It is baffling to experts. Why won't business owners learn how to read, understand and manage their financials? Why don't they want to control their money? Why can't they realize that the better they … [Read more...] about It Is Time to Get Control of Your Money
3 Ways to Increase Your Bottom Line
The majority of businesses who limp along do so because they are not able to generate enough cash flow to be truly successful. The lack of money is typically caused by internal problems - problems … [Read more...] about 3 Ways to Increase Your Bottom Line
Overhead vs. Cost of Goods
Cost of GoodsThe importance of knowing what expenses constitute Cost of Goods and what expenses constitute Overhead are critical to establishing a meaningful Chart of Accounts. A meaningful Chart of … [Read more...] about Overhead vs. Cost of Goods
Gross Margin vs Markup
It's imperative that business leaders understand the difference between Gross Profit, Gross Margin, and Markup as well as how they can affect the company. Often-times these terms are used … [Read more...] about Gross Margin vs Markup
The Role of Chart Accounts
Chart of AccountsThe key to managing a profitable Company starts with the Chart of Accounts. It should be designed specifically for your business to give you useful and accurate information that can … [Read more...] about The Role of Chart Accounts
Familiar with the ‘Burdened Labor Rate?’
As a small business owner, have you ever wondered how to determine service charges? It is important to know exactly how much an employee is costing you per hour to do so. When calculating the hourly … [Read more...] about Familiar with the ‘Burdened Labor Rate?’
Use Your Financials to Stabilize Your Business
We've all heard them, and it's true - the statistics for small business failure rates are discouraging. Depending on who's doing the counting the range is between 75% - 90%. But, it doesn't have to be … [Read more...] about Use Your Financials to Stabilize Your Business
Ruin Your Business – Use It as Your Personal Bank
Small business owners using their companies as personal banks is a common practice that has lead to thousands (at the very least) of them closing. Some owners didn't understand the damage they were … [Read more...] about Ruin Your Business – Use It as Your Personal Bank
Factoring Receivables is a Death Spiral
Factoring is a transaction in which a business sells its accounts receivables, or invoices, to a third party commercial financial company, also known as a factor. Factoring is sometimes called … [Read more...] about Factoring Receivables is a Death Spiral
What is the Chart of Accounts?
If we think of accounting as a "place for everything and everything in its place", then the Chart of Accounts (COA) is the place in "place for everything." From a managerial accounting perspective, … [Read more...] about What is the Chart of Accounts?
