Starting a new business is exciting. You have a passion for your product or service, you think you’ve identified the market for it, and you dive in after doing your research. But the statistics are harsh: a full 50% of small businesses fail within the first five years of operation. By year ten, this number skyrockets to a full 70%! And according to the US Small Business Administration, this number can vary so much that the failure rate can be as high as 95% by year five. (more…)
Increased competition can stall business growth, especially for small and medium sized businesses. Without strong sales, a company’s future is at stake. Growing your business is not easy; the dedication and perseverance needed can be overwhelming. But understanding how to manage growth and profitability is key to ensuring longevity. (more…)
Your small or medium sized business can suffer quickly, with long-lasting repercussions, if even one payment is missed. Your cash flow depends on a steady stream of reliable payments from your clients. How do you know when it’s time to hire a collection agency to deal with your outstanding invoices, and what sorts of things should you be doing before that step is even considered? You have legitimate receivables that need to be collected for the sake of your company’s financial health, and a collection agency is a great option when you can no longer do it yourself. (more…)
Whether it’s the seasonal ebb of low cash flow, or a more pressing problem that is weighing on your business, money crunches are tough for everyone involved. Your debts may be too high to correct, or your margins too low. Perhaps it’s your current sales volume. More than a need to simply chase invoices and offer incentives to entice prompt payments, these times of negative cash flow are more complicated and more detrimental to the health of your company. And cash flow management is as important as liquidity. (more…)
Invoicing is a task that can feel tedious and perhaps seem so straightforward as to not need a lot of attention. After all, it’s a standard task, and everyone has to do it, no matter how cumbersome. What’s the big deal, you might wonder. But businesses of all sizes need to understand how crucial this piece of operations really is, especially in terms of positive cash flow.(more…)
Have you ever found yourself confused and frustrated when dealing with bookkeeping? Arguably the most crucial departments in a business, the process needs to be smooth.
Accounting is one of the basics in a business, and certainly one of the most important areas to master if you want to run a successful firm. Checking and analyzing your firm’s financial information can feel daunting, and can bring extra costs and stress. Among business owners, it is one of the most hated tasks! So stop dreading the accounting process, and think seriously about automating your accounting business with some or all of the tasks associated with bookkeeping. (more…)