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 [...]
As an e-commerce business, you've probably wondered what the best accounting practices are. These practices cover everything from cost of goods sold to inventory management to taxes and internal controls, and much more. In this article, we'll look at how these practices can help you manage your business' finances. Here are a few of the [...]
As your small business expands and your company undergoes transformation, you often need the assistance of an external Trusted Advisor. After 20+ years of accounting experience and owning different small businesses, Tabitha Smith still loves to help other people find their own version of success through individual and business coaching. Let our CFO be your [...]
The pain of higher prices continues for small business, consumers, basically everyone. Record gas prices drove inflation to 8.6% for the 12 months ending in May, higher than the pace in April, according to the latest Consumer Price Index, the government’s basic inflation measure. Drivers fill their tanks with gas at a gas station in [...]
What is the difference between an accountant, a bookkeeper, and a tax preparer? (And which one is right for your small business?) Most business owners we work with are focused on the day-to-day operations and necessities of running their business. All entrepreneurs can agree they are passionate about their undertakings, however not every aspect of [...]
