Posted on February 4, 2020
There are many small details new business owners should be aware of. Even though they might be small, it could still be essential. One question that business owners, both new and old, might ask is:   “How long should I keep my Accounts Payable invoices from my Vendors?”   First, let’s talk about what that means. Accounts Payable are the amounts you owe for services or goods received. If your vendors extend credit, then you have a Liability that’s called Accounts Payable. In other words, you have an Account with that company, and you have to Pay it.   That [...]
Posted on January 28, 2020
Once you gather your courage and your resources to start your own business, it's easy to get in the groove and lose sight of the Big Picture. To make sure you protect your investment and keep your business on the right track, you need to pay attention to KPIs. What are they, and what do they mean? Key Performance Indicators (KPIs) are an excellent way to measure the health and success of your business. They are measurable values that indicate how well you are meeting your business objectives. Did you set goals for yourself and your team? How do you [...]
Posted on January 9, 2020
According to some studies, about one-fifth of small businesses still don’t use an Accounting Software Program. They are relying on spreadsheets or paper and pencil to track income and expenses the “old fashioned way.” While this can certainly work - it did for centuries - it’s not the best use of anyone’s resources. Just because you can do something doesn’t mean you should. To the other approximately 80% who do use accounting software - congratulations! You’ve recognized that you can be more efficient and probably more accurate by using software written specifically to take care of bookkeeping and accounting chores. [...]
Posted on December 26, 2019
Time to turn the calendar not only to a new year but a new decade. What a wonderful time to take stock of how things are and make plans for the best possible years ahead. Here are some of the very best accounting tips for small business in 2020. Technology - If you haven’t heard this by now, where have you been? Technology rules. Automate every single thing you can. There is no reason to run your business like a mid-century tribute to Mad Men. Computerize. Digitize. Simplify. You can find an App for just about everything you can imagine. [...]
Posted on December 26, 2019
Fine wine gets better with age. Your Accounts Receivable do not. What is an Accounts Receivable aging report, and what does it mean?  First of all, your Receivables are the amounts that your customers owe you. An unpaid invoice is a Receivable. All of your unpaid customer accounts make up your Accounts Receivable. The aging report gives you a picture of how much is owed and how long it has been owed to you. Let’s take a deeper dive into that report. In most software programs, your Accounts Receivable aging report will look like this:   This report gives you [...]