So we are officially into 2016. I wanted to take a minute to review some of the top performing posts in 2015.
As always, your feedback is encouraged. I would love to hear from you regarding past posts or future topics. Give me a ring anytime.
Finding the right accountant is critical to your success. Being in the profession, my goal was to provide some insights from the inside on what to be looking for. This list can be used when you begin searching for a new accountant or to evaluate your current accountant. Do not compromise on such an important piece to your success.
“Your accountant is going to play a vital role in the success of your business. It needs to be someone that truly cares about your business and will give it to you straight.”
Cash is king. And cash is what keeps businesses running, plain and simple. Companies that are able to manage their cash flow properly tend to be more successful. We help a number of companies with their cash flow issues all the time. This post shares the top 8 things we feel are essential for a healthy cash flow.
“The decisions you make today should and will be effected by the future state of your cash flow— don’t shoot yourself in the foot.”
Don’t let the title fool you. Almost all business owners care about their income statement. So why did I ask this question? Because most people don’t really know what they are looking at. I wanted to write a post explaining the basics behind the income statement. It is an extremely important document to understand and to understand well. Don’t miss this one.
“Where business owners do get tripped up is thinking that net income is the same as cash into the business, it’s not.”
This is one of the hottest topics over the last few years and also one of the biggest red flags for the IRS. To put it simply, you need to classify your workers correctly. If you are unsure, my hope is that this guide will clear things up for you. Side note: just because your buddy treats all his people as contractors, doesn’t mean you should. There are major consequences for mistreatment so take this topic seriously.
“Employers need to tread carefully in this area as it can be an extremely risky to “toe the line” and treat employees as contractors.”
It wouldn’t be right to show love to the income statement and not the balance sheet, right? The balance sheet is often overlooked in the business world. People want to see how much money they made so they jump over the balance sheet and head straight for the income statement. Please don’t make this mistake. The balance sheet tells the history and the future of your business. It is full of incredibly useful information and insights. Learn to love it.
“There is a huge misconception among the small to mid-sized business community that the balance sheet serves little to no purpose.”