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
When hiring someone to take care of your financial portfolio, you must be very diligent with whom you choose. In this blog, we will discuss 6 must-havetraits of your next bookkeeper. 1) Experience: This is not a trait you can take lightly, and will require some thorough candidate evaluation and possibly budget stretching on your part. The experience piece encompasses not only years in the field but the type of accounting work that candidates have performed. It is possible t
In our last blog, we discussed equity financing as a tool to fund your new venture. In this blog, we will discuss borrowing money to launch your new enterprise, also known as debt financing. There are several different debt options we will discuss. Debt allows you to leverage your assets to build your business. Financing is very hard to obtain for a startup, but some entrepreneurs are able to do so. Incurring debt allows you to lever your limited resources. By levering y
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