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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As a business owner, you know that finances are the lifeblood of your company. Without them, your operations would grind to a halt, and your dreams of success could be dashed. But what exactly is business finance? Why does it matter so much? And how can you get a better handle on this critical aspect…
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Are you a small business owner struggling to keep your finances in order? Look no further! Protea Financial has compiled the top 9 accounting tips for small business owners. With our expertise, you can stay organized and make informed decisions about your company’s financial future. From tracking expenses to managing cash flow, we’ve got you…
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