Finance & Accounting Resources

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Six Reasons Why Your Business Should be Using Online Accounting Software

It's often said that free cash flow is the lifeblood of any business. In order to ensure that business runs smoothly, business owners have to see to it that their accounting and bookkeeping methods are up to scratch. Related reading: Bookkeepers of the Future However, these duties are time-consuming and can take a significant portion of your time. The good news is that technology has made it easier and more convenient to track finances and keep records. With online accounting software, businesses can securely store their data. Free e-book: The Best Cloud-Based Accounting Software for Small Businesses Ready to...

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Guide for Gauging Business Performance

It’s easy to get so wrapped up in the daily grind of running a company that you skip business performance reviews. But the goals you set for your business at the start of the year won’t do much good if you don’t check whether you’re meeting them. The key to success is setting clear goals and checking year-to-year performance carefully, as Focused Energy's partner Drew Lyon says in Business First. "Small businesses grow and shrink quickly,” says Lyon. “When looking at midyear performance against a prior year’s performance, it is easy to be misled into thinking that the business is...

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Best Business Legacy Planning Tips

While everyone needs an estate plan, it is even more vital for an entrepreneur. Indeed, it's too tempting to focus on growing a company while neglecting to consider what may happen to their business if something were to happen to them. The single biggest risk to any venture is a death, explains FE partner Drew Lyon in an interview with Tough Love for Business. This not only puts a lifetime of hard work but household's livelihood in jeopardy. "Without proper planning, the business will go to that person's heir. Ensuring that your organizational documents are in order to prepare...

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Defining ROI for Your Small Business

Return on Investment (ROI) is one of the most important tools in a business leader's tool kit. By understanding ROI or return on investment, business owners and project managers can make more effective decisions for a business. From deciding whether to offer a specific new product or service line to determining how to best utilize the marketing tools at your disposal, ROI metrics can guide informed decision making. Do you need to better evaluate your ROI and how your latest investments have impacted your business? ROI defined A company's ROI is the return on an investment. Think of this as...

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Three Tips for Small Business Tax Preparation

Tax season is upon us. Is your small business ready? Tax season can be stressful, and it often seems as though it adds a lot of work for small business owners who are already balancing many different priorities. From dealing with human resources (HR) to marketing and operations initiatives, it seems easy to let tax preparation fall by the wayside. Luckily you are not alone. One of the biggest pieces of advice that Focused Energy can offer for small business tax preparation is simple: have processes in place year-round. Managing the right accounting tasks on an ongoing basis helps to always...

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Four Benefits of Hiring an Outsourced CFO During an Economic Downturn

During an economic downturn, finances are every small business owner's top concern. Consider, for example, the financial crisis of 2008. It brought the U.S. banking system to its knees and led to the loss of millions of jobs. Now, more than 10 years later, we're aware that history has shown that beyond a certain level, debt burdens become too heavy to bear. It's not clear what that debt level might be, when we can expect a correction in the market or how severe the next economic downturn could be. One thing, however, is clear – an outsourced Chief Financial...

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Build a Small Business Budget in Six Easy Steps

Operating a successful business is no easy task. It requires a great deal of time, energy, and extensive planning. One of most intimidating, yet essential, tasks that a business owner will undertake is the creation of a business budget. Even the most seasoned entrepreneurs dread it. Even so, they understand that creating and sticking to a business budget is critical for the company to succeed and grow. While you can create a business budget on your own, it might be advantageous for you to work with one of our accountants or business consultants. We can help you collect, interpret,...

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Free E-book: Cloud-Based Accounting Software

Download the guide Fill out this form to get access to the free e-book. We'll also email you a copy to your inbox! Fill out my online form. In this e-book you will learn: Why online accounting software is such a game changer for small businesses The pros and cons of each of the 11 most popular accounting enterprise resource planning (ERPs) Which applications are best suited for your business and why The best application add-ons to help you further customize your accounting Detailed and unbiased user insight Find the best online accounting software for your business with this...

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Bookkeepers of the Future

Why are bookkeepers important? Bookkeepers have always been an integral part of successful, growing businesses, but their value is often discounted. To someone without an accounting background, the profession may seem straightforward and fairly static. While it is true that the foundations of performing the business' accounting rarely changes, the bookkeeping profession has been constantly evolving and expanding. This is due to software innovations. Bookkeeping software helps to reduce the time it takes to record the business' income and expenses, while simultaneously improving the financial transparency and controls. Our team of bookkeepers and senior accountants ensure that you're always...

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Income Statement Confidence

"Life is really simple, but we insist on making it more complicated" - Confucius What is the income statement? When it comes to financial reporting, there's nothing simpler than the income statement, which is also known as a P&L or profit and loss statement. On a basic level the report reflects total revenue and other income along with expenses and losses. The income statement provides a net profit or loss for any given period. Simple. The business world, has of course found ways to make this much more complicated. This report now has many different names, including the "statement...

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