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Imagine receiving a call from what sounds like your boss, urgently requesting a fund transfer. Or maybe you’re asked to verify your identity using a government ID—except the person on the other end has a near-perfect AI-generated fake of your ID card. Scenarios like these aren’t far-fetched anymore. AI-powered fraud is growing rapidly, and both businesses and individuals need to understand the risks and how to defend themselves. AI-Powered Fraud…  Read more

Over the past few years, many small business owners have become increasingly concerned about fraud. According to SAP Concur, a staggering 85% of businesses surveyed expect the risk of fraud to continue. Making matters worse, many fraudulent acts originate from within businesses themselves. Below you will find some essential internal controls that you can implement to safeguard your business and mitigate the risk of financial mismanagement and fraud. 1. Segregation…  Read more

“Kickstart your business success in the New Year with our top strategies, tips, and trends for growth, efficiency, and profitability.”

With the sudden closure of Bench in late December 2024, an online accounting and bookkeeping provider, small businesses and entrepreneurs are left scrambling for a new bookkeeping and accounting team just before year-end and tax season.  Year-end is stressful enough, even more so when it’s mixed with uncertainty. If you’re in immediate need of outsourced bookkeeping, we’re here and ready to help. Backed by an experienced team of CPAs, our…  Read more

Managing cash flow is crucial for small business owners. Even if your business is profitable, poor cash flow management can create significant challenges. In this guide, we’ll share practical tips to help you avoid a cash flow crisis and ensure your business remains financially healthy. Understanding cash flow Cash flow refers to the money moving in and out of your business. Cash inflows come from sales, interest earned, and investments.…  Read more

Succession planning in a family business is a complex and often emotional process that involves more than just passing on company control to the next generation. It requires careful preparation, open communication, and a deep understanding of the emotional dynamics at play. Effectively managing these emotional dynamics is crucial to ensure both family harmony and business continuity. Understanding emotional dynamics Family businesses are a unique blend of personal and professional…  Read more

It may be common sense that an entrepreneur needs an accountant and/or bookkeeper on their startup development team. But another crucial team member is just as important: An attorney. In business, mistakes can be expensive and as an entrepreneur, although you’ll know many of the regulations that apply to your business, there are so many you can’t possibly remember all of them. Depending on the type of business you run,…  Read more

As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your…  Read more

Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate whether the Return on Investment (ROI) would be profitable. The cost is the amount of money you spend making the purchase, plus any indirect costs (such as training…  Read more

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

For many small business owners, the offer of low payment fees is a very attractive proposition. Bitcoin – a digital currency that allows low-cost peer to peer payments – offers an interesting alternative to traditional payment methods. When you buy or sell with bitcoins, fees are set by bitcoin users. Typically those fees are much lower than the 2-3% transaction fees incurred in a typical credit card transaction. Before you…  Read more

Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

If you’re looking for people to invest in your business, be prepared to answer some important questions. Investors look for smart investment opportunities—that means they want to find out as much as they can about you and your business before they make a decision about whether or not to invest with you. It’s vital to have well thought-out answers to investors’ questions. Give them evidence you’ve thoroughly examined your business…  Read more

It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business).   When…  Read more

For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and…  Read more

Whether it’s for personal use or for your business, cash flow is important. The movement of money in and out keeps everything running smoothly, and you have to know where you stand. But what if it seems that your cash flow isn’t really, well, flowing? If it seems that you’ve tightened your belt in every area and still coming up short, you might have cash flow issues. Here are some…  Read more

You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how…  Read more

Let’s talk about your smartphone habits. It may not be a pleasant topic to discuss, but it does matter. How you use your phone can have a huge impact on your life and on your business, especially for productivity. Sounds dramatic? Not at all. These mini pocket-sized computers are with us all the time and the constant flow of notifications can interrupt our workflow incessantly. Your mobile habits significantly impact…  Read more

When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked or left to sort…  Read more

It can be a challenge for new business owners to find a bank that will approve them for even a small business loan. Most will see a young company as too high a risk to qualify for corporate lending. A credit card can serve as a short term solution for small scale financing, offering entrepreneurs a “foot in the door” with a lender. Think of it as a chance to…  Read more