Category: Running a Business

Key Employee Coverage—5 Options To Consider For Your Business Continuation Plan

Key Employee Coverage—5 Options To Consider For Your Business Continuation Plan

Life insurance is not just for people. Many companies benefit from buying life insurance for key employees as part of their business continuation and succession planning. Seven out of 10 small businesses surveyed by the National Association of Insurance Commissioners said they were very dependent on one or two people for their success (source). However, only two out of 10 had key person life insurance in place. The emotional toll on family and family and the damage to the company's… Read More
Your Accountant Can Help You Build Your Business

Your Accountant Can Help You Build Your Business

As a former small business owner myself, I shamefacedly admit that I didn’t take advantage of my accountant’s expertise and point of view and how it could have helped me ramp up my business much faster than I did on my own. In fact, I’m convinced your accountant can help you build your business—you just need to move from a transactional relationship to a consultative relationship. One of my best friends is a CPA. Although he wasn’t my accountant, we… Read More
Business Documents: How Long to Keep Business Records

Business Documents: How Long to Keep Business Records

You know that good record keeping is part of running a small business, but you aren’t sure how long to keep business records and documents. The last thing you want to do is shred some business documents that you later need...but at the same time, you don’t want to hang onto a lot of paper unnecessarily. In this article, we’ll look at different types of business records, why it’s important to hang onto some of them longer, and what the… Read More
Bank Reconciliation: How Does a Bank Reconciliation Work?

Bank Reconciliation: How Does a Bank Reconciliation Work?

You’re no bookkeeping expert, and yet, if you run a business, you need to be on top of managing your accounting records. You’ll quickly become familiar with financial statements and balance sheets, but don’t overlook a key but simple activity: bank reconciliation. Knowing how much cash is in your bank account is essential for keeping good accounting records, but account reconciliation goes a little deeper than that. Let’s look at what it is and how you can become a bookkeeping… Read More
A Simple Checklist for a Successful Small Businesses Budget

A Simple Checklist for a Successful Small Businesses Budget

John McCartney takes budgeting for this small business seriously. Every year he reviews previous year’s expenses for his business, Jmac PR, a tech PR agency that specializes in providing comprehensive PR services to companies in the technology industry, including digital agencies. He then uses that information as a benchmark to help him create a budget for the current year. “I pride myself on being data-driven and intentional about curbing expenses to maintain the financial health and stability of the business,”… Read More
How to Open a Business Checking Account Online With No ChexSystems Report

How to Open a Business Checking Account Online With No ChexSystems Report

Nobody’s perfect, but if you’ve had negative banking activity in the past, realize that those errors might have a long-term impact on you and your business. Just like credit bureaus keep track of your credit history, adjusting your credit score based on whether you pay your credit card bills on time, your credit to debt ratio, and other activities, financial institutions may run a credit check on how well small business owners manage their money in checking and savings accounts. … Read More