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Benefits of Bookkeeping for Small Businesses

Benefits of Bookkeeping for Small Businesses

When an entrepreneur first starts up a business, it’s exciting to make the first sale and watch customers walk through the door. Interacting with customers and meeting their needs is what you’re passionate about, so the thought of bookkeeping and tracking your finances is probably the last thing you want to do. However, the success of a small business is directly tied to the ability to keep accurate, up-to-date financial records. It might be hard to be passionate about bookke

Cash Flow Forecasting

Cash Flow Forecasting

What is Cash Flow Forecasting? Cash flow forecasting is a central part of a company’s financial management and operations. A cash flow forecast projects where a company stands based on anticipated revenue, payments, and receivables. The importance of a cash flow forecast is to ensure that a business has enough money to cover their expenses and stay operational. Without it, a business cannot function and could quickly go into debt or out of business. There are two types of cas

COVID-19 Impact on Small Businesses

COVID-19 Impact on Small Businesses

Small businesses are the core of America’s economy. Small business provides opportunities for entrepreneurs, support local communities, and supply jobs for hundreds of employees. Local economies would come to a grinding halt without small businesses. Unfortunately, they are also the most vulnerable businesses, even before the worldwide pandemic struck. COVID-19 has taken the lives of over 200,000 people in the United States since March, and it doesn’t appear to be slowing dow

Budgets for Nonprofits

Budgets for Nonprofits

Nonprofits are unique organizations in that they raise money to further their mission, not create a profit, hence the name. Examples of nonprofits include charities, social advocacy groups, religious organizations, community theaters, and welfare organizations. NPOs have to evolve to meet new trends, appeal to donors, and most importantly devise a practical budget that enables them to do so. Budgeting for a nonprofit is complex and convoluted, so oftentimes organizations fall