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Cash Management

 

The choice of your business’s accounting method from the start shouldn’t be taken lightly. Whether you use a cash basis or accrual basis of accounting – can have a long-term impact on your profit/loss data, your tax strategy, and even your ability to secure financing or attract investment. Each method has its own benefits and […]

Imagine discovering you and your business are under investigation for money laundering or tax evasion – all because you made frequent cash deposits to your bank account. Small businesses, such as retailers, restaurants, and beauty salons, often receive much of their income in cash, requiring their owners to make frequent bank deposits.   While receiving […]

When planning for the coming year, business owners face a number of unknowns: What conditions will affect your revenue and cash flow? How should you allocate your resources? Which goals should take priority? Fluctuations in the economy, your industry, and your local market can make it difficult to predict your performance. But knowing the fundamentals […]

It may feel like a chore, but creating a thorough budget is one of the best ways to support your business’s growth. An effective budget lets you see the bigger picture, helping you find the best ways to allocate resources and boost profits. Budgeting can help you understand and plan for many of the factors […]

If you own a small business, it can be difficult to separate work from the rest of your life. Many owners use their home or personal vehicle for business or may combine work and leisure when they travel. Your business and nonbusiness activities may be intermingled, but your finances shouldn’t be. It’s important to understand […]

Opening a separate checking account for your business can significantly improve how you manage work-related expenses and recordkeeping. By separating your business and personal funds, you can make it easier to complete your tax return and avoid costly tax mistakes.    Why You Need Accurate Records Even if you work from home, keeping your business […]

Thinking about making the jump to accepting credit cards for your business? These days, the average consumer carries cash more infrequently. Combine that with the fact that paying with credit cards makes it easier to return or exchange purchases and that accepting credit cards increases the likelihood, speed, and amount of customer purchases, and you […]

If initiating a program for accepting credit card payments is high on your to-do list, then you’ve come to the right place to learn more about the benefits of merchant credit card processing. The advantages for your customers are obvious: more payment options, faster checkout, and easier returns and exchanges. But electronic payment processing can also […]

Small business owners often overlook the importance of tracking their cash balance or make mistakes doing so. The truth is, although preparing or reviewing a cash flow statement is another task in your already busy schedule, it is crucial to helping your company prepare for what’s to come – both the good and bad. Here […]

Managing cash flow is crucial to business success. It is recommended that you analyze your cash flow at least every quarter; but monthly cash flow statements are preferred. But if you’ve experienced cash flow problems, it is best practice to track it on a weekly basis, maybe even daily.   What Is a Cash Flow […]