We noticed many clients ask the same questions. Our blogs are a reflection of frequently asked questions and their answers to issues raised. We hope this insight will help you address the challenges facing your business.
When many business owners begin their companies, especially for the first time, their vision and foresight often falls short of knowing all the elements that are actually required to run a successful business. One of the most common forgotten components in drafting a successful business plan is hiring a talented and knowledgeable bookkeeper. In this blog, we will discuss six reasons why a bookkeeper is essential to a successful business. 1) A bookkeeping service will help a
Segregation of Duties, also known as Separation of Duties, is the concept of requiring more than one person to complete a task. The purpose of this requirement is to help prevent fraud and mistakes, and the practice is a key internal control for any business. In effect, setting up a separation of duties creates a system of checks and balances to ensure that errors from simple mistakes to outright fraud are not made. The key principle of separation of duties requires that no
Funding a business is very much like gardening. Plant some money, and if the growing conditions are right and you tend your garden carefully, you will reap more money and yield more fruit. However, unlike gardening, locating the seeds (dollars) needed to begin your business is often the most difficult step in beginning your small business venture. Choosing the funding method that is most suitable for your unique situation is a critical step in laying a strong foundation for
When you operate your own business, maintaining a detailed set of records is essential to managing a thriving business. The purpose for this recordkeeping is twofold. You must have accurate, updated records to file your taxes and you must have the ability to monitor the company’s financial performance. A key business operational requirement is maintaining a continual awareness of your working capital levels, both in the short and long term. This vital information can be ga
Year end is a busy time of year for finance & accounting staff. It is that time of the year where we draw a line in the sand and take a gauge on how a business performed over the last 12 months. Most businesses run their fiscal year in sync with the calendar year, and this common date creates a hectic period for finance & accounting staff in the midst of America’s annual holiday extravaganza. In spite of the flurry of fun activities, we do need to take a moment and think a
Have you ever been in a meeting and learned about a change to a large service provider and were frustrated to hear about the next attempt to get you to fit into a standard box? I recently attended a seminar where I was told that a major bank would make their branches 100% self-service in 10 years. I don’t know about you, but I see change as an opportunity. Whenever I hear about a large corporation making a change, forcing a box on their customers, I see an opportunity for