Strategic Business Solutions | Accounting, Bookkeeping, & CFO Services for small-midsized businesses in Maryland, Delaware, Pennsylvania, Florida and throughout the U.S.

How to Master and Minimize Business Expenses Effectively

10/26/2024

Managing business expenses is crucial for maintaining profitability and ensuring long-term success. Here’s how you can master and minimize your business expenses efficiently:

1. Categorize Your Expenses
Start by categorizing your expenses into fixed and variable costs. Fixed costs, like rent and salaries, remain constant, while variable costs, such as supplies and utilities, fluctuate. Understanding these categories helps you identify areas where you can cut back.

Essential Financial Reports Every Business Owner Needs

8/19/2024

Running a business involves more than just providing great products or services. To truly succeed, it's crucial to keep a close eye on your financial health. Essential financial reports offer valuable insights that help you make informed decisions and plan for the future. Here are the key financial reports every business owner needs:

Streamlining Your 1099 Process: A Stress-Free Guide for Small Businesses

4/17/2024

Every year, small business owners face a familiar headache: the task of supplying 1099s to vendors, contractors, and service providers who have been paid $600 or more in a tax year. It's a chore that often leaves entrepreneurs scrambling in the first quarter, struggling to gather the necessary documentation by the January 31st deadline. But it doesn't have to be this way. With the right system in place, handling 1099s can be a breeze.

20 Common Mistakes Small Business Owners Make

6/16/2021

Are you making these Common Small Business Mistakes?

Growing and learning has always been a part of my business DNA. I love to learn new things and put them into action but the process of growing isn’t always fun. It can be hard and take a lot of tenacity to hang in there when things aren’t progressing the way we hoped or at the speed we expected. We like the results of growing, but not really the process.

My college education was very informative, but much of my education happened just inside the doors of the school of hard knocks. Can you relate?

The Importance of Cash Flow Projections

7/31/2020

As a business owner, you probably already know it’s important to monitor company
profitability. But something that is also very important, but too often overlooked, is Cash
Flow Management.   Unless you have a large stockpile of cash and/or significant availability on your line of credit with your bank, you should take the time to do Cash Flow Projections.

Projecting your Cash Flow makes you aware of potential cash shortfalls well in advance so
you can work on obtaining the funds you need to cover the shortfall before it is critical.
Remember, cash is king.    If you run out of cash, your business will not be able to operate
regardless of what your Profit and Loss statement says.

4 Ways Your Small Business Can Benefit From Outsourcing Accounting Services

6/16/2020

When making business decisions, do you find yourself scrambling to gather the information you need? This is just one of the many indicators your small business could benefit by outsourcing your accounting tasks. When you don’t have quick access to reliable financial data, you miss valuable opportunities to identify marketplace changes and grow your business. Discover the benefits of outsourcing your small business accounting.

1. Save Time!
A business owner’s time is valuable! If you’re spending time each week maintaining your books, it takes away from concentrating on your business goals and aspirations. The financial tasks of running a business can be time-consuming, confusing, and just plain boring. Outsourcing your accounting will give you peace of mind knowing your books are in order and allow you to concentrate on growing your business.

Top 5 Accounting Tips for Small Business Owners

5/27/2020

Keeping your books up to date is a necessary chore for all businesses. Establishing an organized bookkeeping system will help keep you in tune with the financial aspects of your business. To keep moving toward your long-term goals and improve profits, follow these proven small business accounting tips.

1. Keep your records current.
There are many reasons this is so important, but the main reason is you do not know where you stand financially If your books are not current. It is impossible to make wise decisions without accurate, timely information. Keeping your books up to date ensures that you are equipped with the financial information needed to make the best next steps for your business. Take the time to do it or outsource to someone who can.

Bookkeeper vs. Controller vs. CFO

4/30/2020

Bookkeeper, Controller, CFO... how are they different and which one is right for your business?

Titles such as Bookkeeper, Controller and Chief Financial Officer (CFO) can get thrown around very loosely in small and medium size businesses. Below are the general duties of each position and their unique roles within your organization.

Self Assessment Checklist

7/1/2019

Still trying to manage the books yourself? Are you spending too much time each month on your business finances?

Use this self-assessment checklist below to see if maybe it's time to work with a professional accountant.

The Accounting Toolbox Blog