The COVID-19 pandemic may have an economic impact far beyond last year and the two or three. A recent report by the World Bank projects global economic growth to slow to 1.9% per year from 2020-2029. Prior to the pandemic, growth was projected to be 2.1%, down from 2.5% over the previous decade. Investments in infrastructure, diversifying economies and supporting the employment of women may help to mitigate or reverse… Read more
This week’s COVID-19 updates Many of us are adjusting to a new normal of staying home as much as possible, and finding ways to work remotely, if that’s an option. Federal and state governments are putting together financial resources to support small business, and many other organizations are doing what they can to help business owners keep the lights on and maintain sanity during these strange days. Here are some… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support… Read more