Patricia Anderson No Comments

How Understanding Assets vs. Expenses Can Make You Rich

Assets and expenses both have a “debit” balance on the financial statements, but that’s where their similarities end. Spending on one can make you rich and spending too much on the other can leave you broke.  An expense is money you may need to spend, but after a year, there is nothing lasting to show for it. An asset is a tangible resource that is still worth something after a year or more and that belongs to you or your business. The best assets grow in value over time, but some lose Read more [...]
Patricia Anderson No Comments

What’s Your Hourly Worth?

Time is the most precious resource on the planet, but sometimes we don’t treat it that way. In our businesses, it’s important to get everything done, but we can also get overwhelmed with all the little things that need to be done to take care of customers. One of the big differences between highly successful entrepreneurs and less successful ones is how they manage their time: the more successful simply value it more and treat it as the scarce commodity it is. A great exercise to bring this Read more [...]
Patricia Anderson No Comments

Oops: Do You Owe Sales Tax and Not Realize You Do?

One of the side effects of our last economic slowdown was in state government budgets; states searched hard for new income, and many of them found a great source by cracking down on sales tax collections.  Their new hot buzzword:  nexus. Nexus means a connection that a business has with a state, and it has to do with a form of presence.  In the sales tax world, you owe sales tax to a state if you have nexus in that state and you are selling taxable items.  The scary part for small businesses Read more [...]
Patricia Anderson No Comments

Is It Time for Spring Cleaning Your Business Files?

Is It Time for Spring Cleaning Your Business Files? How much time do you spend each day looking for information about orders, customers, vendors, or employees?  If it’s a lot, a little spring cleaning might pay off.  Here are five quick tips to assess and improve your information access. Your Librarian Large companies often have a librarian on staff that is in charge of stored documents, both physical and virtual.  It’s not a bad idea to have this function in your small business, Read more [...]
Patricia Anderson No Comments

Five Best-Practice Accounts Payable Tips for a Smoother Cash Flow

Watching the cash balance is one of the most frequent activities of a small business owner.  Besides making sure you have enough cash for payroll and bills, there is another huge opportunity you can benefit from: lowering the cost of processing your bills.  It can be expensive and time-consuming to process bills and handle the paperwork involved.  We’ll take a look at a couple of the many ways you can streamline your accounts payable processing costs in this article. Opportunity #1:  Go Read more [...]