Wed May 26, 2021 | | Accounting, Business, Small Business

Why Is A Monthly Bank Reconciliation Important?

monthly bank reconciliation

Conducting a bank reconciliation each month helps you understand your company’s cash flow, protect against overdraft fees, and guard against fraud. The bank reconciliation process is a vital part of the checks and balances (no pun intended).  The best practice is to ensure that no individual has control over all financial transactions for a business.

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Wed May 26, 2021 | | Accounting, Small Business

Understanding Your Small Business Balance Sheet

small business balance sheet

As any small business owner, you know that you must keep track of your financial data: what your company earns, what your company owes, and your company is worth  (owner’s equity or stockholders’ equity). A small business balance sheet helps you organize and document this information so that you can assess not just your business’s assets, liabilities, and equity but, most importantly, the overall financial health of your company.

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Wed Apr 21, 2021 | | Banking Relationships, Cannabis, CFO Services

Guide to Securing Cannabis Business Funding

Cannabis Business Funding

If you are looking to open or expand a cannabis-related business, you may need outside funding to achieve your goals. Some experts estimate that on average dispensary owners need anywhere from $150,000 to $2 million to start their businesses due to hefty licensing fees and rigid capital requirements.

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Wed Apr 21, 2021 | | Banking Relationships, Cannabis, CFO Services

What You Need to Know About Cannabis Banking

cannabis banking

If you own a cannabis or hemp-related business or are looking to start one soon, you should learn about the ins and outs of cannabis banking. Because marijuana use and distribution are illegal at the federal level, cannabis businesses often have trouble partnering with banks and other financial institutions. Currently, only a little over 700 out of the 12,000+ banks in the U.S. serve marijuana businesses, and the ones that do tend to have strict approval processes and hefty fees. Read on to learn everything you need to know about banking in the cannabis industry.

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Thu Mar 18, 2021 | | Accounting, Construction

Construction-in-Progress Accounting: What Business Owners Need to Know

Construction in Progress Accounting

Construction-in-progress (CIP) accounting is the process accountants use to keep track of the costs that relate to fixed-asset construction. Because construction projects necessitate a wide range of costs, CIP accounts keep construction assets separate from the rest of a company’s balance sheet until the project is complete.

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Wed Mar 17, 2021 | | Bookkeeping Services, Cash Management, Construction, Financial Reporting

Accounting for Construction Companies: The Basics

Accounting for Construction Companies

Construction accounting has unique challenges compared to many other types of business bookkeeping and management. Construction businesses frequently travel, incur specialized job costs for each construction project, and use unique processes to keep track of financial transactions. Unfortunately, construction accounting errors can be costly, which is why contractors must hire professional, knowledgeable accountants to manage their finances.

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Mon Mar 15, 2021 | | Business, CFO Services, PPP

Take Advantage Of COVID Relief Options For Your Business

covid relief options

The COVID-19 pandemic forced many organizations to close quickly and lose revenue for an extended period of time, putting their ability to stay in business at risk. Many businesses did not have enough cash reserves to sustain the shutdown and unfortunately went out of business. Currently, we are helping businesses during these challenging times with two government lending programs, the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) as COVID relief options. 

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Mon Feb 8, 2021 | | Business, CFO Services, Field Examinations

Everything You Need to Know About Field Examination Services

field examination services

Lending institutions in the United States know there are inherent risks involved with providing loans to businesses. Borrowers also have to demonstrate that they are reliable enough for the institution to lend them money.  They must demonstrate that they can supply collateral to a lender. Collateral is any asset or property that a consumer promises to a lender as backup in exchange for a loan. This can sometimes be hard to demonstrate due to challenges, such as changing accounts receivable balances and inventory valuation, or valuation of the company’s products or services.

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Fri Feb 5, 2021 | | Cash Management, Construction, Financial Reporting

Increase Your Commercial Construction Profit Margin Now

commercial construction profit margin

If you are in the commercial construction industry, you have probably struggled with profit margins in the past. Unfortunately, profit margin depends on several factors outside of your control, and some years tend to be more profitable than others.

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Sat Dec 26, 2020 | | Bookkeeping Services, Business, Cash Management, Financial Controller Services

Tips for Successful Cash Flow Forecasting

cash flow forecasting

In the U.S., the survival rate for small businesses is bleak, with 20% going under in the first year and 50% failing after five years. These businesses shut down for various reasons, including lack of customers for the product or service or having difficulty hiring the right people. But insufficient cash flow is frequently the reason for these closures.

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