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[…]
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?[…]
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[…]
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[…]
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[…]
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[…]
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[…]
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[…]
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?[…]
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[…]