Blog - Professional Accounting Services

August 8, 2022 By LLBCPA

The Top 3 Benefits of Financial Forecasting for Your Business

One of the biggest hurdles to overcome as a business owner is a concept of “working on” your business versus “working in” your business. The former will set you up for continued success as a business owner while the latter will set you up with a job (and prison) of your own creation. As an entrepreneur, it’s your responsibility to identify new opportunities and lead your business to a brighter future. This can be difficult when you are busy with day-to-day tasks or when you’re unfamiliar with the financial side of entrepreneurship.

The good news is you don’t have to be in the dark any longer, and you don’t need an MBA to take control of your business finances. There are a few essential tasks that can help you create a stronger, more profitable, more resilient business. One of these tasks is financial forecasting for small businesses, and you’re about to get a crash course. For more tips on how to better manage your business finances, take a look at this reference.

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July 20, 2022 By LLBCPA

How to Track Your Business Expenses the Easy Way

Tracking expenses is probably the least satisfying part of running a business. However, as tedious as it may be, it must be done — properly and accurately — to keep your business finances healthy and in good shape. Knowing how much your business spends will help you manage your finances better and make informed decisions regarding your business’s future.

But how do you keep track of your business expenses and where do you even start? Do you use a notebook or a computer? Then again, a spreadsheet or software? And what qualifies as a business expense?

Let’s find out.

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June 28, 2022 By LLBCPA

Choosing a Retirement Plan for Your Small Business

It seems like every day, another report comes out about how difficult it is to hire employees and retain top talent, and you’ve likely seen it within your own organization. As a small business owner, you understand that your employees are the life-blood of your business and without them, you won’t be able to run or grow your operations. How then, do you attract the right people to your business and then ensure that you keep them happy enough that they don’t jump ship at the next shiny object out there?
The good news is that offering the right benefits for your employees is just good business. The great news is that you don’t have to run a gigantic corporation to give your talented team members the future they deserve.

There are a number of small business retirement plans available and throughout this piece, we’ll be discussing the different options, which ones are right for your business, how much to contribute, and how to use these plans as a tax advantage. If you’re ready to improve your business and the lives of your employees, read on.

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May 30, 2022 By LLBCPA

When Should My Business Hire a Financial Leader?

You didn’t go into business to create spreadsheets and worry about balancing books. You went into business to bring your talents to the world and help people. As a new and growing business, you were likely able to keep up with your finances. It may not have been enjoyable work, but it was doable.

However, as you grow, the time necessary to keep your finances straight begins to take away from the time you could be using to bring in more customers, develop new products, service your existing clients, and scale your operation.

Maybe you’ve noticed that your financial reports are not precise, or they take too much time to generate. Perhaps you’re experiencing a challenge with your cash flow or having a difficult time determining what metrics matter to the future of your business. You may have a bookkeeper watching over your books, but no accountant utilizing this data. If any of this sounds familiar, it may be time to hire a financial leader and take the burden off your shoulders.

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April 18, 2022 By LLBCPA

5 Ways to Better Manage Business Finances

When running a business, one of the most important pieces is making sure your finances are being managed correctly. If you don’t know how to manage business finances, it can lead to not knowing where your money is going within your company, being unaware of issues that have arisen in your finances, and even going as far as leaving your business damaged financially. However, having the right knowledge and the right people to work with can help make sure you are set up for success going forward.

If you’re looking for business finance tips, you’ve come to the right place. When it comes to how to manage business finances, there are some great tips that every business owner should know. It’s important to start off by understanding all the elements that go into organizing your finances. Once you have that understanding, you then have to weigh the pros and cons of keeping your financial handling in-house or hiring some outside help to make sure your records are up to date and accurate.

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Small Business Accounting Blog