The Concept of Internal Control

Julie Babcock-HydeSmall Business0 Comments

internal controls

Internal control is a very special phrase in the accounting profession. Tactically, it’s the set of processes that help a company produce accurate data throughout the organization, follow reporting requirements and laws, and maintain consistency and accuracy in its operations. Strategically, it’s an entirely new way of thinking and doing business. Internal control helps to reduce organizational risk. A blunt … Read More

Should You Have a Financial Dashboard?

Julie Babcock-HydeSmall Business0 Comments

financial dashboard

A quick glance at your car’s dashboard is all you need to check your fuel gauge, speed limit, engine temperature, and RPM when you’re driving down the road. Your car’s dashboard is designed to focus on what’s important and what you need to know to have a safe trip. What’s on your financial dashboard? Your car’s dashboard items, if they … Read More

How to Cut Costs with Fixed Assets Management

Julie Babcock-HydeSmall Business0 Comments

fixed assets

Fixed assets are special kind of assets in your business. They include land, buildings, equipment, furniture, and vehicles that your company owns. While we frequently look at expenses to cut costs, fixed asset management is another place we can look to find ways to better utilize our resources and, in some cases, improve our profits. Fixed asset management is a … Read More

How to Read Your Income Statement

Julie Babcock-HydeSmall Business0 Comments

read income statement

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you all kinds of insights as to whether … Read More

Five Ways to Reconnect with Your Passion for Your Business

Julie Babcock-HydeSmall Business0 Comments

reconnect with your passion for your business

As business owners, we are a highly self-motivated bunch of people.  We love our businesses, we love helping our customers, and we work very hard at what we do.  Sometimes we work so hard, we get disconnected from our passion.  Occasionally, it’s a good idea to step out of the daily details of business and get ourselves re-energized, reconnected, and … Read More

Five Tips to Make Tax Time Painless

Julie Babcock-HydeSmall Business0 Comments

tax time

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful.   1. Have patience.   Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax professionals, … Read More

How to Write Your Mission Statement

Julie Babcock-HydeSmall Business0 Comments

mission statement

A mission statement isn’t just for a large corporation. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. This exercise can re-connect you with your “why”.  As a result ,  it can also communicate an important part of your business to all of your stakeholders. What Is a Mission Statement? … Read More

The Perfect Chart of Accounts for Your Business

Julie Babcock-HydeSmall Business0 Comments

chart of accounts

Your “Chart of Accounts” is the list of accounts in your accounting software.  The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need in order to make better business decisions.  Your … Read More

What Is Reasonable Compensation?

Julie Babcock-HydeSmall Business0 Comments

compensation

For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. S Corporations Many small businesses have organized as an S Corporation form of entity.  The S Corp election allows a business owner to save money on self-employment taxes which can be especially helpful if they … Read More