Checklist for Small Business Startups
SMB Accounting and Consulting Blog
by Shannon Bloom
3w ago
Are you a small business owner seeking expert guidance on accounting practices? Navigating the complexities of financial management is crucial to the success of any business. Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. Our checklist will guide you through some key items to consider when setting up your business and best practices for those already in operation. The Checklist  Legal Structure and Registration (Get a lawyer) First, you must decide on your legal structure ..read more
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Small Business Guide to Government Grant Accounting and Compliance
SMB Accounting and Consulting Blog
by Shannon Bloom
2M ago
It's crucial to assess your eligibility for federal grants before applying, as pursuing grants for which you are not legally eligible can waste time and resources. For small businesses, understanding various factors is essential. This includes budgeting, expense tracking, and reporting to ensure funds are used appropriately and in compliance with grant terms. Federal Grant Requirements Federal funds offer promising opportunities for small businesses, but they come with specific rules and regulations. In this overview, businesses can learn about the requirements for federal grants, which fund c ..read more
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Venmo, CashApp, and Zelle… OH MY! Why They Aren't Ideal Payment Solutions for Small Businesses
SMB Accounting and Consulting Blog
by Shannon Bloom
2M ago
In today's digital age, the convenience of instant money transfers has become a staple in our daily lives, thanks to platforms like Venmo, Cash App, and Zelle. While these apps excel in peer-to-peer transactions, they may fall short when it comes to meeting the needs of small businesses seeking reliable payment solutions. Despite their widespread popularity, these platforms pose limitations and risks that can significantly impact business operations and financial security. Let's explore why Venmo, Cash App, and Zelle may not be the optimal choice for small businesses and what factors entrepren ..read more
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Unlocking the Language of Accounting: Understanding Common Terms
SMB Accounting and Consulting Blog
by Shannon Bloom
3M ago
Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Understanding this unique language is essential for interpreting financial data, making informed decisions, and effectively navigating the intricate world of business finance. Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. However, it may distort long-term financial health. In contrast, accrual accounting records transactions when they occur, offering a more acc ..read more
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Demystifying Government Contract Requirements: A Guide for New Businesses.
SMB Accounting and Consulting Blog
by Shannon Bloom
4M ago
Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency. Attention to detail, alignment with legal requirements, and effective communication are crucial aspects of navigating g ..read more
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Choosing the Right Accounting Software
SMB Accounting and Consulting Blog
by Shannon Bloom
5M ago
Beyond the mere transition in dates, New Year's marks a universal opportunity for change. It can serve as a catalyst for reflection, inspiring individuals to set resolutions, for themselves and their businesses. The beginning of a new year also means a fresh start for your Income Statement; which is why now is the perfect time to review your accounting software needs. Accounting may be complicated and time-consuming, especially with spreadsheets. That's why most firms use invoicing and accounting software. Accounting software can automate and handle various tasks like generating bills, trackin ..read more
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Small Business Purchasing Best Practices
SMB Accounting and Consulting Blog
by Shannon Bloom
9M ago
Purchasing is an important function for any size business, whether large or small, because it has a direct impact on costcontrol, efficient operations, quality, and vendor relationships. Failure to follow best practices when purchasing goods and services can expose a small business to compliance violations, cash flow problems and missed savings opportunities. Best practices that a small business should follow when purchasing goods and services include:  • Create a purchasing policy.  Develop procurement procedures, spending limits and approval processes and document them in a pu ..read more
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How to Conduct an Internal Audit in Your Company
SMB Accounting and Consulting Blog
by Shannon Bloom
11M ago
Internal audits play a crucial role in the success and sustainability of a company. They are systematic and independent evaluations of a company’s internal controls, financial reporting, and operational processes. Conducting regular internal audits helps identify potential risks, improve operational efficiency, and ensure compliance with laws and regulations. Internal audits can be small random audits, or audits of the system as a whole. It’s up to management to determine the frequency and extent of internal audits. An internal audit is a form of internal control over accounting and business p ..read more
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The Importance of Cash Flow for Small Business Owners
SMB Accounting and Consulting Blog
by Shannon Bloom
1y ago
Running a small business comes with its fair share of challenges, especially when it comes to financial management. As a small business owner, understanding the importance of cash flow is crucial for the success of your venture.   What is cashflow?  Cash flow is the movement of money into and out of your business during a specific period. It represents the lifeblood of your company, allowing you to cover expenses, pay employees, invest in growth opportunities, and ultimately stay afloat. A positive cash inflow means more money is coming in than going out, providing financial stabilit ..read more
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Understanding the Difference between Income Statement and Balance Sheet
SMB Accounting and Consulting Blog
by Shannon Bloom
1y ago
When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information. In this blog post, we will explore the differences between these two essential financial statements.   Income Statement: The income statement, also referred to as the profit and loss (P&L) statement, is a financial report that showcases a company's revenues, cost of goods sold ..read more
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