Identifying Your Financial Health: A Guide for Medical Spa Owners
Managing a successful medical spa requires more than providing excellent services; it also involves tracking your financial health.
Med Spa Owners: Track These 4 Essential KPIs for a Thriving Practice
Intro In today’s competitive med spa industry, staying ahead means monitoring Key Performance Indicators (KPIs). These 4 Essential KPIs give you insights into your operations and guide strategic decisions to improve your practice and become a top-performing med spa. For instance, top-performing med spas in 2022 earned 4.5 times more revenue than the industry average, Read more about Med Spa Owners: Track These 4 Essential KPIs for a Thriving Practice[…]
Key Accounting Insights for Buying Medical Spa Equipment
Introduction As a medical spa owner, investing in new equipment is essential for growing your business and offering exceptional services to your clients. However, the financial aspects of purchasing equipment can be overwhelming. This guide provides key accounting insights to help you make informed decisions when buying medical spa equipment. Budgeting and Forecasting for Equipment Read more about Key Accounting Insights for Buying Medical Spa Equipment […]
The Difference between Tax Credits and Tax Deductions
Introduction: It’s essential to understand the various ways you can reduce your tax liability and maximize your savings. Two commonly used strategies are tax credits and tax deductions. While both can help lower your overall tax bill, they work in different ways and have distinct implications. In this blog post, we will delve into the Read more about The Difference between Tax Credits and Tax Deductions[…]
Understanding Financial Statements
When it comes to managing your business’s financial health, understanding and analyzing financial statements is crucial. Financial statements provide a snapshot of your business’s financial performance, allowing you to make informed decisions and plan for the future. In this blog post, we will explore the three primary financial statements: the balance sheet, income statement, and Read more about Understanding Financial Statements[…]
Uncover Your Business Niche
In the vast business landscape, identifying a profitable and distinctive niche for your business is crucial to success. Building a business around a specific niche allows you to target an audience, stand out from the competition, and create a loyal customer base. In this blog post, we will delve into the concept of a business Read more about Uncover Your Business Niche[…]
Financial Metrics Every Small Business CFO Should Track
As a small business CFO, your role goes far beyond just managing the numbers. You are a strategic partner, responsible for steering the financial health and success of your company. To effectively fulfill this role, it is crucial to identify and track key financial metrics that provide insights into your business’s performance. In this blog Read more about Financial Metrics Every Small Business CFO Should Track[…]
Choosing the Right Business Structure
Choosing the right business structure is an important decision for any entrepreneur or small business owner. Each structure has its own advantages and disadvantages, and selecting the right one can have a significant impact on your business’s legal framework, operational flexibility, tax considerations, and overall success. In this blog post, we will discuss the four Read more about Choosing the Right Business Structure[…]
Using Financial Reconciliation to Keep Your Business on Track
As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices. It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re Read more about Using Financial Reconciliation to Keep Your Business on Track[…]
Considering Digital Receipts for Your Business
Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for tax purposes and to manage their finances. More businesses are moving away from paper to digital receipts. Here are more reasons why your business should consider eliminating paper receipts all together. 1. Digital Read more about Considering Digital Receipts for Your Business[…]
Benefits of Outsourcing the Payroll Processing Function
Payroll is a critical function in any business. It involves calculating and disbursing employee salaries and wages, processing taxes, and complying with legal regulations. Payroll processing can be complex and time-consuming, and mistakes can have serious consequences. Outsourcing payroll processing can help businesses save time, money, and resources while ensuring compliance and accuracy. Here are Read more about Benefits of Outsourcing the Payroll Processing Function[…]
7 Tips on How to Adjust for Inflation
Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and profits are shrinking. Here are seven tips on how to adjust for inflation. It’s undoubtedly challenging, but you can adjust for inflation by following these tips. 1. Study Read more about 7 Tips on How to Adjust for Inflation[…]
What is a fractional CFO?
A fractional CFO (Chief Financial Officer) is a finance professional who works on a part-time, retainer, or contract basis. They bring the experience and expertise of a high-level CFO to your business without the cost of hiring a full-time, in-house employee. Fractional CFOs can service several clients at once. Because their financial management skills are Read more about What is a fractional CFO?[…]
Setting business financial goals for 2023
Companies tend to progress more consistently if the owner sets business financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. Read more about Setting business financial goals for 2023[…]
Bookkeeping & Accounting Tips for Small Business: 5 Things to Avoid
TD Bank surveyed 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. However, Read more about Bookkeeping & Accounting Tips for Small Business: 5 Things to Avoid[…]
3 Reasons to Prioritize Bookkeeping
If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s a frustrating chore that takes up a lot of time and is easy to put off until tomorrow. However, avoiding your bookkeeping is dangerous. Not knowing your company’s financial Read more about 3 Reasons to Prioritize Bookkeeping[…]
How “Virtual CFO” Services Can Help You Grow Your Business
Every small business can benefit from the dedicated financial management expertise that comes with having a CFO. However, very few small businesses have the means to hire someone full time for this role, particularly in the lean early years. Often, it’s the first few years when a company is starting up that establishing good habits Read more about How “Virtual CFO” Services Can Help You Grow Your Business[…]
Your Small Business Tax Preparation Checklist for 2022
Business owners, tax season is right around the corner and although you may be dreading it, there are things you can do to feel better prepared. Here is your small business tax preparation checklist for 2022. Don’t stress, prepare! Your books Your structure Your due date Your income Your deductions Your home office expenses Your Read more about Your Small Business Tax Preparation Checklist for 2022[…]
Benefits of Bookkeeping: A Contribution to Small Business Success
Bookkeeping is an essential component of small business success. Some of the benefits of bookkeeping include; maintaining compliance, tracking your business activity, and producing the data needed for business decisions. But despite its proven importance, many owners dread and avoid bookkeeping. In fact, most entrepreneurs claim that it is one the worst parts of running Read more about Benefits of Bookkeeping: A Contribution to Small Business Success[…]
5 Signs You Need an Outsourced CFO
The 5 signs you need an outsourced CFO. When you start a small business, it’s usually only you behind the whole operation. You wear many hats, from CEO to clean-up crew. As you pour your heart and soul into your business and it begins to grow, the amount of work involved grows with it. As Read more about 5 Signs You Need an Outsourced CFO[…]
Small Business Audit: What to do if you get audited?
There are often negative emotions involved when you think of a small business audit, and rightly so. No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter, don’t panic. Prepare. These four steps will help you get through the process with Read more about Small Business Audit: What to do if you get audited?[…]
Small Business Cash Management Insights
Your business needs cash. Cash is what keeps your company in operation and enables it to grow. Therefore, it is important to know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. That’s why I thought it might be helpful Read more about Small Business Cash Management Insights[…]
Four Questions to Ask the Accountant
Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. 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 Read more about Four Questions to Ask the Accountant[…]
What’s the difference between a bookkeeper and an accountant?
A popular question we get is, what’s the difference between a bookkeeper and an accountant? A good question! They both work with financial data and they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant are different. You may not be exactly sure of the differences between Read more about What’s the difference between a bookkeeper and an accountant?[…]
Tax Planning for Small Business Owners
Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records? This post is about providing guidance on tax planning for small business owners. New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data Read more about Tax Planning for Small Business Owners[…]
How to Evaluate a Company Budget
Wondering how to evaluate a company budget? Our blog post will provide an overview of key areas you can focus on when reviewing your budget. It’s a good idea to take a look at your company budget every quarter and see where you need to shift your priorities. Furthermore, review business spending over the past Read more about How to Evaluate a Company Budget[…]
Six Essential Accounting Terms for Small Businesses
Hiring an accountant whether inhouse or outsourced is considered best practice for small business owners. Delegating the various accounting functions doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position and make Read more about Six Essential Accounting Terms for Small Businesses[…]
Outsourced Bookkeeping Benefits
The outsourced bookkeeping benefits are numerous. These benefits include; working with an industry professional, receiving valuable financial guidance, saving time managing the finances, and saving money outsourcing the accounting function. Let’s talk about outsourced bookkeepers. Here are four benefits to hiring an outsourced bookkeeper to help you manage your business finances. Expertise An outsourced bookkeeper Read more about Outsourced Bookkeeping Benefits[…]