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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If you are a business owner on the verge of separating or your spouse just filed for a divorce, you will want to start gathering information about separating your business interests. Undoubtedly, you will ask your family law and business attorneys many questions, and here are just a few. How will my business be divided…
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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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Managing cash flow is one of the most critical components of running a successful business. Even the most innovative and promising enterprises can collapse if cash flow is not managed correctly. Research suggests that inadequate cash flow management is one of the leading causes of small business failure. As a result, whether you’re an entrepreneur or a…
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Every business owner learns a lot about business finances through trial and error. As a business owner, every financial decision you make can have a significant impact on your business, so it is critical that you use the best, most accurate data possible whenever you make choices that directly affect your business. Financial statements are…
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Bookkeeping can be a daunting prospect for the uninitiated. Even for seasoned business owners, it’s easy to get overwhelmed with the various terms and concepts around bookkeeping. This is especially true when you consider the number of regulations, laws, and taxes that must be considered. However, understanding bookkeeping basics doesn’t have to be complicated or…
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