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Business owners are responsible for making many important decisions every day, and one of the first crucial decisions you will make is which accounting method to use. The two methods that are the most different are cash-basis and accrual accounting,… Read More
Posts Tagged ‘accounting’
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4 Tips For Determining Profit Margins on Services
When it comes to determining profit margins, goods-based businesses seem to have it so much easier. Since the product being sold is a tangible item, it has easily quantifiable costs and value. When you’re dealing in services, however, it becomes… Read More
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6 Tips For Efficiently Managing Your Business’s Books When Self-Employed
Self-employment can be a lot to manage. After all, it’s a lot of responsibility. When you’re self-employed, you’re not just your own boss; you’re also your own office manager, marketing specialist, and bookkeeper. These responsibilities can seem overwhelming, but there… Read More
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5 Essential Time-Saving Accounting Tips
Running your own business tends to be a very time-consuming task. Most small business owners admit that they don’t get enough time with family and friends and that they don’t go on vacation, even as most small business owners would… Read More
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How To Forecast Your Business’s Revenue
Your business revenue forecast is a very important aspect of future business planning. You must have a solid estimate of how much you can make during the year, your expected cash flow, and how much growth your business may experience…. Read More
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Top 3 Accounting Mistakes Entrepreneurs Make And How To Avoid Them
Entrepreneurs are skilled at coming up with creative ideas for new businesses, but a large number of startups fail within the first five years. Often times, the problem is not the entrepreneur’s idea or the services they offer- the issue… Read More
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Importance Of An Accounts Payable Department
No matter the size of your business, it’s critical that you have a firm grasp on tracking expenses and income to ensure that you’re staying within budget and making a profit. This is why having an accounts payable department is… Read More
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3 Tips For Getting Clients To Pay On Time
Many companies have to deal with late paying or non-paying clients and have a difficult time dealing with the repercussions. Late client payments not only throw off a company’s accounting, but it can also result in major stability problems. In… Read More
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3 Common Cash Flow Problems and Solutions
All entrepreneurs have a fear of having cash flow problems, as they rely on the money coming into their business to have a paycheck and stay in business. A lack of finances is the second biggest reason that businesses fail,… Read More
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Tips For Scaling Internal Controls For A Growing Company
It’s important to think about internal controls early as a business owner, as many companies wait until they start losing efficiency or a financial disaster happens. To establish a company culture of success, it’s crucial to create internal controls that… Read More