According to Economic Innovation Group, 5.4 million new business startups were filed in 2021. However, statistics have shown that over 49% (lendingtree.com) of businesses are insolvent or bankrupt before their fifth year in operation. What factors into their failure, and how can you keep your business thriving? Choosing to stay on top of your bookkeeping […]
“It’s not what you sell, it’s how you sell it” once expressed by HubSpot’s CTO, Dharmesh Shah, is an invitation for startups to evaluate their strategy. In the small business world and especially with startups, it becomes easy to get caught up in minutia and forget the bigger picture. Knowing what to plan for and […]
John Madden is quoted as stating, “self-praise is for losers. Be a winner. Stand for something. Always have class, and be humble.” People who are involved in leadership work with a group of people, much like a football coach helps lead a football team on and off the field. True leaders are defined by those […]
Bookkeeping is an essential part of keeping a business organized. With proper bookkeeping practices, small business owners can efficiently manage cash flow and keep things running smoothly. Comparatively, bad practices can stunt a business from reaching its full potential. Here are three basic principles that small business owners and bookkeepers should understand. The first principle […]
Financial records have different methods of being kept, and two of the most common approaches are accrual and cash basis accounting. According to a study of small business owners done by Clutch.co, more than half (67%) “of small businesses… use the accrual basis method.” Why are more companies using accrual accounting, and what advantages could […]
As one of the fastest growing markets today, the technology industry is quickly changing the world around. In such a fast paced environment, small and medium businesses involved with technology need to have a firm grasp of financial concepts to maintain stability. Organizations that provide clients with software as a service, cloud computing, security software […]