...
HomeStrategies5 Small business Ideas To Keep Finances In Check

5 Small business Ideas To Keep Finances In Check

Published on

Cash-Flow-ManagementSmall business Idea

“Small business idea: How to clean up your finances and keep your company in the black,” managing a business can be both rewarding and stressful. While keeping an eye on their small business finances might not be an owner’s top priority when first establishing their business, it should become ingrained into their daily routine. This article says this might be difficult at first, but with a few tips, business owners can begin to maintain their finances and clean up their accounts. Lawrence Teicher, founder of CFOConsulting Services and leading Long Island CPA, discusses five tips to help business owners clean up their financials. (click NEXT to see next idea)

small business idea

1. Ideas for a Small business Budget: Develop a rolling budget.

Small business Idea “It’s a new year, meaning it’s time to set that budget and stick to it until circumstances warrant a change,” Teicher says. “Once finalized and approved, a budget should not be changed unless the business’ situation changes and a budget revision is necessary. This will help you stay on track with all expenses and allow you the flexibility to recognize that business is dynamic and always changing.”

2. Cash Flow Management: “Cash flow is what keeps all businesses operating,”

Small business Idea! Teicher says. “Don’t leave this up to the accounting department or bookkeeper alone. Owners should keep an eye on cash flow and properly manage disbursements and collections. businesses that do not actively monitor cash flow and working capital run the risk of failure.”

calculator-and-spreadsheet

3. Expense Management: Monitor expenses and purchase commitments regularly.

Expense Management Practices

Small business Idea! “Make an effort to devote time each day to review purchase orders to make sure your people are obtaining competitive bids and negotiating favorable terms,” Teicher explains. “This will help owners stay on top of their cash flow and give them a better idea on how costs could be cut in the future.”

4. Personal Finance: Separate business and personal finances. “

Small business Idea! business owners that blur the lines between business and personal finances often find themselves in financial turmoil,” he says. “It can also raise a red flag with the IRS, leaving you with a large potential tax exposure.”

personal finance

5. Best Accounting: Consult a CPA or part time CFO. “

Small business Idea! Just because you own a business doesn’t mean you are an expert in finance,” he says. “CPAs, accountants and especially part time CFOs with a strategic orientation can help develop, improve and streamline necessary accounting processes. The right outsourced CFO can improve your business’ ability to compete and succeed. black entrepreneurs should recognize areas in which they are nor experts and obtain advice from those that are.”
By providing part-time CFO services on an as-needed basis, CFO Consulting Services is revolutionizing the delivery of financial services. Now small and mid-sized businesses have access to the financial expertise once available to only large businesses. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

small business accounting

Source: this article was published by The Washington Post, Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, details ways business owners can keep their finances in check.

Latest articles

10 Best Loans for Students

10 Best Loans for Students Loans for students are a necessary evil. Student debt is at an all-time high with this year's debt reaching 1.75 trillion. While, at the same time, the nation-wide average for unemployment has skyrocketed with 6.3 million experiencing joblessness. Thus, finding promising loans with affordable interest rates is more important than ever. Sofi Fixed APR: 2.49%-7.59% Variable APR: 1.74-7.24% Maximum Loan Amount: 100% cost of attendance With a shockingly low fixed rate of 2.49% -7.59%, Sofi is the number one lender at BlogWallet. [...]

Rappers Myron Rainey and Christian Sanders Shot Dead in Ohio (Video)

https://www.theindustry.biz/wp-content/uploads/2024/11/Screenshot_372.pngOver the weekend, a tragic shooting occurred in Shaker Heights, a wealthier neighborhood in...

Who is Kevin O’Leary?

Discover Kevin O'Leary, the renowned Shark Tank investor and business mogul. Learn about his entrepreneurial journey, success strategies, and impact on the business world.

Ex Radio Jock, Stephon Ferguson, Makes Living Imitating Dr. Martin Luther King around the World

KUDOS to a former radio jock for using his radio leverage to create an amazing opportunity for himself. Stephon Ferguson, 48, discovered his amazing ability to emulate one of the greatest leaders of our time Dr. Martin Luther King by chance in the late 90s. Ferguson was mixing a vinyl recording of Martin Luther King Jr.'s famous "I Have a Dream" speech on Motown records with a beat and he was overheard by a friend who came into the room asking if that was him.” Ferguson told ABC News. [...]

How Skillshare Democratized Learning and Created a Global Community of Creators

Discover how Skillshare revolutionized online learning, empowering millions to explore their creativity and learn new skills in a vibrant global community of creators.

The Birth of Native Instruments: How They Changed the Landscape of Digital Music Production

Native Instruments revolutionized digital music production with innovative software and hardware. Discover how this tech pioneer transformed the industry landscape.

Chicago Budget Passes Amid Migrant Spending Chaos (Vidoe)

In a tumultuous session held at Chicago City Hall, the Chicago City Council narrowly...

Entrepreneur Mistakes: Unimportant Interruptions

Do not allow anyone to throw your day off. Nothing like  unimportant interruptions For some odd reason, many people think that black entrepreneurs do nothing but sit around and twiddle our thumbs and wait for money to come in. I guess this is why we get unimportant interruptions during the day? They are really under the impression that because we do what we love we're not working. And part of that is correct, we're not working. But we're always busy and we never sleep. [...]

10 Tips on How to Improve and Make More Money with Your Business

One of the greatest complaints and challenges in business is almost always money. We...

How to Manage Your Business Calendar Automatically with Tech

Discover smart ways to streamline Business Calendar Management using automation tools and tech solutions. Save time and boost productivity with these essential tips.

More like this

Local Navy SEAL Starts Adventure Racing Business

South Deerfield, MA, April 26, 2013 --(PR.com)-- Navy SEAL Adventure Racing's "Bone Frog...

Chicago Budget Passes Amid Migrant Spending Chaos (Vidoe)

In a tumultuous session held at Chicago City Hall, the Chicago City Council narrowly...

Usher’s New Look Awarded Grant from Truist Foundation

 Usher's New Look (UNL), one of the nation's leading advocacy and educational organizations for young people around the world, today announced it received a $500,000 grant from Truist Foundation. The grant will support UNL's high school leadership program, including its financial literacy programs, and marks a significant milestone for the organization, having received a total of $1.5 million from Truist Foundation in five years. [...]

ClearTrack Information Network Named a 2013 Top 100 Logistics IT Provider

Brentwood, TN, May 17, 2013 --(PR.com)-- ClearTrack Information Network, a leading provider...

Knowing What Kind of Business You Should Start

Some people think they have the answer to this question and some don't, the...

StreamSend to Small Business: Make the Email–Social Connection; Ten Steps to Make Email Campaigns Work Harder, Deliver More Social Impact

Sacramento, CA, August 29, 2011 --(PR.com)-- StreamSend, a leading email marketing service...

Educator Turned Entrepreneur Named Finalist in 10th Annual Stevie® Awards for Women in Business

San Diego, CA, October 14, 2013 --(PR.com)-- Julie Seal, founder and President...

10 Ways to Get Paid Faster from Clients..

We can all trade war stories on how hard it is to get paid...

Streetz 94.5 Fills Need for Atlanta’s Local Hardcore Hip Hop Fans

Streetz 94.5's Steve Hegwood is having a ball… because he is doing what he loves to do on his own terms with his own company. UPDATE: Several Staff changes have taken place since this was orginally posted. There are not many urban programmers who can say that right now and while the thought of being an black entrepreneur in today's urban radio arena may be far-fetched to most, it is foremost to programming vet Hegwood. He is experiencing the excitement and the lure of what Mom and Pop owners experienced in the 60s and 70s. [...]