What do you need to do to prepare for starting a business?
Starting a business is an exciting prospect, but before you get started, there are certain steps that you need to take that will help ensure the success of your venture. But what are these steps and why do you need to perform them before you start the process? Here's a quick overview to help get you started. Determine why you want to start your own company What's your motivation for going out on your own? Do you feel you could serve your clients better in your own business? D
What's the difference between a bookkeeper and an accountant?
When you're starting or running a business, a lot of new terms will come to your attention. A pair of these are bookkeeper and accountant. For most people working outside of the accounting and finance fields, these terms are often used interchangeably, but are actually significantly different in terms of tasks and responsibilities. Here's a quick look at the difference between the two and how to know which one you need for your business. Generally speaking, a bookkeeper is an
The Tesco Scandal: Why It's Important to Know Your Accounting Firm
If your bookkeeping resulted in errors in your accounting records of $326 million USD, it would be a pretty serious problem, right? When Tesco's commercial finance team did so back in 2014, the scandal was huge. As a British multinational retailer, somewhat similar to America's Wal-Mart chain stores, this was a huge setback. It's also a good example of why it's important to know your accounting firm. Here's why: In 2014, some serious issues were found in one of Tesco's financ
Is There Room in the Market for Your Business? How Market Research Takes Place
When you're exploring a new business opportunity, one of the most important areas to research is the market conditions. This research helps you determine whether there's sufficient opportunity for your company to make a profit and grow into a going concern. But how is it conducted and how will the results help you tailor your business concept to the available shares of the market? Here's a quick overview to help you get started. When you do research into current market condit
Ready to Start a Business? 5 Tips for Exploring Business Concepts
When you're getting ready to start a business, it's easy to get caught up in the excitement and just get started. But today's world has had a shift from businesses that are focused on reaching the largest number of people to focusing on reaching the demographic that is most profitable for that company while providing the best possible customer service. To discover exactly where your business needs to fall, it's important to explore business concepts to find the goals and miss
Why Is It a Good Idea to Outsource Your Company's Payroll?
Whether you're considering having your entire bookkeeping process outsourced or just a few key areas, one area to consider is payroll. Complex with changing regulations and serious penalties for errors, payroll is one of the top outsourced accounting practices. Here's a quick look at why it's a good idea to get payroll out of your back office processes. Free up staff When payroll comes around, whether it's weekly, bi-weekly or a couple times a month, at least one of your staf
Will the Equifax Security Breach Impact Your Business' Bottom Line?
The recent Equifax security breach, impacting over 143 million Americans, may have some impact on your business' bottom line. But exactly how can it impact your company and what can you do to try to counteract these potential issues? From business credit to consumer confidence, here's a quick look at what may come out of this incident. Business Credit Though there isn't yet any notice of business credit files being impacted by the breach, the extensive nature of the breach an
Why It's Important to Have QuickBooks Set Up Properly for Your Company
If you're considering using QuickBooks for your company's bookkeeping needs, you're not alone. In 2015, the estimated number of small business users of the software package topped 29 million, and it's only grown from there. Controlling an estimated 80% of the market share, QuickBooks' easy user interface is one of the best available. But even though it can be easy to manage on a daily basis, setting it up can be a completely different matter. Here's why: Have you ever worked
What Will President Trump's Policies Mean for Your Taxes?
Though there is no doubt that President Trump's rise to power has fueled a wide range of strong reactions, part of what brought him into office was his promises to act on tax issues. But now that he's been in office for the better part of the year, what result will his policies have on your tax return next April? Here's a quick overview to help keep you apprised of the latest changes expected in business and personal taxes. Though original campaign promises suggested a planne
