How to take the bite out of the audit sting It is no surprise that states audit their small business community as a productive way to increase revenue for their state coffers. Should you receive the dreaded notice of one of these audits, here are some ideas that can make this a more pleasant experience: […]
Business incorporation If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his […]
Cash flow statements One of the most perplexing concepts fcan be understanding cash flow. This is because cash flow is not profits, nor does operating losses necessarily mean poor cash flow. However, cash flow is important. It can be very frustrating when payroll is due and you have no money to pay it. What do […]
If you start your own business, improve your chances for success by avoiding these common pitfalls. Lack of money. You’ll probably need capital to start your business, plus a cash reserve until your business becomes self-sufficient. Plan your cash needs carefully and realistically, and provide a generous cushion for setbacks and unexpected expenses. Consider leasing equipment […]
Business ratios In addition to the traditional financial statements, you will want industry specific reports to allow you to compare your company’s performance to that of others. You will also want to learn the key ratios and the value of those ratios in month-to-month and year-to-year comparisons of your company’s performance. Here are several key […]
