Effective Ways of Managing Business Debt

Here at Protea Financial, we understand that running a business comes with its fair share of challenges, and one of the most common struggles entrepreneurs face is dealing with debt. Whether you’re just starting out or have been in business for years, understanding how to navigate your debts can make all the difference in achieving long-term…
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Assessing Business Performance Through Financial Performance and KPIs

Evaluating your company’s performance is critical to ensure its success and growth. But how do you assess performance? Enter the Key Performance Indicators or KPIs. These valuable metrics provide valuable insights into various aspects of your company’s financial health, allowing you to make informed decisions and drive positive change. The experts at Protea Financial can assist you…
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Top 5 Do’s and Don’ts In an IRS Tax Audit

In any endeavor, it’s always better if you can increase your odds of success by gathering more information to help tilt the odds in your favor. Remember when the Houston Astros employed technology to steal the opposing teams’ signs during the 2017 and 2018 seasons? After this baseball scandal was revealed, the Astros fired its…
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Budgeting and Financial Planning for Your Small Business

A good financial strategy is critical for success, whether you’re just starting out or trying to expand your current enterprise. Budgeting enables you to properly manage resources, track your finances, and make educated decisions that drive development. But, let’s face it, handling finances is usually the least fun aspect of owning a business. This is…
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Ways to Improve Internal Controls for Small Businesses

What are internal controls? Investopedia.com defines internal controls as “the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.” [1]  In other words, internal control is systems put into place to help protect businesses.  Internal controls include approvals, reconciliations, and segregation of duties. Having…
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