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Accounting business strategy plan

How Does Accounting Relate to Your Business Strategy 

By Accounting Advice

Business accounting is not something that a company’s leaders can shuffle off to the “bean counters” in the back office. No, it’s a critical business function that is key to every company’s successful business strategy and operating results.  Why Accounting is Important  The accounting function is important, even crucial because it helps keep a business and its financial records organized to share with stakeholders including investors, lenders, and employees. It provides the tools to evaluate a business’s performance, including information regarding expenses, revenues, debt,…

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Build business credit stack of credit cards good credit

How Long Does It Take to Build Business Credit?

By Small Business Advice

Business credit is something that every business owner should care about. Business credit is simply a financial profile of a business based on its financial history. It is determined by how a company handles its loans, credit cards, trade lines, and lines of credit and it is tied to the business’s Employer Identification Number (in contrast to an individual’s credit score which is tied to his/her social security number.)  Why is Business Credit Important?  Business credit is important because it allows a…

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small business Missouri tax reforms filing forms

Missouri Tax Reforms Increasing Appeal for Small Businesses 

By Small Business Advice

As the old expression goes, “There is nothing more certain than death and taxes.” Of course, taxes play an important role in our civil society. But regulations and tax payments can be a big burden on small businesses. Hence, Missouri tax reforms are taking a step forward to relieve small businesses and help preserve their future.  The Importance of Tax Laws It is important for small business owners to understand federal, state, and local tax laws and requirements so that the…

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Small business owner outsource payroll handing paycheck

9 Reasons to Outsource Payroll 

By Accounting Advice

Business owners know how valuable their time is and they don’t want to make mistakes regarding any of the important aspects of human resources management including payroll and taxes. A major choice is either doing payroll and all its related aspects in-house or choosing to outsource payroll.  9 Reasons to Outsource Payroll  Payroll outsourcing means engaging a specialist third-party organization to handle payroll and related activities including tax reporting, regulatory compliance, unemployment claims, and data security. Frankly, payroll takes a lot of time, and…

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Selling your business two business people shaking hands after selling business

Considering Selling Your Business? Check Out These Tips 

By Small Business Advice

Every business owner knows how much time, effort, sacrifice, and investment of the heart and mind it takes to start and operate a business. But there may come a time when selling your business becomes appealing. Know that you are not alone in facing this difficult decision. In fact, in 2021, 8,647 business sales transactions were closed according to bizbuysell.com.  Why Selling Your Business May be Right for You  At some point, a business owner may need to consider selling…

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Seasonal business man stressed and needing work waiting for call

How to Survive in a Seasonal Business 

By Small Business Advice

If you are a seasonal business owner or operator, you know that you face some special challenges. Sales may slow down significantly during certain times, yet you must manage through the “troughs” to stay profitable (and sane.) But don’t despair. There are many other seasonal business types and many other owners facing and conquering their seasonal challenges.   What is a Seasonal Business?  A seasonal business is a business that generates most of its sales during more limited time periods of a year….

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man staring at wall symbolizing lack of business growth

10 Reasons You’re Not Seeing Business Growth 

By Small Business Advice

Business growth, progress, and improvement are vital to the long-term success of every business enterprise. Business growth must be a deliberate choice, fired by passion, planning, and solid effort. Did any successful business owner ever say, “Let’s stagnate to success,” or “Let’s shrink greatness?” No, not ever.  What is Business Growth  Business growth can be noted by several different measures, including increases in sales, profits, number of customers, number of employees, and company value. Not every aspect needs to increase or even increase at…

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tax refund check

Could My Small Business Get a Tax Refund? 

By Small Business Advice

For a small business owner, paying taxes can be painful and challenging, unless you make a wise move to secure the services of a professional CPA. It is important to know that the government tax option for small businesses depends on the business structure.  Types of Business Structures and Their Tax Option  When a business is started, the owner (or owners) must select a specific type of business structure. Choosing a business structure has a direct impact on whether a business will be…

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