Category: Running a Business

Bank Reconciliation: How Does a Bank Reconciliation Work?

September 11, 2020 Susan Guillory

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

September 3, 2020 Gerri Detweiler

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

September 2, 2020 Susan Guillory

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

Operating Margin: What is Operating Margin and Why it Matters for Business

August 13, 2020 Susan Guillory

As a small business owner, you may generally know that you’re making a profit in your business, but are you really on top of your income and expenses? Do you have insight into how financially stable your business is? Do you know your operating margin? Understanding it can help you determine how to increase profitability and stability by lower operating expenses. What is Operating Margin? Operating margin (also referred to as Earning Before Interest and Taxes) shows you how much… Read More

Doing Business As (DBA): What is a DBA, How to File as a DBA

August 5, 2020 Ty Kiisel

If you’ve ever asked, “What is a DBA?” this article is for you. The short answer is, a “Doing Business As” is when the name under which a business operates is different from its legal, registered name. A DBA may also be called a trade Name. Why Would a Business Choose a DBA? There are reasons why a business would choose a fictitious name (another term for a DBA). A sole proprietor or partner might choose a DBA so they… Read More

4 Money Leaks That Could Be Hurting Your Bottom Line

July 8, 2020 Michael Jones

It takes money to make money, but the eventual goal of any business is to make more than it's spending. If your business is making sales but seeing little-to-no profit, you may be leaking cash. Fortunately, you don't need to reconstruct your entire business model—you just need to find the cash holes and do a bit of patchwork. First, take a look at your financial statements: Cash flow statement Balance sheet Profit and loss statement These financial documents can help… Read More