Asking, “How is the financial health of your business?” is a loaded question. I meet a lot of small business owners and I am surprised by how many are unsure about how their business is doing. Many small business owners measure their success solely on the available balance in their checking account. Is your checking…
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Bookkeeping for your small business can be time-consuming, so here is a quick bookkeeping tip to make life easier. Bookkeeping Tip #2: Keep your business finances separate! No matter how tempting it may be to pay for your personal expenses from your business account or vice versa, DON’T DO IT! What exactly is a business expense? A…
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Did you know that you need recurring revenue streams for your business? The same advice for building a healthy investment portfolio applies to your business: diversifying will lower risk and increase growth. Adding a recurring revenue stream (or a few) can provide an ongoing source of income. This ongoing source of income will help to…
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If you have any doubt that customer referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media…
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Yesterday you had a great idea, today you have a new business – now what? Good news for new business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of new businesses pass the five-year mark,…
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Running your own business can give you flexibility and control, but it can also be challenging. If you are like a lot of small business owners, accounting is one your least favorite business tasks! Did you know that good bookkeeping is crucial to business success? You can both protect your business and reduce your stress by avoiding these ‘4 Costly…
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Being an entrepreneur is often about squeezing all the value you can out of your resources. That means spending only on the essentials, not fluff. Unfortunately, things you consider to be a waste of your money may actually be worthwhile business expenses, just what your start-up needs to survive. Data Analysis Successful business owners make decisions based on good information, not on a whim. As a…
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What is a Chart of Accounts? The chart of accounts a system for categorizing all of a company’s financial accounts. A chart of accounts is usually divided into five categories: assets, liabilities, equity, income, and expenses. Why do photographers need a Chart of Accounts? The categories on the chart of accounts feed directly into the financial…
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