Think about what records are important to your business. Your situation is no different from any other business. Everyone has the same need for recordkeeping. You need to be able to document what your business did. It may be because your accountant wants to verify numbers before he puts your taxes together. It might be because your bank wants to do a field audit. It might be because your customer is looking for verification for a shipment they received. Documentation is the backbone of your business. If you can’t document what you’ve done, then you can’t verify that your reports
View More
The year is over. Your accountant did the hard part of creating the financial statements. You have the easy work of figuring out what they mean. But is that really the easy part? A quick review of your Income Statement and your Balance Sheet won’t tell you about the details of running your business, and the changes you need to make. Trend Analysis is actually an important monthly analysis. Let’s understand why Trend Analysis is so important. You know your business, and what good numbers look like. But even though you remember these numbers from last month, or even from
View More
tools for budget planning
You worked hard to create your budget for 2018.  Do you use it as a tool to help guide your business during the year?  It’s your view about how your business was going to do this year.  If everything goes according to plan, you will reach your goal. But business isn’t stagnant.  It doesn’t stay the same month after month.  Your customers face similar challenges, and as their businesses change, yours will too.  So, if you are going to actively manage your business, actively managing your budget should be part of it. Here are four approaches to managing your budget:
View More
trying to run away from taxes
  Nobody wants to pay more taxes than they need to. But this is a strange time of year in a strange year. The tax code is in flux, and what should you do between now and the end of the year to improve your tax situation? The conventional wisdom is that taxes aren’t going to go up for businesses next year. They might go down, or they might be the same, but they’re not going up. So, what should you do to take advantage of whatever changes might happen? The secret sauce is to reduce or defer your taxes
View More
employee bonuses
It’s time for the holidays, and along with lighting candles and decorating trees, drinking mulled cider and champagne, it’s time for the Year End Bonus, something anticipated by every employee. As a business owner, first decide why you’re giving the bonus. That will determine the timing of the bonus, and how you calculate the amount that you’re giving. The bonus can be a uniform holiday gift, a reward for the company’s performance in the prior year, or a reward for the work each employee did. Whatever you do, each employee will remember exactly what you gave them last year. It’s
View More