Bookkeeping is a major part of business. For maximum profits, you have to keep on top of it. Here are some major areas.
Chart of Accounts
The Chart of Accounts needs a high degree of control. Accounts should not be added or subtracted without first considering how these changes will affect the recording of transactions and the impact on your financial statements.
It’s common for business owners to put expenses in a wrong account within a department. This is why a bookkeeper should be contacted to review your financial statements and apply proper journal entries to correct the mistakes.
By Lia Tutt, PA
I get this question sometimes from New Business owners. A new business owner asked “How do I get my service out there, I just started a business?” “How do I start a virtual business with little money?” others have asked.
Whether your business is online or not, you should check with your city government for business licensing requirements. Some states or cities require a sales permit. If you want to open a day care center or medical office in your home then you have to check with the zoning department and their requirements. You need…
“”Do the one thing you think you can’t do. Fail at it. Try again. Do better the next time. The only people who never tumble are the ones who never mount the high wire. This is your moment. Own it. “
By Oprah Winfrey
As a small busines owner, major challenges include inefficient planning and cashflow issues. These make the business owner feel stuck and unable to grow the business. These major reasons are why some businesses do not succeed. Funding is required for growth. Adding on consultants and contractors can propel growth. Their expertise save time and allow for…
Growing your business requires that you manage your money. Here are five areas to begin your success journey with.
2. Keep your business plan current. This document helps you see if you are on track toward your goals. This plan shows where you are now, where you want to be and how you will get there. Financials are included. …
When setbacks come or you don’t know how to progress to a higher level, then it’s time to analyze your business. Answer these 6 questions to get started toward more profits.