By Intuit –
Powering prosperity from the inside, one business at a time
National Small Business Week kicked off this week with a theme that couldn’t be more appropriate: Resilience and Renewal.
The Small Business Administration-sponsored week-long event recognizes the ongoing challenges entrepreneurs have been facing in order to support their employees, provide for their customers and build their communities.
It’s the perfect time for QuickBooks Online customers to join the new Intuit virtual Adopt a Small Business program to learn more about QuickBooks and partner with a team of Intuit employees as they navigate new and unprecedented challenges. (more…)
By Mobilization Funding –
Do you know how much cash your business has available right now? Do you know what bills are due this week and which later in the month? Many business owners know what is in their operating bank account, but don’t have a clear picture of what expenses will be due and how much cash they really need to get through the month and (hopefully) net a profit. Cash flow management solves this problem.
Cash flow management is essentially the tracking and analyzing of how money flows in and out of your business, and then forecasting when new cash will be coming in and how/when you will use that cash. Cash flow management is particularly critical for small and mid-size businesses, as they often have less free capital available to help them cover unexpected costs, delays, work shortages, or their own growth.
Managing your cash flow sources and the consequent uses of that cash can literally make or break your business. A U.S. Bank study showed that 82 percent of small businesses fail because of poor cash flow management. (more…)
As a business owner, you have to stay on top of all your responsibilities. You have to oversee employees, implement a marketing strategy, communicate with customers, manage finances, and much more. Managing a business is a huge undertaking, and missing a single step could cost you money and time that you probably don’t have to lose, which is why it’s important to take a look at your accounting enterprise resource planning (ERP) software. Having accounting software is essential for a business to assist with various business functions. But you could be buying into an ERP software that is more than what you actually need and more than what you want to afford.
What is accounting ERP software, you ask? ERP is essentially a database software package that assists with a business’s operations, such as manufacturing, human resources, and supply chain. Accounting ERP software simplifies many complicated business processes. However, ERP software can be outdated and complicated, and you may actually be paying too much for your software. (more…)
By Ken Boyd –
Tracking business expenses can be a lengthy process — and it can get out of hand quickly. It’s easy to lose track of your expenses or forget to record a transaction here and there. But inconsistent or incorrect expense tracking leads to inaccurate data that can result in stressful financial audits.
Here’s the good news: Expense tracking doesn’t have to be a thorn in your side. It’s possible to create an expense tracking system that doesn’t eat up your time or cause financial stress. The first step towards building this system is understanding how the accounting process works.
Understanding the accounting cycle
In a nutshell, the accounting cycle begins when you make a financial transaction. Record the transaction using a journal entry and post it to the general ledger. Once all transactions are posted, generate a trial balance. You can then use the trial balance to produce financial statements, including a balance sheet, income statement, and cash flow statement. These statements help you determine the financial status of your business.
Let’s take a closer look at each step of the accounting cycle. (more…)
By Susan Guillory –
You know that good recordkeeping is part of running a small business, but you aren’t sure how long to keep business records and documents. The last thing you want to do is shred some business documents that you later need… but at the same time, you don’t want to hang on to a lot of paper unnecessarily.
In this article, we look at different types of business records, why it’s important to hang on to some of them longer, and what the timeframe is for keeping them.
What are Business Records?
“Business records” is a broad term that encompasses any documents, invoices, or receipts that are involved in running a business. Let’s look at different categories of business records.
There are a variety of financial records and reports that you use in bookkeeping, including: (more…)