As a business owner, encountering financial losses can be disheartening. However, there is a silver lining – you can use business losses to your advantage when filing your taxes. Deducting business losses can help reduce your taxable income, resulting in potential tax savings. We will walk you through the...
As we approach the end of a particularly stressful and tumultuous year, it’s time to take a moment to assess the financial state of your business and complete your accounting end of year checklist. A single mistake on one financial statement during one business year can snowball into major...
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with the U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for...
Everyone has heard the saying… Cash is King. The point of this saying from an accounting perspective is that it is not enough for a business to be profitable in order to be successful. In addition to profitability, a business must be well capitalized and have proper cash management...
If you want your business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust.
Cutting costs is a short-term strategy to help manage expenses and build a quick profit. But as a business leader, you want to focus on a long-term strategy for growth and profitability with your organization. There are many ways to do this, but here are 5 ideas to consider...
Are you looking for ways to improve your company’s cash flow? Then look no further. Following the 5 easy steps below can help you improve the cash flow of your business:
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands.
Every business owner has experienced the reality that anticipated profits fall short of financial projection – a realization that can have serious implications. Often the initial reaction is to slash expenditures in an attempt to restore profitability. This short-term strategy works well to help get many organizations through a...
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