Accounting
The Difference Between a Bookkeeper and an Accountant
One area that often creates confusion in financial management is determining the difference between the role of a bookkeeper and an accountant. You might wonder, “Do I need a bookkeeper, an accountant, or both?” Understanding the distinct roles of these financial professionals can help you make informed decisions and keep your business running smoothly. Let’s…
Read MoreThe Importance of Regularly Updating Your Financial Plan
Creating a financial plan is a critical step for any business, but it doesn’t end there. The business environment is dynamic, and your financial plan should be too. Regularly revisiting and updating your financial plan is essential to ensure it remains relevant and effective. Keeping your financial plan current is crucial for your business’s success,…
Read MoreThe Cost of Not Having a Business Financial Plan
As a small business owner, you understand the importance of making informed financial decisions. However, many entrepreneurs overlook the critical step of creating and maintaining a comprehensive financial plan. The cost of neglecting this essential tool can be substantial, affecting your business’s growth, profitability, and long-term sustainability. Let’s explore the significant costs associated with not…
Read MoreUnderstanding the Difference Between Exempt and Non-Exempt Employees
As a small business owner, understanding the distinction between exempt and non-exempt employees is crucial for effective payroll processing and compliance with labor laws. Exempt employees are typically salaried and are not entitled to overtime pay under the Fair Labor Standards Act (FLSA). They are exempt from certain wage and hour regulations. This is because…
Read MoreTen Key Things to Consider When Choosing Accounting Software
Ten Key Things to Consider When Choosing Accounting Software
Read MoreNavigating Workers’ Compensation Audit
Navigating Workers’ Compensation Audit
Read MoreCash vs. Accrual Accounting: Which Is Right for Your Small Business?
When it comes to managing your finances, one of the most critical decisions you’ll make is choosing between cash and accrual accounting methods. Understanding the difference between cash and accrual accounting can make a huge impact on your bottom line. So, let’s dive in and break it down in simple terms. Cash Accounting: Keeping It…
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