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What’s your favorite minority-owned business? Can you think of more than one that’s opened in the past few years? If so, there’s a reason for it: According to the U.S. Small Business Administration (SBA), entrepreneurship within minority groups is increasing. But it’s not all sunshine and rainbows, unfortunately. Access to capital isn’t as easy for these entrepreneurs, including securing financing and keeping businesses open.
We talked to accountancy practice owners and advisors to discover their top tips for financial success in 2018 – and, if they could go back in time, what words of advice they would give to their younger selves.
Running a business involves a constant learning curve. And that applies whether you’re a rookie entrepreneur just starting out with a great idea for a new business or a more established small business owner with a quickly growing business that needs to expand. You should always be learning as a business owner, no matter where you are in your career—there’s always a new tool to master, new problems to solve, and new vocabulary to understand.
Generally exhausted from the big holidays like Black Friday and Christmas, small business owners sometimes let smaller federal holidays slip by without acknowledgement. What’s the point of doing something specifically for a day like Presidents Day, in the dead of tax time , when effort seems better spent on entire shopping seasons? Actually, Presidents Day can be a great boon for your small business.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Although we’re not deep into the new year, many of the nation’s lowest-paid workers have already felt a boost from 2018 policy. Eighteen states raised the minimum wage , and more could follow. While owners are closely examining the effects of the minimum wage increases on small businesses, they have important factors to consider beyond the quick math of how much more they have to pay their hourly employees. .
QuickBooks Online contains lots of little ways to make tax season simpler for business owners. And in this crazy-busy time of year, anything that can make the small business tax preparation process easier—that doesn’t mean cutting corners, of course—is one of the best gifts you can get. Two of these little QuickBooks Online tips are made to make tax season easier this year, and then you’ll be in even better shape during next year’s tax season, when you can use the rest.
QuickBooks Online contains lots of little ways to make tax season simpler for business owners. And in this crazy-busy time of year, anything that can make the small business tax preparation process easier—that doesn’t mean cutting corners, of course—is one of the best gifts you can get. Two of these little QuickBooks Online tips are made to make tax season easier this year, and then you’ll be in even better shape during next year’s tax season, when you can use the rest.
When you’re searching for a business credit card , time is of the essence. It’s easy to be intrigued at the concept of instant approval business credit cards—especially when you have emergency purchases to make and little fires everywhere to extinguish. We’re positive that this ultimate resource for navigating instant approval business credit cards will help.
Every country around the world has unique customs that impact how business is done. In a global economy, understanding these differences is essential to building strong relationships with international business associates. Those that are able to excel at cross-cultural communication are more likely to build trust when doing business in other countries.
It might come as a surprise that business credit card applications typically require your personal social security number. One of the main reasons to get a business credit card is to make sure that your personal finances and your business finances stay tidily isolated. (It’s super important for your accountant to make sure your taxes are squeaky clean!).
When you’re the owner of a new business, your daily grind includes putting out fires and pulling yourself up by your bootstraps. For better or worse, though, that’s part of the joy and hardship of founding a startup. Luckily, you don’t have to do every bit of the grunt work alone. That’s where government business startup loans come in. Through the U.S.
If you have a small business and need funding to grow into a new space, purchase a new piece of equipment, take advantage of an exciting new revenue opportunity, or simply maintain cash flow for everyday expenses as you prepare for a busy season, a commercial loan can be a great way to quickly get the cash you need. Fortunately for entrepreneurs, a growing number of online and commercial lenders are making funds available to help small businesses achieve their goals.
Unpaid invoices—as much as we wish they weren’t something we have to consider, we do. You know the drill: You get a new customer, provide a product or service to them and send them an invoice for payment. And then as you’re doing your books, you realize that money’s probably never coming. So, can you write off unpaid invoices? It’s an insanely frustrating experience not to get paid for your work.
You’re likely well aware that QuickBooks is the reigning incumbent for accounting and bookkeeping software in the United States. There’s a reason that so many small businesses turn to QuickBooks for their small business needs—it’s easy to use, inexpensive, and QuickBooks training resources for the software abound. But if you’re looking for an alternative to QuickBooks, whatever your reason, great options do exist.
You have a lot to do running a small business—and your own books generally isn’t one of them. Why should you be concerned with mastering even the most basic accounting principles when you have bigger fish to fry? After all, didn’t you hire an accountant so you wouldn’t have to study this sort of thing? . Well, theoretically yes. But knowing basic accounting principles—or at least the gist of them—will help you understand why that accountant you hired is doing such seemingly specific things.
It’s easy to think that applying for a business credit card online is super simple. After all, with all of the advertisements that boast “30-second approval” and “streamlined applications,” many business owners end up imagining that all it takes to apply for a business credit card is … well, pressing an “apply” button. And that’s it. If only there were a magic button that made a business credit card appear on your doorstep!
Business owners have a lot on their mind, so until the task becomes relevant, they’re not exactly spending free time wondering how to create an invoice. And, even then, for a small business owner using accounting or billing software , the purpose and importance of writing an invoice might not be clear. After all, isn’t creating an invoice just a formality?
Every dollar counts when you own a small business. Before making any major purchases, savvy business owners typically weigh their options. It should be no different when it comes to purchasing small business insurance —it definitely counts in that category of “major purchase,” after all. And being hasty with decisions around small business insurance can end up costing you serious money in the long run.
Coming into the small business loans process, you wouldn’t be alone if your instinct is that your business’s annual revenue is the determining factor for qualification. And if you’re a low-income earner seeking a business loan, or you’re running a startup business that’s not generating any revenue, that’s probably terrifying. The picture actually isn’t so grim!
No matter which stage of business development you’re in, you’ve likely put some thought into your online presence—specifically, your company’s website. The next thing you’re going to want to think about? The best web analytics tools to make sure you’re pursuing the right things. Your company’s small business website is a reflection of your business identity, so thinking about how it reflects to the outside world is a great first step.
Tax season is creeping up. Which means you really, truly, actually do have to start getting your business taxes together. And if you’re an entrepreneur doing tax prep yourself, you should make certain that you’re using the best tax preparation software for small business that’s available to make the process as painless as possible. Then which, exactly, to use?
Maybe you’ve got your business up and running pretty efficiently and you’re looking to take it to the next level, or maybe you’re looking to streamline your costs. Or maybe both. Whatever your reasoning, it might be worth taking a look into how your business can get ISO 9001 certified. It’s a smart decision that not only can help your org run smoother, but it can snag you contracts and save you costs in the long run.
When running a business, it’s tempting to want to be all things to all people. But there’s a reason why conventional wisdom says to identify a niche audience. Very few companies are Amazon and can work for everyone , and there’s a reason for that, too—it’s insanely difficult. With that in mind, chances are you’ve already chosen your segment focus—or if you’re just starting up, you’re working on finding it.
Very few things are certain in small business finance , except that no two businesses’ balance sheets are identical. And since every single small business operates differently, the definition of a “business expense” is different for every business owner. So, how could anyone know the very best credit card for business expenses, period? Well, you can’t—because there isn’t a universal best credit card for business expenses.
Taking out a business loan could be just the opportunity your small business needs to grow, purchase new equipment, invest in real estate, or simply have working capital available on hand to manage the day-to-day costs of doing business. But how much down payment is needed for a business loan? The short answer: It depends. And that’s not always a very satisfying response, particularly if you’re running a cash-strapped or very young business.
You’ve heard about the many perks of the of the Amex Business Platinum —and you want to know if it’s right for you. Well, for jet-setting business owners, Amex Business Platinum benefits are unparalleled. With its luxury travel perks and practical travel savings, the Amex Business Platinum offers everything a frequent flier could need. But is it worth its substantial price tag?
Providing a Social Security number to apply for a business credit card seems like it would be counterintuitive and often times frustrating. What does your personal information have to do with your business’s finances? Which is why you’ve likely asked yourself if you can apply for business credit cards using EIN only. You are certainly not the only person to have asked this, believe us.
Maybe you need a new computer or three to replace your ancient systems. A forklift, since the one you use every day is on its last legs. Or, finally, a new brite tank for your crazy-popular craft brewery. (And while you’re at it, you might as well replace the worn-out stools in your taproom, too.) So you think about securing a way to pay for your new setup … but you’re worried about finding equipment financing with bad credit.
As an entrepreneur seeking first-time funding to expand your small business, it’s easy to become overwhelmed at the surprisingly wide range of business lending solutions available. How do you know which offer to accept? And out of all the different possibilities, which one is the best business loan available? The truth is that every business lending solution has its own unique pros and cons, so there truly is no single best option for every type of business.
As a soon-to-be-former solopreneur, you have every right to be nervous (read: terrified) hiring your first employee. After all, this business—your business—is everything to you, and bringing on another person not only requires precious time, money, and energy … but how do you know if this person will care as much as you do? It’s risky. Of course. There’s no other way to put it, and we totally get it.
If you’re new to applying for a small business loan, you’re not alone if just about everything seems overwhelming—the types of business loans , your potential, and understanding the loan terms that come with them. Then there’s the small business loan underwriting process, which involves a lot of paperwork and complicated steps. But it’s very much worth understanding what’s involved in small business loan underwriting, since this is the actual process of getting approval for a small business loan
Whether you are coming up with a fresh marketing campaign or dreaming up innovative product ideas, brainstorming is essential for businesses of all sizes and types. Though fresh ideas are essential to the success of a company, learning how to brainstorm is a tough skill to master. Creativity doesn’t grow on trees, and good ideas must be consciously cultivated.
There’s a very good reason that U.S. Small Business Administration loans are one of the most coveted business loans. With longer payback periods, higher borrowing limits, and lower interest rates, SBA loans are an ideal financing option for small businesses. And many major U.S. banks and finance institutions offer these. Among them is the popular Capital One SBA Loan.
For many people looking to borrow a lump sum of money for any purpose, the name “Quicken Loans” is probably one of the first ones that comes to mind. So your next logical question must be: A re there Quicken loans for business? And can my business get one? Since they seem to offer fast and dependable service, Quicken Loans sounds like the perfect place to go to request funding for your new or established small business.
In July 2017, the U.S. government hit the world’s largest chain of Chinese fast-food restaurants, Panda Express, with a $400,000 fine. What exactly happened here? Panda Express got slapped with the fine because they failed to keep up with the evolving regulations surrounding the I-9 form , established by the Immigration and Customs Enforcement (ICE).
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