manage your finances appropriately, you risk cash shortages to pay your expenses when sales slow down. Fortunately, there’s a way to help you see ahead to prevent these issues and help your business grow. Here’s how you can predict a cash shortage and prevent it from affecting your business.

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Posted by: Charles P Myrick CPA Posted on: Aug 28 2020

What is the Best Business Entity for a Solopreneur?

What is a solopreneur, and what kind of business can a solopreneur form or develop? The term “solopreneur” is often used interchangeably with "entrepreneur," "freelancer," "self-employed" or "small business owner,” perhaps since all of them will likely have to pay self-employment taxes and file 1099 forms. While any of these terms may be simultaneously valid for your business, there are distinctions between them.

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Posted by: Charles P Myrick CPA Posted on: Aug 21 2020

Small Businesses Should Heed Warnings of a Cash Flow Crisis

For small business owners, cash flow may be a challenge during normal times. These are not normal times. The continuing COVID-19 emergency is putting at risk the survival of many small businesses. Now, more than ever is the time for all owners to engage in a new kind of planning; new ways of monitoring and projecting cash flow.

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Posted by: Charles P Myrick CPA Posted on: Aug 14 2020

What is Your Company's Cash Break-Even Point?

Do you know the cash break-even point of your business?  My experience with small businesses is that It can take time for them to become profitable. Working with a cash flow projection for your business can help you figure out when you can expect to financially turn the tides. Here's everything you need to know about determining your company's cash break-even point.

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Posted by: Charles P Myrick CPA Posted on: Aug 07 2020

How to Measure the Impact of Revenue on Cash Flow

Are you able to measure the effect on your cash flow if revenue decreases 10%-30% or more? Managing cash flow can be a challenge for many small businesses. In a cash flow statement, revenue is counted right away, even when it's not yet received from the customer. If your income decreases, there could be a delay in how it may affect your cash flow.

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