There is a huge misconception among the small to mid-sized business community that the balance sheet serves little to no purpose.  Before I address this, let’s first take a look at what the balance sheet actually means.  The balance sheet shows the assets a company owns and the liabilities the company is responsible for at…

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Outsourcing functions of your business is becoming a much more popular and viable option in today’s marketplace. Companies are able to outsource all sorts of functions including human resource, sales, IT and of course, accounting. Today I want to touch on a few of the advantages of outsourcing your accounting function as opposed to hiring…

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Having timely and accurate financial reports is crucial to the decision making process in your business. How can you make a smart decision if you don’t know the financial impact it will have on your business? I am going to assume that if you are a business owner, you are at least taking a look…

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Many successful entrepreneurs view the accounting function in their business as an important investment. I know what you are thinking. Of course he is going to say that, he does accounting! Don’t take my word for it. Take a poll of some of the most successful entrepreneurs you know and ask how they value the…

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One of the most important things for a business owner is cash flow. I am sure you have heard of the saying “Cash is King”. Well in small to medium sized business, this couldn’t be truer. In this post we will discuss 7 things that can help your business have a more positive cash flow.…

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Changing accountants is bound to happen when you run a business. As an accountant myself, there are certain things you need to be looking for when making that decision. I have put together a list of the top 10 things to look for when its time for a change. If you have had the same…

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Many business owners get their books together once a year when tax time comes around. I believe that is a huge mistake. Below are 5 reasons why it is crucial to review your financial statements on a monthly basis. Let me preface this post by saying that reviewing your financials monthly is the absolute minimum…

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I was chatting with a good friend of mine the other day about a potential job he had for his video production company. He is an extremely talented filmmaker, so I am not surprised that an organization approached him with such a large project. On the surface, this looked like the opportunity of a lifetime.…

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Keeping your books on the cash vs. accrual basis is a topic that every business owner must consider at some point. Before we dive into which might be better, lets look at a definition for each. Cash Basis is easy. You record cash as it comes in and as it goes out. Can’t get much…

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Most people have heard of a CFO and a bookkeeper. If you are unfamiliar, CFO stands for Chief Financial Officer. Essentially, they are in charge of all the financial operations of a business. A bookkeeper on the other hand keeps the books in order and makes sure all the transactions get properly entered into the…

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