Small business accounting balance sheet The balance sheet provides a snapshot of your company’s financial position on a given date. It lists the assets (what a company owns), the liabilities (what it owes) and the owners’ equity in the business. The balance sheet is based on the basic accounting equation: Assets = Liabilities + Owners’ equity. The left side (assets) is the value of everything the business owns. The right side (liabilities + owners’ equity) represents how the business paid … [Read more...]
Three steps to getting paid on time
Small business getting paid on time on your accounts receivable What’s more important than closing a big sale? Getting paid! Sometimes this is harder than winning the deal. Small businesses lose over $15 billion a year to unpaid sales. Here’s how to avoid adding to those losses. Do your research before you make an offer Before closing a sale, determine how willing and able the client is to pay you on time. Structure your payments accordingly; the riskier the client the more you need to … [Read more...]
Los bancos que más dinero regalan cuando abres una cuenta
Promociones Bancarias Después de la recesión y crisis financiera del 2008, muchos bancos quedaron en la quiebra o con márgenes de utilidades muy limitados. Por esta razón, hoy existe una competencia muy agresiva entre las distintas instituciones financieras por captar nuevos clientes. Esto sin dudas beneficia al consumidor ya que se traduce en mejores ofertas, tasas, servicios gratuitos e incluso dinero gratis por abrir nuevas cuentas. Si estás pensando en abrir una nueva cuenta es muy útil … [Read more...]
Unclaimed Property? Obscure Law Could Expose Your Business to an Audit
Don't miss these upcoming deadlines for filing unclaimed property reports. Small-business compliance with unclaimed property laws, known as escheat laws, isn't usually at the top of the list of most owners' concerns. But failing to address unclaimed property can lead to audits, interest and penalties. When a customer leaves a deposit and never returns, or you issue a refund to clients via check that they never cash, you can’t just keep the money. Escheat laws require you to report that money … [Read more...]
Over 100 Billion Dollars Disappears from U.S. Banks in One Week
Over 100 Billion Dollars Disappears from U.S. Banks in One Week from U.S. Banks in One Week from banks during the first week of January. Why? Where did it go? The 25 largest banks in the country had a rather exciting first week of January. According to data released by the Federal Reserve, depositors withdrew an astounding $114.1 billion during the week ending January 9. A significant portion of this withdrawal can be attributed to the expiration of the Transaction Account Guarantee (TAG) … [Read more...]
Zeus Malware: The Sneaky Malware Stealing Your Money
An estimated 3.6 million PCs in the U.S. are infected with the Zeus Malware. Be warned: It's one of the sneakiest, most vicious malware programs out there. Small-business owners need to be on high alert for the latest variants of the so-called Zeus Trojan horse. This malware uses sophisticated methods to gain access to your online banking information and deplete your account balance via electronic transactions. While there are numerous pieces of malicious software that can accomplish this, Zeus … [Read more...]
Small Banks Face New Risks in 2013
Finance expert Mike Periu on the upcoming profitability challenges small banks will face in 2013. Small banks—those with less than $10 billion in assets—tend to outperform larger banks when it comes to customer service and personal attention. But they also face greater risks in the current economic environment: Quality loan demand is weak; net interest margins - the difference between what a bank pays depositors and what it makes on loans—are low; new regulations increase costs and limit … [Read more...]
As Cash Deposits Hit Record, Lending Stays Flat
Although Cash Deposits Hit Record, in banks are at an all-time high, finance expert Mike Periu explains why lending remains flat. According to the most recent data released by the Federal Reserve, the banking sector in the U.S. is out of balance. For every $1 that banks hold in deposits from consumers and businesses, they try to lend out 95 cents. Right now, the industry is lending about 78 cents for every dollar in deposits. This is happening for several reasons. First, companies (and to a … [Read more...]
Who Do You Trust More: Accountants or Bankers?
Finance expert Mike Periu on a recent survey that reveals whether accountants or bankers are more trusted financial advisors for small-business owners. Small-business owners need expert advice to grow their businesses. When it comes time to make an important strategic or financial decision, who do you turn to for the best advice? Sage Omnibus recently conducted a survey asking 1,000 small-business owners who they confide in for advice. Fifty percent believe that accountants provide the best … [Read more...]
2013 Financial Resolutions for Your Business
Finance expert Mike Periu on the three business Financial Resolutions chief financial officers should make for the coming new year. John Calia, partner at strategic advisory firm SCA Group, recommends three New Year’s financial resolutions for chief financial officers or those running your business’ finances. 1. Hold cash. It's more important than ever to maintain a significant cash position to shield against 2013 uncertainty. European insolvency, Middle East unrest, the fiscal cliff and its … [Read more...]
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