Succession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) and keep the business running smoothly? Unfortunately, many businesses don’t survive the transition to the next generation. As with most business problems, good planning is the […]
Accounting for small businesses
Oft-overlooked Areas to Cut Business Expenses
Trimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Here are some areas where your business may still have cost saving opportunity. Interest rates. If you have credit cards, banks will often listen to a request to lower your interest rates. This is especially true if […]
Must Read for Small Business Coronavirus Loans
Beginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven. The problem The rush to get this program up is understandably confusing and […]
Basic Financial Documents You Must Have
There are some basic financial arrangements that all individuals should consider making, no matter what their age or circumstances. But if you have a family, these basic documents become essential. A Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. More importantly, […]
Use Financial Information to Increase Business Profits
Most successful business managers use financial statements and other special reports to generate higher profits. If you haven’t been using all the financial tools available to you, here are some ideas to get you started. There is no need to feel intimidated by financial statements. If your company’s record system is properly designed, you should […]
Conduct a Financial Review at Tax Time
Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Discuss with your family. Spouses […]