Outside of selling their products and services, one of the most important things a small business owner can do is reconcile their accounts. Account reconciliation is simply the act of reconciling one set of transactions with another set to ensure both sets match.
The financial services industry employs a mix of professionals who use titles interchangeably, such as financial consultants and financial advisors, to guide people on how to invest their money for retirement. These titles can be confusing to investors when they are hiring someone to manage their assets.
Who doesn’t love a discount? Many small business owners have realized that offering a purchase discount to their customers frequently leads to earlier payments and improved cash flow. Learn more about cash discounts and why they might be a good idea for your business.
A few weeks ago, I wrote about capital budgeting and finished the article with a short discussion of economic value added (EVA).
EVA is a way to measure whether your business’ profits return more than the opportunity cost of the capital employed to earn them. It’s like doing...
I don’t think organization maven Marie Kondo was talking about business records here, but it certainly applies: “To put things in order means to put your past in order, too.”
Business records prove business transactions and activities. Growing a successful business requires organization on all levels, including your…
While they may be similar, rainy day funds and emergency funds are not the same.
The second you start making money is likely the best time to start saving it. You never know when something unexpected will happen, which is why it’s essential to be prepared. Unfortunately, not having enough...
Business owners use cost allocation to assign costs to specific cost objects. Cost objects include products, departments, programs, and jobs. Cost allocation is necessary for any type of business, but it’s more frequently used in manufacturing businesses that incur a wider variety of costs.