Best Practices: Effective Accounts Receivable Management
It is not an exaggeration to say that effective accounts receivable management can make or break a business. Providing products without obtaining payment is unsustainable. By having a reliable system in place that tracks and reminds customers of their obligations while also keeping their own needs in mind, you can maintain your cash flow, pay your own obligations, realize your profit goals, and chart a path for growth in the future.
Best of Breed Apps: Gusto
Managing payroll and HR effectively can be one of the most difficult aspects of running a successful business. BKE has years of experience helping hundreds of businesses set up and manage their payroll and HR systems, and we are constantly on the lookout for best-of-breed tools to help our clients run their businesses smoothly and maximize their success. Based on our research, Gusto is a great choice for many of them to manage their HR and payroll tasks effortlessly.
Get the Most From Your Marketing Budget
For most companies, spending money on marketing to drive sales and revenue is a given, but determining “how much” is often a haphazard process rather than based on thoughtful planning and accurate analysis. When businesses set realistic, reachable goals based on accurate expectations of return on marketing investments, they tend to see not only steady, reliable growth, but several other positive benefits as well.
5 Tips for a Better Chart of Accounts
The Chart of Accounts (COA) is the foundation of financial reporting, as every aspect of your financial reporting is directly or indirectly sourced from your COA. An organized, logical COA can be drawn on to both combine and parse a business’s financial records for management and other stakeholders.
In many businesses, however, the COA is far from optimized. It can be too simple and therefore unable to detail what is really going on “under the hood.” Or it can be too complex and hard to pull together in any meaningful way. Or it may have lost its effectiveness over time, as new codes were haphazardly added without regard to the overall logic of the original design.
A new or revamped COA can immediately improve your management insights and drive your business to new levels. Here are five tips for designing or redesigning your COA.
How to Minimize Your Merchant Fees
Accepting credit cards is a fact of business life these days. Customers prefer and expect the convenience of credit card payments, and in any case, they often don’t carry cash or checks anymore. But along with accepting cards comes the fees associated with them – fees that are borne by your business. Some of these are unavoidable, but many businesses end up needlessly overpaying and cutting into their bottom line. Let’s briefly look at how payment processing works, and where you can take action to ensure that your business is coming away from credit card transactions with the most profit possible.
Why COGS Matters
COGS is more than just a number pasted into the accounting spreadsheet. It can give you clues about the health of your business, point to steps you might take to improve your profits, help recognize tax opportunities or risks, and look for growth opportunities.
Best Cash Management Practices
Cash management is often called the “lifeblood” of a business, and for good reason. If you can’t pay your employees and you can’t pay your bills, you can’t continue as a going concern even if you have impressive sales on your books and are growing rapidly.
Top 10 Tax Mistakes: How to Avoid Them, Part 1
Making one of these ten common tax mistakes could be costing you money. Find out what they are and how to avoid them.
Top 10 Tax Mistakes: How to Avoid Them, Part 2
Making one of these ten common tax mistakes could be costing you money. Find out what they are and how to avoid them in part two.
What is a 1099?
You know that it has something to do with filing taxes, but what exactly is a 1099 Form? In short, a 1099 Form is an “information return” that reports all income earned through self-employment, interest and dividends, sales proceeds, and other miscellaneous income. There are several different types of 1099 Forms that account for the […]