The most common accounting mistakes that small business owners make are tied to the same central concept—lack of effective management. Often constrained by time and money limitations, business owners try to manage accounting for their business on their own and end up skimping on necessary expenses. Although this strategy may seem effective initially, delaying the…
If you don’t know much about the numbers behind your business, you’re not alone. According to Wasp Barcode Technologies’ Small Business Report–Accounting, only 40% of small business owners surveyed said that they feel “extremely” or “very” knowledgeable about accounting. However, this lack of accounting knowledge could put you at a severe disadvantage. Running a…
What is the difference between accrual and cash accounting? Business owners should understand the answer to this question, especially as a small enterprise begins to expand into a larger company. If you don’t already do your own bookkeeping, you may want to hire someone to keep track of your business’s financial transactions. Doing so allows…
Today, you can find an online tutorial for anything, including your taxes. With all the resources available, do you need to hire a CPA? A good certified public accountant (CPA) doesn’t only file your tax returns. They can work with you year-round to keep your business’s finances in order and ensure you comply with all…
Nowadays, teaching yourself how to do something is as easy as clicking a few buttons. There are YouTube tutorials and blogs galore produced by self-proclaimed experts. With so many resources, it seems like you can find an online course in pretty much any subject. Learning to do something DIY lets you acquire great skills from…
A CPA, or Certified Public Accountant, is an essential part of the success of any size and type of business. Whether you are a small business owner or a part of a large corporation, handling all the back-office and bookkeeping jobs by yourself is overwhelming to even think about. Modern tax codes and accounting…