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.
Did you recently start working for yourself? If so, you may owe self-employment taxes on your earnings as an independent contractor or a sole proprietor. That's true no matter what your age – even if you're receiving social security benefits. Here’s why:
Many small business owners use accounting or bookkeeping services to manage their day to day financial records and reports. They find that these services have a direct impact on the cash flow and profitability of thier businesses. If you are planning to hire a small business accounting service, there are several things that you need to keep in mind before you make the decision.
Many small business owners pay too little attention to their financial statements. Unfortunately, these owners don’t understand just what the statements have to offer. They should become familiar with three basic financial statements – Balance Sheet, Income Statement, and Cash Flow Statement.
If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
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.
Starting a business is hard work, and the success rate is low – just look at the first year failure rate. There are many reasons that some business startups are more successful than others and plenty of researchers to ask the questions. One interesting line of inquiry looks at the reasons a person wants to be an entrepreneur.
As a small business owner, you're probably busy monitoring operations and dealing with everyday problems. But there are five important aspects of your business strategy that you should review and update every year. These updates are essential to maintain successful small business growth strategies.
A proactive approach to small business accounting includes strategies like financial forecasting.The forecasting strategy can take a lot of time and effort, which is why you shouldn’t try to handle it on your own. Instead, it is better to enlist the help of a CPA who can help you fine-tune your business plan and know what to expect in the future.
Do your credit policies improve the cash flow management of your small business? Sound credit policies are high on the list of business processes that improve your profitiblility. Small business owners will find it worth while to regularly review their company's credit policies. Here are five good practices to look for: