The most effective way to protect a company’s most precious asset, cash, is by having proper internal controls.  The challenge to having useful internal controls in a small business is the potential for the overlapping of responsibilities since there may be a minimal amount of staff members.  It is okay to have a few staff members wear multiple hats, however, you must be careful about which “hat” is worn and by who.  Having a segregation of duties is possible and we provide two tips to help you achieve cash protection within your organization.

As previously discussed in our “Two Tips that Will Help You Achieve Internal Controls” article, having a segregation of duties over cash disbursements is critical if small businesses are to minimize employee theft and other risks.  In this article, we will provide suggestions on how to achieve protection of your company’s cash disbursements or cash outflows.

 The suggestions below are most effective when placed within a written policy and procedure document that will be approved by senior management and shared with personnel to achieve its successful implementation and ongoing practice:

Now that you have made the decision to become an entrepreneur,  usually the next decision is determing the kind of business you will have.  Should your business be a C-Corporation, S-Corporation, or a Limited Liability Company?  These options each come with there own tax and legal implications that should be taken into consideration.  

This is the time when small business owners are checking their list of "must-do's" to get ready for a new year.  Getting in shape for yearend tax filings and other fiscal responsibilities is the focus.  So if you have questions about payroll, business planning for the new year, hiring, and more,  this list will provide some of the important items to consider to ensure you end the year in compliance and ready to run full speed ahead in the new year.

Did you know that your business can help you achieve your personal financial goals?  As a Small Business Owner seeking to grow your business, you more than likely have personal goals you would like to achieve as well.  Most often these personal goals are directly impacted by the financial success of your business.  This is particularly true if your income comes primarily from what your business pays you.  In this case, it becomes a necessity that you understand your business' finances and gain control over how you use the most important asset in your business - cash!

Below are steps you can take to free up some of your business cash flows, you can then use to help you reach your personal financial objectives. 

Whether you are in the start-up phase of business or the expansion phase, there will come a time when you will consider getting a business loan to help with cash flows or to purchase equipment, if you have not already. This blog will provide you with information that will help you be the most prepared when you do. 

The loan process typically begins with a banker's analysis of financial statements that have been prepared by a CPA, and a personal financial statement.  The personal financial statement is typically used to determine if you will be able to personally cover the loan, should your business fail to repay it.  

Move your firm from start-up to growth....

Starting a business is one of the most exciting endeavors you could ever undertake, but starting is the easy part.  The challenge comes when you begin to seek ways of  growing your small  business.  Often the challenges and seeming road blocks you encounter can cause your excitement to quickly fizzle out and cause you to second guess why you started the business in the first place.  

This article offers three important steps that owners make take to easily move towards successfully growing their business and achieving the success they desire.
 

Many business owners operate their business without giving consideration to how they would handle the loss of a key executive/leader should they pass.  Not giving any thought to this factor, can leave your business in a financial catastrophic position should this happen.

What's the truth about retirement planning? There are many myths about retirement, including the belief that social security will be enough to provide income during this time.  However,  social security was only designed to meet your basic needs during retirement. If you are currently earning over $100K in salary, it is estimated that social security will only cover 25% of the retirement income you will need.

This blog will discuss other retirement myths and provide some insight to consider when planning for your retirement.  

Many unwanted tax problems can surface for individuals working as freelancers and/or contractors.  This list was created to bring awareness to the top misguided actions individuals often make in this type of situation.