Monthly financial statements are important to use in businesses of all sizes in order to keep your financial house in order. I recommend that at the close of every month you have your in-house accountant or virtual CFO prepare a monthly financial statement reporting package and you review this every month. At the beginning of this ritual, you may find it a little more difficult, but as time goes on, you will become accustomed to being ... Read the Post...
Cost savings vs revenue generation: which one will make the most profit?
For business owners who are financially savvy, and want to get the best possible return on their investment, which is your business, you are going to be concerned about your profit margins. A profit in your business is measured by a time frame, typically a fiscal year, and you add up all the revenue that the business has earned for the year, less all the expenses that the business paid out for the year. What remains is your profit before ... Read the Post...
Financial binders are the best way to stay organized
Have you thought to yourself that it’s time to get your finances organized? If you find your finances are in disarray, you need to follow a financial binder organizer plan. Why do you need a financial binder? A financial binder is how you can keep all of your important financial documents together and organized. It’s a great feeling to know you can reach for your binder and find important documents ... Read the Post...
How to use a risk management process effectively in your business
Risk is an unavoidable part of business – it can’t be eliminated, but it can be managed. Risk management is when threats to an organization are identified, assessed, and controlled. Threats can be anything from legal issues, financial uncertainty/cash flow issues, accidents, natural disasters, pandemics…. The challenge for small businesses to manage risk is to find that delicate balance between risk management and profitability, ... Read the Post...