Small business owners often face a significant challenge in managing their finances effectively. While most entrepreneurs start their businesses with the expectation of earning a profit, many find it challenging to stay afloat in the long run. However, there is a solution: implementing the Profit First formula. In this blog, we will explain all the [...]
As a small business owners ourselves, we know you face tough decisions every day. From pricing strategies to operational decisions, every choice you make affects your bottom line. That's why effective management accounting is essential for your business's success. By using sound accounting practices, you can make better decisions that drive profitability and growth. What [...]
Payroll management can be a big challenge for small businesses, taking up valuable time and resources. Payroll problems can be a significant headache for small business owners. It is a complex task that requires accuracy and attention to detail. However, with the right tools and strategies, small business owners can push aside payroll [...]
Small business owners have a lot on their plates, and it can be challenging to balance financial management with other critical business functions. Here are some small business statistics 👀 According to a report by Deloitte, 75% of small business owners consider financial management to be the most challenging aspect of their business. This [...]
Small business owners are often faced with the challenge of managing cash flow. This can be especially difficult when the business is growing and expenses are increasing, as well as intense inflation. One way to alleviate this pressure is through cash flow optimization strategies. These strategies aim to improve the inflow and outflow of [...]
Accounting is a team sport! Accounting and football may seem like two completely different topics, but they actually have more in common than you might think. Both require a great deal of planning and strategy, and both require a team effort to be successful. However, when you look closer, you can see that there are [...]
October is a time for pumpkin spice lattes, warm sweaters, and scary stories. There are few things more exciting in the world than a good horror story. And while you might not have had an accounting professional in the past, you probably have heard at least a few scary accounting stories. If you've never worked [...]
Debt Snowball Vs Debt Avalanche - Key Differences Choosing a debt repayment method that works for you is an important decision. Debt can affect your money mindset, motivation and self-esteem. There are two main approaches to debt repayment: debt snowball and debt avalanche. What is the debt snowball method? The debt snowball method is a [...]
Preparation, Not Panic. While the CPI is at a forty-year high, this does not necessarily mean that our economy is entering a recession. It can still mean increased costs and uncertainty for small businesses. And small businesses are extremely vulnerable to economic recession and disaster—25% don’t have enough cash to make it through a two-week [...]
Why is budgeting important? The number one reason the majority of small businesses fail is poor financial management. In 2020 alone, according to research, half (50%) of all small businesses failed to develop an official budget. Conversely, among small businesses that created a budget in 2020, only about one-third (35%) spent more than they [...]
