Successful small-to-medium-sized business operations depend heavily on efficient financial management in a changing environment. These businesses need highly skilled financial expertise because, as they expand, their financial requirements often become increasingly complicated. This is when the role of a fractional CFO becomes relevant. Fractional CFOs are becoming increasingly popular among entrepreneurs because they
A common question that business owners ask is: How do you pay yourself? Depending on your business entity type, the question may be: How do you pay yourself from an LLC, sole proprietorship, S corps, or C corps? Typically, you pay yourself from an LLC through an owner’s draw. However, it depends on
Are you trying to figure out how to create an invoice? With about 61% of most payment delays being due to billing issues, you don’t want to fall in the same pit as the rest. In fact, you want to get paid as soon as possible for the goods or services you provide.
Tracking business expenses is one of the smartest things you can do to take control of your company’s finances. With better organization, you’ll find that your business is more streamlined and profitable, and you’ll be dealing with fewer headaches when tax season rolls around. If you ever find yourself facing an IRS audit,
Editor’s Note: This post was originally published in June 2018 and has been revamped and updated for accuracy and comprehensiveness. Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Unlike some other types
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum
Is getting people to pay their invoice balance a challenging part of running your own business? You are not alone. According to a report in Entrepreneur, on average, small businesses had $84,000 in unpaid invoices. Waiting weeks and sometimes months for the checks to arrive and managing cash flow in the meantime can
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the
Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC? Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp
Subscriptions are the most important revenue stream for software-as-a-service (SaaS) businesses. Yet many accountants don’t correctly record that revenue in the company’s books. This makes it difficult to see your true financial position and make informed decisions. What Is Deferred Revenue Say your customer pays you $6,000 for a 1-year subscription. Instead of
Successful small-to-medium-sized business operations depend heavily on efficient financial management in a changing environment. These businesses need highly skilled financial expertise because, as they expand, their financial requirements often become increasingly complicated. This is when the role of a fractional CFO becomes relevant. Fractional CFOs are becoming increasingly popular among entrepreneurs because they
A common question that business owners ask is: How do you pay yourself? Depending on your business entity type, the question may be: How do you pay yourself from an LLC, sole proprietorship, S corps, or C corps? Typically, you pay yourself from an LLC through an owner’s draw. However, it depends on
Are you trying to figure out how to create an invoice? With about 61% of most payment delays being due to billing issues, you don’t want to fall in the same pit as the rest. In fact, you want to get paid as soon as possible for the goods or services you provide.
Tracking business expenses is one of the smartest things you can do to take control of your company’s finances. With better organization, you’ll find that your business is more streamlined and profitable, and you’ll be dealing with fewer headaches when tax season rolls around. If you ever find yourself facing an IRS audit,
Editor’s Note: This post was originally published in June 2018 and has been revamped and updated for accuracy and comprehensiveness. Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Unlike some other types
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum
Is getting people to pay their invoice balance a challenging part of running your own business? You are not alone. According to a report in Entrepreneur, on average, small businesses had $84,000 in unpaid invoices. Waiting weeks and sometimes months for the checks to arrive and managing cash flow in the meantime can
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the
Remember back when you had to decide on a name to register your new business, forming a limited liability company—LLC? Now your small business has grown up thanks to your hard work and dedication. You may have outgrown your current legal status and it’s time to change from an LLC to S Corp
Subscriptions are the most important revenue stream for software-as-a-service (SaaS) businesses. Yet many accountants don’t correctly record that revenue in the company’s books. This makes it difficult to see your true financial position and make informed decisions. What Is Deferred Revenue Say your customer pays you $6,000 for a 1-year subscription. Instead of