Budgeting vs Forecasting: What’s the Difference and Why Does It Matter? Businesses run on money. Without cash flow, your business will quickly fall behind. You need a budget to manage your money and a forecast to better understand what your finances may look like in a given reporting period. If you don’t know the difference […]
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Cash vs Accrual Accounting: Which One is Right for You? Your accounting method matters. As a business owner, your choice will impact how and when you need to report expenses and revenue. You’ll need to make the decision between cash vs accrual accounting, and it’s one that is a double-edged sword: Cash is easier for
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6 Strategies to Reduce Payroll Costs Businesses spend about 1.25 to 1.4 times an employee’s salary on payroll costs, according to the Small Business Administration (SBA). While these costs are a necessary part of running a business and maintaining staff, they can eat into revenue and hinder growth. Optimizing costs and improving labor efficiency is
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How to Use KPIs to Improve Financial Health Key performance indicators (KPIs) can help you improve your financial health through strategic monitoring of metrics that help you understand the underlying stability of your business. Let’s dive in! What are KPIs and How Can They Improve Financial Health? KPIs help you monitor an intended result. We
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Tracking Business Expenses: Why You Can’t Afford to Be Lax Tracking business expenses is often the last thing small business owners want to do. We see it all of the time: You’re making sales, revenue is up and while you used to monitor every dime that you spent when first opening your doors, you now
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How Profitability Analysis Helps Businesses Understand Financial Performance You run a business. Sales are coming in, and it can be easy to assume that since you can pay your bills, you’re in good financial health. But that may not be the case. A profitability analysis can provide some answers and help you better identify: Trends
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How to Create a Smart Business Budget for 2025 Inadequate management and financial hurdles are two of the most common reasons over 595,000 small businesses close each year. A smart business budget can mean the difference between meeting KPIs and goals and being unable to cover overhead expenses. What is a smart business budget and
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Law Firm Bookkeeping: Setting Your Books Straight in 2025 Proper law firm bookkeeping ensures accurate, error-free books, helps you stay in compliance, and enables you to plan for the future. If you’re one of the 70% of small businesses that don’t have an accountant or bookkeeper, you need to address the common issues firms face
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6 Benefits of Up to Date Bookkeeping Up to date bookkeeping helps your business run smoothly. If you’re not maintaining your books, you’re always at risk of falling behind. Lapses in your books can cause you to: Go over budget Miss out on key deductions Stress out before you’re taxes are due If you’re one
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How to Automate Your Bookkeeping Bookkeeping is the one task companies ask us to automate. You can find tools and software that can help you put some tasks on autopilot, but you’ll want a human to overlook things and make sure your books are all in order. You can use a combination of bookkeepers and
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