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Bookkeeping Basics

Despite the importance of bookkeeping, small businesses often neglect it because of the time and effort it takes to set up and tend to a bookkeeping system. But bookkeeping is an essential part of every business regardless of size and one thing you can’t afford to ignore.

Bookkeepers are responsible for organizing and tracking receipts,…

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Use Quickbooks Get Paid Faster

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Would you like to get paid faster? Well, honestly who wouldn’t? A feature in QuickBooks that you may not even know about can help.

Both versions of QuickBooks, Online and Desktop, offer a payment solution to help you get paid quicker. As you prepare…

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Budgets Small Business – Part II

Budgeting Fixed Costs

Fixed costs are simply those costs that do not typically fluctuate with sales volume or revenue. Examples of fixed costs often include management compensation, rent, professional fees, marketing, and insurance. Also, while some costs may be variable for certain companies (e.g., utilities for a heavy manufacturer), they may be fixed for others…

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Budgets Small Business – Part I

Building and utilizing budgets is important for any business owner. Budgeting can help quantify targets to monitor the company’s progress or warn management of impending problems, thus improving a business’s overall chances for success. Simply put, a budget is a financial plan that reflects a business’s operational plan. It is critical, therefore, that budgets be…

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10 Questions Every Leader Should Know

If you are a leader, here are 10 great questions posed by Bill Taylor, the cofounder of Fast Company.

Do you see opportunities the competition doesn’t see? Or, are you out-thinking your rivals?

Do you have new ideas where to look for new ideas? Consider looking at other industries for thoughts about new segments, products, etc.

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Nonprofit – Balance Sheet

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A nonprofit Balance Sheet technically is known as a “Statement of Financial Position”.  It includes assets, liabilities, and net assets (instead of retained earnings or owners’ equity) as in a for-profit company.

Assets include such things as…

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11 Ways a Business Can Cut Spending

Many business owners have difficulty identifying and reducing wasteful spending. It is often difficult to distinguish between useful and wasteful costs or expenses, and can be even more difficult to reduce or eliminate the behaviors that lead to wasteful spending. With a few internal controls and the discipline to measure and manage financial results, business…

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Budgeting for Nonprofits

A key component of financial sustainability is the commitment of the organization to financial management.  Board and staff should review financial reports timely and focus on advance planning. One way that board and staff plan for income and expenses in the future is by creating a budget. Approval of the annual budget is one of…

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Why a Strategic Plan is Critical for Nonprofits

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Strategic plans are discussed extensively in the world of commercial business enterprises, but what about in the nonprofit world? Granted, many large and well-established nonprofit organizations have developed comprehensive strategic plans that in turn drive goals, objectives, and budgets for those organizations. Smaller nonprofits,…

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