Browsing Tag
accounting
58 posts
Keeping Books for a Small Business … Without Spreadsheets
From side hustle to freelance to startup, keeping track of money just can’t be ignored. This is called bookkeeping, and it helps you know how much money you’re earning, where your business is spending and how much you are making. The practice has evolved somewhat since 1458, when Benedetto Cotrugli standardized the practice of bookkeeping...
Stop Doing These 4 Things if You Want Your Business to Last
We’ve all seen the statistics on how many businesses fail within the first few years of operation, and the current pandemic may accelerate that struggle for some startups. After fielding literally thousands of questions from small business owners during the past few months at Nav, we’ve identified four ways businesses are setting themselves up to...
An SOC 2 Audit: Why Your Business Should Get One
Information security is more important than ever, and part of that includes conducting SOC 2 audits. SOC 2 stands for System and Organization Control 2 report. Simply put, an SOC 2 report is designed to instill confidence in business owners and stakeholders by proving that all operations are happening in a secure manner. However, there's...
The Top 5 Accounting Mistakes Startups Make
Our team has worked with hundreds of startups, and year after year we inevitably come across the same common issues around financial reporting. There are remedies for these accounting mistakes, but it’s crucial to flag them as soon as possible, ideally before a startup begins a seed round or approaches any major growth. One of...
7 Tips Every Startup Should Follow to Maintain Financial Health
Nothing spells disaster for a startup like poor financial health. Whatever the industry, however great the idea, if the numbers just don’t add up, there will be little recourse to get things back on track. Even if a business is still above water, any uncertainty over the numbers can destroy investor confidence and jeopardize strategic...
How President Biden’s Tax Reform Could Impact Your Small Business
Information about tax changes the Biden administration is considering have recently leaked, creating some big headlines in media. “First major tax hike since 1993,” according to Bloomberg. As a fractional CFO, my first reaction to any tax reform is: what does this mean for small business? Although we do not have an official White House plan yet, I...
Grant Program Announced for Black Women-Owned Businesses in Detroit (and How to Maximize Your Chances of Securing Relief)
Small businesses make up an astounding 99.6% of Michigan businesses and 49% of the state’s employees—that’s 1.9 million people. Since the onset of the pandemic, these businesses have been forced to endure a tumultuous journey that has meant drastic budget cuts, layoffs and a complete strategy pivot. However, businesses haven’t had to face this crisis...
5 Ways to Make Budgeting and Strategic Borrowing Easier
Over the nearly 40 years I’ve either owned or otherwise worked in a small business, I’ve observed that even businesses that might not be considered “seasonal” in the traditional sense ebb and flow over the course of the year, creating times when capital becomes tight and the cash flow pinch can cause an otherwise healthy...
In a Financial Rut? Here’s How 3 Creative Business Owners Mastered Money
Do you dislike dealing with the financial side of running your business? You’re not alone. Many entrepreneurs go into business to do something they are good at, or to fill a creative void. Spending time with accounting software and spreadsheets, however, isn’t often on their list of ways they want to spend their time. The...
WJR Business Beat with Jeff Sloan: Entrepreneurs and Small Businesses Must Go Digital (Episode 111)
On this morning's Business Beat, Jeff discusses how the pandemic has caused more businesses to embrace digital payments, making the process of managing a company's cash much more efficient. According to a recent Mastercard study, more than three quarters of small business owners surveyed say the pandemic has forced them to become more digital, with...
4 Common New Business Money Mistakes (and How to Avoid Making Them)
Every new business is different and each has its unique sets of challenges. Starting, building and managing a business is not easy; and while not all mistakes are fatal, some have a profound impact on the foundation of your business. From personal experience and working with startups, creatives and nonprofits, I see four common new...
7 Steps to Get Your Business Lender Ready
For years, I’ve been encouraging business owners to line up financing before they need it. Whether it’s a crisis or opportunity, you want to be prepared so you can respond quickly—and that crisis is now a reality across the country. For some businesses, this will also be a time of opportunity. Aside from COVID-19 relief...
5 Ways to Measure the Financial Health of Your New Business
The slow build-up of debt can contribute to the eventual collapse of a business, and small businesses are struggling now more than ever. Over time, your company may show signs of trouble, eventually moving into a deeper state of financial distress. And if the early signs are not actively addressed, your business can quickly snowball....
What Lenders Want to Know About Your Business Right Now
Whether you’re talking to an SBA lender or any other lender, they all are trying to get the answer to basically three questions. They might not all ask the questions in the same way, but they are all trying to find out the same thing: Can you repay a loan? Will you repay a loan?...
As Subscription Services Grow, Chargebacks Follow: How to Protect Your Business
As an online merchant, you’re constantly looking for new opportunities to generate sales and revenue with minimal upfront investment. To that end, dipping into the subscription market could prove to be an incredibly lucrative strategy. The number of subscription services on the market exploded in recent years: one study finds the market for the subscription...
Dodge These 5 Common Tax Mistakes Entrepreneurs Make
Starting and running a business requires precise attention to detail—especially when it comes time to file your business taxes. Whether you head a startup with a few employees or you’re an independent contractor, taxes are a common pain point for entrepreneurs. Tax law is complex, and penalties for filing mistakes can affect a business’s bottom...
3 Things You Should Talk to Your CPA About Ahead of Tax Season
Tax season is fast approaching, and you may be feeling the stress of filing or reeling from tax law surprises last year. As an entrepreneur, getting ahead of your taxes is essential not only to making this season smoother, but also in preparing you for the rest of 2020. The simple first step is booking...
Accounting Solutions for Entrepreneurs Who Want to Spend Less Time on Payroll
When you’re an entrepreneur, if you want something done, you have to do it yourself. You put a lot of effort into your business in order to see your dream become a reality. And with hustle and grit, many of you will succeed. But some things are better left to the pros, and tax compliance...
How to Bring Your Business Finances into the New Decade
For new entrepreneurs, now is the perfect time of year to look at your business finances with fresh eyes. While there may be nothing wrong with your current systems, you may find that technical advances can help your startup save both time and money when it comes to your finances. StartupNation exclusive discounts and savings...
6 Ways to Make Your Startup’s Tax Filing Season Easier
While there are individuals who instinctively understand the finer nuances of taxes (and as such plan year-round to make the process effortless and painless), many entrepreneurs will enter into March and April with utter dread, knowing tax season can be arduous and costly. Though taxes, particularly those for the 2020 fiscal year, are merely a...