Bookkeeping is a critical aspect of managing a business that is often overlooked or ignored by many small business owners. Poor bookkeeping practices come with hidden costs that can adversely impact the financial health and thus future success of your…
If you're a self-employed individual who utilizes their vehicle for business purposes, there are certain vehicle expenses that can be deducted. The extent of your deduction will depend on factors such as the operating costs of the vehicle, the amount…
Managing cash flow and maximizing profitability are essential for the success of any business. QuickBooks Online, the popular accounting software, offers a range of features and tools that can help you achieve these goals. In this blog post, we will…
As a business owner or employee, you may be entitled to deduct a portion of your meal expenses from your taxes. But which meals qualify for this deduction? In this blog post, we will explore the types of meals that…
Opportunity Cost Small business owners might not have the necessary knowledge and experience to manage their finances efficiently and effectively. Managing the books can be time-consuming and take focus away from other core aspects of running a business. Hiring a…
According to an article by Michael Flint entitled “Cash Flow: The Reason 82% of Business Fail”, the vast majority of small businesses fail due to poor cash management. While low employee morale, poor training, bad management decisions, and misguided marketing…
Think of sales as the muscles of your organization and cash flow as its lifeblood. Ultimately, cash flow is the sustenance that keeps you afloat by allowing you to cover your ongoing operational expenses. It primes you to take advantage…
In an uncertain economic environment where every dollar counts, the most marginal increases in revenue and overall business costs can have a significant impact on the bottom line. Forward-thinking businesses strategically cut unnecessary costs in a way that maintains market…
Bookkeeping is an essential task for properly organizing, classifying, and accounting for business finances. By managing the in-flows and out-flows of all company transactions, business owners can see exactly where their money is going. In doing so, they glean the…
Given the multitude of different tasks involved in managing your own business, it’s not uncommon for financial bookkeeping to be put on the backburner. However, like it or not, this mission critical function is a key component to small business…