As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, […]
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For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, […]
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How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to […]
Small businesses are undoubtedly being affected by the global surge in inflation over the past few months. The rise in prices of goods and services, scarcity of available workforce, and dwindling profits are all contributing factors. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers […]
As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather […]
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You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” The balance sheet comprises three sections: assets (valuable possessions or expected receipts), liabilities (outstanding debts), and equity (retained earnings and investor funds) at a particular point in time. The interconnection […]
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It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges […]
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Mastering the Basics: A Guide to Accounting Principles for Small Business Owners As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices out there, it can be challenging to know where to start. That’s where we come in! […]
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Tax deductions help offset travel expenses for business travellers. Learn about some key deductions for business trips before you hit the road. What to know about tax deductions for business travel If you are traveling for business purposes away from your main workplace or home, you may be eligible for business travel deductions. However, your […]
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Retirement is a significant milestone that brings with it the need for careful planning and financial security. A well-planned retirement ensures that you can maintain your desired lifestyle without worrying about running out of money. One of the key components of successful retirement planning is seeking good financial advice. Obtaining professional financial guidance can contribute […]
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Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have […]
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Benefits of Hiring a Professional Payroll Processor Processing payroll is an essential task for any business, regardless of its size. It involves calculating employee salaries, taxes, and other deductions, and ensuring that they are paid accurately and on time. While some business owners may choose to handle payroll themselves, there are several benefits to hiring […]
Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many […]
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New Year’s resolutions are often top of mind this time of year; some will stick – but many won’t. Try not to beat yourself up about it. There’s always next year, after all. However, your personal budget is one area where you should keep your resolutions from slipping. While it’s true that there’s also next […]
As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your […]
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If the owner establishes financial objectives and develops a strategy to accomplish them, businesses are more likely to experience steady growth. The start of a new year is an opportune moment to determine your ambitions and the methods to achieve them. Therefore, continue reading to discover the measures for establishing financial targets for your enterprise […]
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As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that can help your business reduce waste and spoilage, creating […]
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Entrepreneurship requires a strong resolve, as it entails a significant amount of stress in ensuring the prosperity of your venture. The burden of accountability lies solely on your shoulders, and any mishap can result in undesirable consequences. Nevertheless, the liberty and gratification that come with being your own boss make the hurdles worthwhile. By implementing […]
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Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has their merits, but it’s important to review which are which in order to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on […]
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The weight of debt can impose a substantial strain on an individual’s financial well-being, inducing unease and hindering the attainment of fiscal objectives. Nonetheless, by implementing a strategic approach and unwavering commitment, anyone can devise a debt settlement scheme and embark on the journey towards economic independence. Here are some tips for managing debt and […]
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