He was on hand, hiring operations and running his business. He wanted to start hiring new employees asap. He was scrolling down on LinkedIn when he saw one post about hiring vs. outsourcing and decided to request our outsourced services.
Although her hemp stores were performing well pre-COVID, when I got on Zoom with her, I could feel the worry in her voice. She wasn’t sure how her stores would survive all the changes, uncertainty, and rounds of quarantine.
Being a Latina business owner could not have happened at a better time for me. I immigrated to the U.S. in my late teens and spent a good part of my career struggling to be heard in environments where diversity was low. It didn’t help that I didn’t feel I fit in. But as a woman and a Latina in today’s environment, I feel empowered and supported to pursue my entrepreneurial dreams.
What does cash flow management involve? To answer that, let’s start from the beginning. What is the cash flow? The cash flow is the net balance of cash transferred into and out during a specific period in a business account.
Data breaches are the most common form of cyberattacks to occur to businesses. Small to mid-sized companies are even more exposed. Often, these businesses will utilize outdated software to protect their data, but these can be highly vulnerable to cyber attacks of any kind.
Did you know that you can save on business taxes? Many business owners spend most of their income on taxes. Having the right expert, strategy, and planning can help you save thousands.
Tax is one thing we cannot get away from in life, whether it is on a personal or business level. But while personal tax is one matter, business-related tax is another. The latter can be a bit complex and downright confusing. It can be all the more complicated when you own and run a small business, where you’re required to prepare and file taxes for compliance purposes. But did you know that there are practical ways to reduce your taxes?
The New York PTET is a relatively new tax elective, which was initially implemented in the 2021 tax year, and serves to help certain individuals bypass the $10,000 federal limitation on personal state and local tax deductions, by making deductible tax payments through the business.
You are not alone. The world throws a lot of curveballs, and there’s no crystal ball to help you see them coming. But there are some ways to protect yourself if they do. Here are 8 financial strategies you can use to future-proof your business.
Do you long for an easy way to view your financial data without reading a bunch of numbers that don’t make any sense? It’s a good thing that accounting software was developed to aid managers. One of the parts you might use is the dashboard.
If you remembered to handle that side, then that is great! If not, then that is okay—it’s a basic mistake that can be rectified if you act quickly. Accounting is not exactly the most obvious aspect of the business, but it is an incredibly important one, as taking control of one’s money ensures the company’s ability to survive, especially during its infancy! As such, it’s best left for a professional to handle.
About to launch a startup? Exciting times, indeed. But there are a lot of things you need to sort out first, especially when it comes to your finances. Let’s face it—building a startup is one of the most difficult things you ever have to do, albeit exciting. A lot can go wrong if you don’t manage your finances right. Therefore, we will share with you some tips to help you avoid these common financial mistakes.
As an entrepreneur or business owner, you must learn to be one step ahead of your taxes to prevent experiencing financial problems along the way that could impact your firm’s growth. Now more than ever, you will require the help of a reliable business accountant.
One of the best ways to gauge your progress is by looking at your cash flow. Yet, it’s not so easy to understand it all. But because you are a business owner, you need to know how to manage your cash flow efficiently and properly. Here are four effective ways to manage your cash flow as a startup!
If you’re an owner of a tech startup, you should understand cash flow analysis well. Managing a business requires the proper skills and understanding of cash flow management to keep the business running smoothly. In the journey of managing a business, some mistakes can hamper the seamless process of business transactions. As a startup owner, you should be aware of how to avoid them. Ask every successful business owner, and they will agree that the following mistakes can lead a business to failure!
Businesses need to deal with facts and figures daily, regardless of their industry. Sales margins, profit projections, revenue streams, and payroll amounts are just some of the numerous quantities you need to maintain to run your operation. Although it’s much easier to monitor these as a startup, the difficulty of staying accurate and consistent will gradually increase over time. This is why it’s necessary to outsource bookkeeping services.
It is a must for every business to develop and implement a clear and compelling set of financial strategies. This is to ensure that handling money and other business operations will be done accordingly. Business owners should be cautious and bold when it comes to managing financial matters in the company.
Many business owners, unfortunately, make the common mistake of overlooking their revenue and expenses. Learn more about cash flow management and the problems your start-up company can encounter, and ways to solve them by reading this article.
LLC is a type of business structure wherein entrepreneurs get pass-through taxation and limited liability protection. The LLC is similar to a corporation in that it exists legally as an entity that’s separate from its owners. Sometimes, owners are also known as members. It’s usually not possible to hold owners personally responsible for any liabilities and debts of the business.
Starting a business means endless decision-making. From the business’ name to the strategies you want to pursue to the platforms you want to tap, making choices does not stop. However, if there is one decision that is crucial to your business’s future, it is deciding the type of tax structure you want for your company.
One of the most important responsibilities of any business is tax compliance, which is always easier said than done. Even just the smallest mistake in the meticulous process of calculating and paying your taxes can come with costly fines and possible foreclosure. Whether you plan to do it yourself as a regular working person or hire an accountant that handles small businesses, you need to get it right.
In terms of outsourcing financial matters, you call these professionals fractional CFOs, who are experienced individuals that help with contractual finance work. They can assist with multiple needs, such as cash planning, bookkeeping, tax structuring, budgeting, and even drafting business plans. If your company is having difficulties raising capital, implementing newer accounting software and systems, or even running an audit, a fractional CFO can be a big help.
Anyone planning to put up a small business should take a step back and consider their options, especially if they only have a limited amount of resources. One way to push through with such a decision is by looking to build a Limited Liability Company (LLC).
For startups, not paying attention to their cash flow is one of the biggest pitfalls one might encounter, as that’s when things start to go downhill! Even those Fortune 500 companies end up shooting themselves in the foot if they’re not careful with how they spend their money.
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email One of the most crucial things you need to understand as
Scaling your service-based start-up company means being ready to accommodate growth. It’s more than just raising your rates, bringing on additional staff, or launching new products. It means you can take on the increased workload without breaking the bank and meeting your business’s demands without overstretching.
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email When it comes to running a startup company or a small
Cash flow isn’t just about money in and money out. Yet, many small business owners will overlook cash flow nuances, resulting in financial failure. Especially during the holidays, unexpected dips in return and a need to prepare can cause small business cash flow to take a significant hit.
As outflows peak during the holidays, promotional investments, longer working hours, and an increase in stock are just a few business factors you’ll have to hone in on before taking your sabbatical.
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email One of the many problems fledgling entrepreneurs and startups face is
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email Managing your business’s income and expenses is extremely important to ensure
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email During the first few months or years of your startup, you
Although the lack of proper numerical experiences can be forgivable, it’s important to look for ways to properly track and manage all financial transactions. It’s one of the most critical hats business owners need to wear, especially since you’ll likely be running on limited resources. Failure to keep up with records and transactions can quickly lead to a failed business. To ensure business success, keep these accounting tips in mind:
In America, small businesses are a significant portion of local communities. Areas like Manhattan in New York are a prime example of how small businesses impact the local scene. Without small and medium enterprises (SMEs), there wouldn’t be a healthy local economy, which is necessary for any state to thrive.
With the tremendous impact of SMEs on any country’s economy, their survival is essential. Difficulties brought by COVID-19 have given small businesses even more challenges to stay afloat. Whether these businesses are service providers or retail stores, there is a decreasing demand for numerous things that were previously popular
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email The start of the new year is also the start of
schedule consultation Share on facebook Share on twitter Share on linkedin Share on email The coronavirus pandemic has had varying impacts on businesses. Many were
Knowing the state of your financial health lets you assess the current standing and the future of your startup. It helps you make sure to keep your cash flowing, avoid business debt, and have peace of mind knowing you have adequate money to grow your company.
Truth be told, accounting can be quite intimidating. This is especially true if you’re running a small business or a startup. Overseeing day-to-day operations and making sure that the business stays afloat are already enough to fill your plate. However, on top of these, you also have to actively manage the venture’s finances.
Key performance indicators (KPIs) are measurable metrics that show your company’s performance, help you manage your targets, and make sure that you reach your key business goals. With this information, you can make more informed business decisions, gain a competitive advantage, and deliver better results.
FiBrick turns 5 years old in a few days! I can’t contain my excitement. It’s often said that if you make it past year 5 in business, you should have a good chance of surviving long-term. Well, our goal is not only just to survive, but to thrive – and to bring you along with us! We’re crossing a critical milestone in our journey as a company, and I just wanted to take this opportunity to thank you for making it possible.
As entrepreneurs, it pays to be financially literate instead of relying solely on an accountant. Why? Eventually, it will fall to you to explain the numbers to your shareholders, your investors and yourself.
Learn how the new tax law changes will affect you when you file your return.
Did you finally receive the long-awaited PPP loan and now have an array of questions on how to track utilization to ensure loan forgiveness?
I had the pleasure of joining Bruce Hurwitz on The Voice of Manhattan Business from the Manhattan Chamber of Commerce to discuss how startups can integrate effective accounting as part of their launch.
If you switched employment in 2016, you may not have received an email notification that your W-2 is available online.
If you are looking forward to taking some time off during the holidays, you will probably be concerned with the long list of tasks you need to complete before and after your vacation, such as those related to the year-end close.
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