International Financial Reporting Standards, IFRS, are used by companies in over 100 countries, so it is easy to see why the U.S. is following suit. The United States is currently using what is known as Generally Accepted Accounting Principles when filing their financial statements and records. Currently, the SEC is debating how to impose the change in the U.S.  The choice is between making IFRS a gradual adaption and establishing a definite date that companies must be converted by. If [...]

Why Outsourcing Your Bookkeeping is a Good Idea,Is it tax time already? It always seems like the fiscal year goes by so fast, and it is hard to get your books together on time. Businesses get so caught up in the bottom line, and just trying to stay afloat in today’s tough economy, that sometimes bookkeeping can take a second base.
Unfortunately, this can be a tragedy, because bookkeeping and having an accurate record of profits and expenses can really make [...]

In as unsure of economic times as the one we’re living in today, it is only natural for people to desire some additional consistency and reliability, principally relating to the business world. In the world of accounting these two factors are imperative in order for firms to perform daily business operations. Due to the ever-changing anatomy of business and the pull towards globalization companies must conform to more internationalized standards than ever before. Companies using the current Generally Accepted Accounting Principles [...]

Too often business owners make common mistakes that cost time, money, effectiveness, and profitability. Identifying the five most common management mistakes can help you increase your company’s productivity.
1. FOCUS ON YOUR CORE BUSINESS
The single best way to better manage any firm is to focus on the business at hand and on your customers. You are skilled at what you do; that is why you started your business. Typically, as the company grows and the client base increases, owners and managers [...]

As a business owner, there may be times when you need a loan or a line of credit to help purchase new materials or improve a temporary cash flow situation.  Banks will require copies of your financial statements to determine whether or not you are credit worthy.  Here’s what the bank will look for in your statements:
Is Your Business Established?
One of the factors a bank will consider before lending money to a business is how established that business is.  Did you just [...]