Although positive cash flow is a must to run a successful business, it isn’t always easy to come by. Between clients taking a month or longer to pay their invoices and all the expenses you must incur to operate your business, having cash on hand for emergencies or to pursue business growth isn’t always realistic. Fortunately, revolving credit can make your life a lot easier as a business owner. Understanding Revolving Credit Revolving credit for your business differs from a…
Debt collections can cost your business resources that, over time, can add up to more than the initial amount owed. However, some steps can be taken to help improve your collection efforts. Examine Your Payment Policy Agreeing to a deal verbally and with a friendly handshake makes the agreement challenging to enforce. Instead, utilize a signed contract for any product or service which will be paid for at a later date. Your payment policy should include the following: The name…
Running a small business is much more than a full-time job where you go home at 5:30 p.m. every day. In fact, you may be so busy that you have never stopped to appreciate your business successes, whether large or small. As the New Year approaches, it’s time to take stock of the efforts you and your team have made to create a successful company. Here are six ways to help you celebrate success. Acknowledge Everyone who Deserves it Achievements…
As a small business owner, you are probably not an expert on accounting issues. Although you may use an accountant for the basics, you may not know that a good accountant can do much more than keep your books and file your taxes. Here are seven ways an accountant can help with your business growth. 1. Tax Planning Expert tax planning advice can help you understand your tax options. An accountant can teach you the best times (or not) to…
Entrepreneurs don’t necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler’s spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. But whether you’re a serial entrepreneur or simply looking to grow your small business to a sustainable level then reassess your goals, it’s crucial to have an understanding of your venture’s financial results. While SMBs don’t…
Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that project you just completed for a customer? If you’re doing your accounting manually, there’s simply no way to get that information quickly. Depending on your bookkeeping system, you may not be able to get it at all. QuickBooks Online has more than one solution for this problem. You see the…
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