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.
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
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
“Strategy 101 is about choices—you can't be all things to all people.” Michael Porter’s advice is key to understanding how your business identifies a target market and develops a solution to meet the identified need. One of the fundamental parts of any business plan is the market analysis. The business owner will quantify the “problem” your product or service will solve by measuring the total market for the products and services you will offer and illustrate the landscape
Credit risk, or the risk of customer payment default, is very important for all businesses, but it can be a matter of success or failure for a small business enterprise. A small business must manage their credit risk well in order to ensure their business can function. Credit risk is a key issue that has to be managed diligently in order to keep your business on the path towards growth and prosperity. Many small business owners ignore credit risks associated with building
Risk is inherent to every part of a business. Companies need to take risk in order to grow, become profitable, and contribute to the economy. Risk management is the practice of identifying, analyzing, understanding, and controlling risk, helping to ensure capital and earnings are maintained. Risk management applies to all aspects of a business and all company sizes. Risks can be classified as Internal (weaknesses) or External (threats). In general terms, internal weaknes
Budgeting and Forecasting is a vital key to business success as the budget is part of the goal-setting process for any thriving company. The forecast helps the business owner understand if he or she is on track to achieve both short and longer-term goals during a set time period. Many businesses have fallen into the trap of “…I have money in the bank so I must be doing well.” Running a modern business is not easy. There are too many moving pieces and it can be hard to see