Video

Track expenses consistently. Make it a habit to track expenses as they occur rather than waiting until the end of the month or year. This will help you stay on top of your finances and avoid missing any deductions. Don’t count on your memory a year later to record an expense.

Keep personal and business finances separate to avoid confusion and ensure accurate reporting. This means having separate bank accounts and credit cards for business expenses. Too many times the small business owner co-mingles their accounts, which leads to poor accuracy of financial reporting. This can even cause issues when it comes to taxes.

A chart of accounts is used to categorize income and expenses and makes it easier to track financial activity. This will also help with tax preparation and reporting. You wanna make sure you think through the development so that you have a clear and concise listing. I’ve seen too many cases where not enough thought...

You want to regularly reconcile bank and credit card accounts to ensure that all transactions have been recorded accurately and to catch any errors or discrepancies. With so much fraud going on these days, reconciliations are a way to catch them before it’s too late to recover. Having accurate books that are reconciled enables you...

While many businesses do just that, I recommend the use of accounting software in the long run. It saves you time and provides a check and balance system. No need to understand debits and credits. The software does it for you. What’s the best software? Well, it depends upon your needs, but most small businesses...

It amazes me when I meet a potential client and see that their records are a mess. That’s why I’ve coined the phrase I love shoe boxes. Keeping accurate records is essential if you want to know the health of your business. In addition, there are compliance and legal reasons. You want to have those...

The first thing to do is be informed. I always recommend having an HR professional on your team. Let them do what they do best so that you can do what you do best, and that’s run your business. You need to stay informed, ensure you have updated policies and procedures, ensure employees are properly...

First, conduct a needs assessment. You don’t wanna offer a benefit that no one is interested in. Next, know what’s going on in the industry. Work with a knowledgeable agent who can be creative with your benefit package. Communicate and be transparent. Let the employees know what you did and how you arrived at the...

I know I’ve experienced this in my office, and here’s what we’ve done as a team to help reduce stress and burnout. We support each other. We pitch in when we see a team member has reached the end of their wits. We’re realistic about what we can accomplish in a day, week, or month....

Is your leadership style the most effective? Well, it depends upon your team and your culture. Leaders need to be adaptable and flexible. It is important for the successful leader to assess the needs of the team and adjust accordingly. Leaders need to inspire and motivate their teams. They need to support and nurture the...