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Why Is it Important To Document Your Processes and Systems

Many entrepreneurs operate with their business processes and systems in their heads. They know what they need to do each day and the way they want to get things done. Unfortunately when a business grows and staff need to be hired – or the owner needs to take time away from the business – it’s a real liability not having processes and systems documented in one place. Read on to…  Read more

What is Your Break Even Point?

Without knowing your break-even point, you can’t make informed business decisions. To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to your success. This especially true if you’re thinking about starting or buying a business. Calculate fixed and variable costs The…  Read more

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

How to Lead A Swarm of Bees…as in the Charlotte Hornets

  I recently had the privilege of attending the newly crowned Grant Thornton Crown Club at the Spectrum Center, as part of a continuing education day, with CEO lessons from Grant Thornton CEO, Mike McGuire and Head Coach–Charlotte Hornets, Steve Clifford. It was really interesting to hear Coach Clifford liken a sports team to a business team. He noted that it was important in both a sports team and a business team that…  Read more

Year-End Bookkeeping List

Have you started organizing your accounting records yet? Year-end if fast approaching and many business owners are busy gearing up to the upcoming tax season. Many individuals feel a bit overwhelmed and nervous when dealing with the IRS, and that is perfectly understandable. Below is a bookkeeping year-end checklist that can be used by business owners, freelancers and contractors to help you feel better prepared for tax season. Reconcile your bank…  Read more

Leadership….Lessons Learned

I just got back from my 4th Annual Deeper Weekend Conference, of my rebel CPA group, Thriveal CPA Network. As I sit here, freshly back from the conference, I am reflecting on the amazing time I had.  I always come back more inspired and ready to implement something new I learned from one of our top notch speakers. Our fearless leader, Jason Blumer (pictured below) had the boldness to start…  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

Two Chefs Walk Into A Wine Bar….

We have the wonderful pleasure to work with the 2016 BOB Charlotte winner in the wine bar category, Foxcroft Wine Co.  I happened to be chatting with the two main guys behind the scene at the original location in the Southpark area. For a few months now, on my visits, I would walk to the back office, located behind the very tiny closet-sized kitchen and I would pass these two guys, with the sounds of…  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

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