6 Reasons Why a Bookkeeping Service Is an Essential Component to a Successful Business
When many business owners begin their companies, especially for the first time, their vision and foresight often falls short of knowing all the elements that are actually required to run a successful business. One of the most common forgotten components in drafting a successful business plan is hiring a talented and knowledgeable bookkeeper. In this […]
How 3rd Party Bookkeeping Services Can Help Small Business Establish Segregation of Duties
Segregation of Duties, also known as Separation of Duties, is the concept of requiring more than one person to complete a task. The purpose of this requirement is to help prevent fraud and mistakes, and the practice is a key internal control for any business. In effect, setting up a separation of duties creates a […]
6 Must-Have Traits of Your Next Bookkeeper
When hiring someone to take care of your financial portfolio, you must be very diligent with whom you choose. In this blog, we will discuss 6 must-have traits of your next bookkeeper. Experience: This is not a trait you can take lightly, and will require some thorough candidate evaluation and possibly budget stretching on your […]
How to Perform a Market Analysis and Define Your Target Market
“Strategy 101 is about choices—you can’t be all things to all people.” Michael Porter’s advice is key to understanding how your business identifies a target market and develops a solution to meet the identified need. One of the fundamental parts of any business plan is the market analysis. The business owner will quantify the “problem” […]
Why Risk Management Is Important to Small Business and How to Manage it for Growth
Risk is inherent to every part of a business. Companies need to take risk in order to grow, become profitable, and contribute to the economy. Risk management is the practice of identifying, analyzing, understanding, and controlling risk, helping to ensure capital and earnings are maintained. Risk management applies to all aspects of a business and […]
How Small Business Can Manage Credit Risk
Credit risk, or the risk of customer payment default, is very important for all businesses, but it can be a matter of success or failure for a small business enterprise. A small business must manage their credit risk well in order to ensure their business can function. Credit risk is a key issue that has […]