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 […]
Business owners have been anxiously waiting for news updates for this year’s tax returns, and the Schedule K-2 and K-3 are no exception. This new development may come as good news to certain business owners filing as partnership and S-corporations. The change implements transition relief for those eligible, and according to the IRS, “[they] will […]
“Entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cash flow matters most.” (Peter Drucker). Cash flow can help determine the difference between success and failure in start-ups. Business owners, especially those that are new to their respective industry or field need to know that proper cash flow […]