How Small Business Owners Can Control Cost Management

Many business owners, particularly small business owners, have an array of responsibilities.  From ordering supplies and making coffee, to meeting with investors and monitoring costs, small business owners wear many hats on a daily basis.

One of our client’s biggest challenges is developing cost management strategies.  When every night, and every morning starts with a to-do list for the day it’s hard to monitor “cost creep.”  Small businesses may have a dedicated bookkeeper entering data, but they don’t typically have the time or background to analyze information and understand when and where your costs are rising.   However, business owners often struggle with the battle of hiring a full time Controller and/or CFO to manage both fixed and variable expenses, vs. taking on the responsibility themselves.

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How Sales Tax Works for E-Commerce Businesses

As the world continues to shift to an online, competitive marketplace e-commerce sellers are left with many legal and financial concerns.  Now that tax season is upon us these concerns become even more intensified. 

The e-commerce industry can be lucrative. Amazon for example has 190 million reported monthly visitors, but it also comes with its challenges.  Less than 50% of small businesses stay online after four years.  How can you make sure that your business is set up for success when building and growing your e-commerce business?  Some areas to focus on are your revenue and growth model, a payment gateway that is user friendly, what shipping restrictions are in place, how you will manage inventory, and how you will protect customer information (cyber security is here to stay!)

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7 Business Trends in 2018 - Leading to an Increase in Outsourced Accounting Services

1.CLOUD BASED TECHNOLOGY 

Could-based technology will continue to gain strong momentum heading into 2018. This technology gives businesses owners access to real time data anytime, anywhere. With access to information comes the idea that business owners are making informed business decisions. However, to make informed business decisions data needs to be understood and interpreted appropriately. The ability to interpret financial data is where accounting and finance experts can truly add value to a business. Outsourcing your accounting services provides for cost-effective expertise, the use of shared resources (such as accounting software that you do not have to host or manage), and an efficient accounting process with little overhead, or start-up time.

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