Most people know that CPAs are known for helping people prepare and file taxes. Small business owners who work with CPA firms probably also know that CPAs are in a great position to help with bookkeeping and accounting as well. If you’re new to business (or have...
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How to Calculate Cash Flow (and Why This Number Matters)
As a small business owner, it can sometimes feel like you’re alone on a desert island with no help in sight for the endless financial reports you have to deal with. This blog post on how to understand and calculate cash flow is the 3rd in a series we’ve been doing on...
How to Manage Cash Flow with 4 Simple Metrics
“Cash combined with courage in a time of crisis is priceless.” – Warren Buffett “Never take your eyes off the cash flow because it’s the lifeblood of business.” – Richard Branson When we want to do something well, we are wise to look for advice from those...
Here Are the Top Ways to Maximize Your Cash Flow Management
As children, we all look forward to the day when we can 1. Have a job, so that we can 2. Make some money, from which we can 3. Buy our own car or truck. It seems like such an easy equation to a child’s mind. All you have to do is get a job, then boom! You get a car....
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How to Prep For A Business Audit (And Streamline Your Company)
The mere mention of the word “audit” is enough to cause some business owners to break into a cold sweat. They’ve either been through one before and it wasn’t a pleasant experience or they know that their records are in such a mess that they aren’t prepared for one.In...
Understanding The Basics of Inventory Accounting (A Guide For Small Business)
The goal of any business is to make a profit…usually, as much as possible. To do that, you have to generate revenue. And to do that, you have to move some inventory. This post will help you understand how your inventory accounting impacts your business so you can...
Unraveling Nonprofit Financial Statements To Help Your Organization Do Even More Good
When you run a nonprofit, you have to make every dollar count. Nonprofit financial statements help you stay on top of your income and expenses in a way that shows how you are responsibly using donors’ money. In this post, we’ll unpack what makes nonprofit financial...
The Minumum Acreage For Farm Tax Purposes (And Other Ways To Know If You’re Running A Real Farm)
Do you know the minimum acreage for farm tax purposes? Or what it takes to really be considered a “farm” in the eyes of the government? If you’re not sure, this post is for you. Minimum Acreage For Farm Tax Purposes We recently did a post on “How to Qualify for Farm...
Understanding The New Corporate Transparency Act (And What You Need To Do About It)
The U.S. government has passed legislation that now affects millions of businesses nationwide. If you own a small company, you need to know all about it since failure to comply can result in significant fines and penalties including imprisonment. Effective January 1...