In addition to the profit and loss statement (P&L) and cash flow statement, balance sheets are one of three key financial statements businesses use to gauge their health and efficiency.
Subscribe to our blog
Business owners know steady cash flow is critical to long-term survival. When owners struggle to collect payments, they have less cash on hand to manage operations, pay employees, or take care of other incurred expenses.
While collection problems are common for small businesses, employing some simple strategies to strengthen accounts receivable policies, practices, and technologies can have a dramatic impact on decreasing missed or late payments.
Here are three strategies to help you get paid by your clients more quickly and easily:
There are few things in this life that are more exciting than seeing your startup business get off the ground. It’s exhilarating to see your vision ripen to fruition. But as the volume of business increases, it becomes something of a juggling act, doesn’t it? I mean, you’re probably already pushing your resources (both capital and human) as far as you can, and feeling stretched out rather thin. Ultimately, you’re going to need to transition from the DIY mindset, and start delegating some of your responsibilities to other people, if you ever have hope of sleeping or eating again.
Technology has changed some many things when it comes to owning and operating a business. Not only is technology now a part of most types of businesses there are some business that operate completely online. The model of starting and operating an online business is different than owning a more traditional ‘brick and mortar’ business in many ways. You may not get up and go to an office every day or interact with your employees face to face when you own an online business. Differences such as these can make it difficult for you to find the right type of help for the professional services your business requires.
In the early days of your small business payroll was probably pretty simple, especially if you were the only employee. But as your business grows the job of payroll becomes more and more time-consuming. Accuracy and timeliness are both crucial to getting payroll out to your employees so there is never a time when you can slack off on this duty. If the task of payroll has become so large that it is keeping you from focusing on the growth and development of your business then it is time to bring in help. A high quality virtual accounting firm is one of the options you have for hiring help with payroll. A virtual accounting firm can help you with a long list of your payroll duties and offers some unique advantages over going the traditional route and hiring an in-house payroll department.