Does Your Accounting Make You Money? If Not, Here is What to Do.

Does Your Accounting Make You Money? If Not, Here is What to Do.

Think of your business as being a big bucket. As you go along, you fill that bucket with everything you learn about your value proposition, your customers, employees, finances, and operations. At some point you may realize that you expend more energies and resources than necessary to progress. Your bucket is leaking! But where is it leaking from? Truthful financial statements will invariably identify the culprit. For almost two decades, we’ve been designing, implementing and maintaining financial management systems for startups, small and medium-sized businesses. Over and over, we have found that there are four core contributors to your leaking bucket: Accounting Operations Sales Cash Flow The first step is to learn how to understand your financial statements. Our expert CFO in residence wrote this educational piece for you: “How do Financial Statements Help Decision-Making”. In this article, we will examine how your accounting could be leaking and how to fix it. The Symptoms Here are some of the most common signs that your books are not as accurate as they should be: You are not staying on top of recording There are many line items on your P&L There is a large suspense account There is no breakdown of cost per goods, service or project You write off everything You are mingling personal and business accounts As an owner, you are not on payroll Cash seems to disappear   The Cure Have a professional general accountant or controller set up your books for your bookkeeper to follow. We all have a friend or acquaintance that want to help or maybe we can just do it ourselves. This is...
Freshbooks Survey Finds Majority of Self-Employed Professionals Have No Intention of Returning To Traditional Employment

Freshbooks Survey Finds Majority of Self-Employed Professionals Have No Intention of Returning To Traditional Employment

FreshBooks Survey Finds Majority of Self-Employed Professionals Have No Intention of Returning to Traditional Employment FreshBooks, the #1 accounting software solution in the cloud for self-employed professionals and their teams, today unveiled a new survey that shines a light on the challenges, trade-offs, and mindset of small business...
Why Timing Is Key for Your Tech Startup’s Success

Why Timing Is Key for Your Tech Startup’s Success

Why timing is key for your tech startup’s success Bivek Sharma, head of KPMG Small Business Accounting, argues why timing is more important than ideas for small tech firms. Watching an episode of Dragon’s Den, one could be forgiven for believing the greatest fallacy of business; that when you add together a great idea and a pile of cash, hey presto, a profitable enterprise is...
A Short History Of The Most Important Economic Theory In Tech

A Short History Of The Most Important Economic Theory In Tech

A Short History Of The Most Important Economic Theory In Tech This summer marked the 20th anniversary of one of the Harvard Business Review ‘s most influential articles ever, “Increasing Returns and the New World of Business,” by theoretical economist W. Brian Arthur, who was and remains a fellow at the Santa Fe Institute. The summer of 1996 was a propitious moment for such an article to...
4 Conversations You Must Have Before the Year-End

4 Conversations You Must Have Before the Year-End

4 Conversations You Must Have Before the Year-End We are almost to the end of 2016 and everything you’ve been putting off has to be done now, or you’ll start 2017 with a cloud hanging over your head. While putting some things off does cause the problem to just go away, other things just need to...
Small Business Security Tips for 2017

Small Business Security Tips for 2017

Small Business Security Tips for 2017 You’re not imagining it. Large-scale data breaches and headline-grabbing hacks have become an all-too-familiar occurrence. In fact, just last week it was revealed that hackers hit the Madison Square Garden Company, stealing credit card information from customers who used their cards at popular entertainment venues, including Madison Square Garden, Radio City Music Hall, the Beacon Theater, the Chicago Theater and Theater at Madison Square...