How to Control Business Expenses with Debit Cards
As a business owner, you have a lot to keep track of. Your expenses are arguably the most important thing to track, but it can be tedious and time-consuming as your business grows. One of the best ways to simplify, track, and control spending for businesses at any stage is to use debit cards for […]
What is an ACH Transfer?
ACH transfers have become a key component of the banking system. You have likely paid invoices as a consumer using ACH transfer. You have likely deposited money into your checking account through ACH. Small businesses use them all the time to pay their suppliers and vendors. Despite millions of ACH transfers every day, few people […]
What is Progress Invoicing?
As any small business owner can tell you: the signature on the contract doesn’t mean the money is in your bank account. There is some strategy involved in invoicing your customers, setting expectations, and making it easy for them to pay. Oh, and there’s also the actual delivery of products and services. Sometimes, the project […]
Should Your Small Business Create a Customer Loyalty Program?
Small businesses are always looking for ways to attract new customers, but one of best ways to maximize longterm profit is to build loyalty among existing customers. An effective customer loyalty program encourages new customers to become repeat customers, and it encourages repeat customers to stay engaged with your business. If you’re thinking about adding […]
Does Your Small Business Need an Emergency Fund?
The Federal Reserve Bank of New York found that almost half of all small businesses failed during the 2008 recession. With the potential for another looming, there are certainly some ways small businesses can prepare, like a business emergency fund. This fund will help weather the storm and keep the business running during difficult times. […]
What is a Cash Flow Forecast?
A cash flow forecast is an estimate of the future inflow and outflow of cash for a business. It helps business owners make informed decisions about how to allocate their resources, and helps them plan for upcoming expenses. Cash flow forecasting can be an important tool to have when you are trying to make decisions […]
What is the Profit First Method?
As far back as business financials are documented, the formula for profit has been: sales – expenses = profit But the Profit First Method of accounting has a different take. First introduced in Mike Michalowicz’ book, Profit First, this method helps small businesses ensure they turn a profit and carve out a piece of the […]
What is a Profit and Loss Statement?
Small businesses have unique challenges when it comes to financial statements. Owners rarely have accounting backgrounds, and often operate without a finance team. This can make it difficult to identify the most important financial data for the company. One financial statement that every small business owner should be aware of is a Profit & Loss […]
Seasonal Budgeting for Small Businesses
Just as the weather turns crisp and the trees shed their leaves, small businesses face changing seasons. You will need to anticipate these changes and start budgeting for seasonal trends. Seasonal budgeting is an unfortunate necessity as a small business owner. Not only do you need to anticipate the tides of customer demand, but you […]
