3 Reasons Recurring Revenue is a Good Idea

What is recurring revenue? It’s the revenue you can depend on generating, year after year, with a high degree of certainty. It’s the repeat business or long-term contracts you’ve established with clients who know and trust your business. For example, you might bundle offers into a monthly subscription, or launch a points system that incentivizes loyalty with free gifts or special discounts. Recurring revenue comes in many forms and is…  Read more

A Wolf in Sheep’s Clothing—Is your Subcontractor really an Employee?

I run across this issue over and over. I see employers have subcontractors that really should be classified as W-2 employees. This has become a big hot topic for the IRS. You can get penalized and be charged with the Employer tax portion of the wages you paid a subcontractor if you get audited. It is now a question on your corporate tax return as to if you hired subcontractors that year.…  Read more

What the Heck are Financials Statements???

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement…  Read more

It’s OK to Be the Boss—Lessons Learned from Females at the Top

I have arrived in my profession. (Well, at least to myself). I was selected to speak at the North Carolina Association of CPA’s 2016 Women’s Conference last week. Thanks to Marie McLucas, CFO of Primax, who asked me if I would be interested. Would I be interested??? I not only said yes immediately, but I had that announcement on every social media platform possible. My first legit speaking engagement. After…  Read more

Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 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. But lack of knowledge, frustration, and even avoidance can add up to…  Read more

Why Keep Your Data in the Cloud?

Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and advantages of cloud computing has made others a bit more resistant. The truth is, there are several very practical benefits to…  Read more

Strengthening your Balance Sheet

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they…  Read more

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

Treat the Janitor and the CEO With the Same Level of Respect

You never know who you are going to meet and where. You only have one time to make a first impression, but more importantly, how you treat a stranger is what will reveal your true character. I accompanied a client on an important meeting they had for a potential client (ABC Company) of theirs. As we got there early, we were led to the Board Room of ABC Company. While we…  Read more

Top Four Reasons For a Small Business to Outsource Their Accounting Function

1.       Accounting is the foundation of any business and clients benefit when this work is done by a professional adept in the entire process from source document to financial statement analysis. 2.       Cost Efficiency: For example, a $50,000 employee could actually cost the company almost $78,500 a year. An outsourced firm, however, can provide complete accounting services for roughly $3,000 per month or $36,000 per year. 3.       One of the…  Read more

How To Find A Good Niche

In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realizing the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by…  Read more

Face It! It’s Not Possible to Eliminate the Risk of Innovation

One of the most often cited reasons for not embracing innovation is that it is too risky. Prototyping or testing often comes with a high cost. Combined with the cost of the time spent, this can all be rather high for an unknown outcome. There is no way to eliminate the risk in innovation, but there are ways to reduce it. It’s easy to understand the dilemma. A business owner…  Read more

Grow Your Email List Through Personal Contact

When your email list is small or you’d just like to add more people and get higher open rates, it’s smart to grow your list through personal contacts. Begin with the obvious: ask friends, family and business contacts to sign up. Everyone has a pool of people who might be happy to hear about your business via email. All you have to do is remember to ask. Put a note…  Read more

How We Saved an HVAC Guy From “Cooling Off”

Why it’s important to have your accounting records in order…. At a previous firm, I was assigned on a job that involved an IRS audit of a newly-acquired HVAC client that never had an accounting system or a set of books since its existence. The audit required going back 6 years and was due to pay steep penalties for failure to file. Since the client had nothing in place, it…  Read more

Even Businesses Thrive With A Smile! : )

  So, I just got back from a super-enriching, brain dumping, come-back-with-a-million-ideas weekend with my CPA shark tank, Thriveal. We all gather in Greenville, SC once a year for “Deeper Weekend” and share ideas and knowledge from our firms around the world, along with kickass speakers that are changing the world. Literally. We are rebels seeking to change our profession and adapt to the changing times. This particular presentation resonated within me.…  Read more

Garbage In, Garbage Out

The information you receive is as good as the information you give. Call it the Law of Attraction, which can be applied to everything in life, including your Accounting System. I happened to be inspired by this post, just coming back from one of my awesome networking meetings with Business Sorority. Each meeting, we are forced to do our ’60 second Elevator Speech’ in front of two small groups of…  Read more

A SWOT Analysis? Is this textspeak?

Recently, I joined a busines mastermind group, somewhat like a “think tank” for business owners. Our first assignment was to work on a SWOT Analysis. I was one of the few in the group that had done one before and knew what one was, but it had been a little while since I did my first one. It was amazing to see how much had changed in how I answered…  Read more

Is Now the Right Time to Buy a Home?

If you’ve frequently been asking yourself if it’s the right time to buy a home, there are several things to first consider. Three things to think about are the current market conditions, the interest rates, and the amount of available housing. Current Market The current market conditions may help you determine if it is the right time to buy a home. If prices are starting to increase, you may want…  Read more

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