May 14

May 14 Strengthening Your Balance Sheet

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency.

These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they should also be important to you, because it’s important to be solvent at all times. In other words, you need to have more assets than liabilities available to pay your debts.

If you can’t pay bills when they fall due, your business may be technically insolvent. Fortunately two simple tests can quickly reveal your solvency.

May 14

May 14 5 Apps for Tracking Small Business Expenses

SBAI

Accounting, Planning, Business Knowledge, Cash

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.

Why not take the uncertainty and disorganization out of expense tracking by going mobile?

These five apps can be used anywhere, anytime, to ensure no penny goes unlogged or unclaimed.

May 14

May 14 4 Questions You Should Ask Your Accountant

SBAI

Ideally, you and your accountant are more than just “adviser” and “client”.

With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners.

The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions.