It wasn't Abraham Lincoln's strengths but the self-discipline with which he put those strengths toward the right purpose. More »How Lincoln became a great leader

The Internet makes life much easier in many ways, but if you’re planning on doing your banking online, you do need to take some precautions to avoid losing money. Internet banking has become so popular now that it’s possible to completely avoid setting foot in your bank once the account is set up. Some banks will even let you create your account online, without having to be physically present, making … More »Tips for Safer Internet Banking

Cash is the oil that keeps your business running smoothly. Without it, you risk imminent failure. Managing your cash flow can keep your business running, even during difficult times. You need cash to pay your vendors, your employees and your bills, so it’s necessary to have at least some cash on hand at all times. But what happens if your customers pay you late? This can seriously disrupt your payment … More »How to Manage Cash Flow for Company Growth

This article provides a basic explanation of managerial accounting and the ways in which it differs from financial accounting. Purpose Managerial accounting is meant to provide managers with the data that they need to make decisions regarding an accounting problem. This information needs to be more specific than the company’s balance sheet or income statement, in order to develop an informed strategy. … More »What is Business Management Accounting?

You might think that setting up a 401(k) for small business is too difficult to even consider. You couldn't be more wrong. As a small business owner, you want the best for your employees. This includes an attractive compensation package. Offering a 401(k) program for your employees isn’t just a matter of humanitarianism. It’s an essential part of keeping your best and brightest from defecting to larger … More »How to Set Up a 401(k) Program for Your Business

When debts mount and you have no way to pay back you may begin considering bankruptcy court. But is this the right decision for you? Every month your debt mounts. Every month when you do your bills you wonder how you will pay them. Every month you consider how many more months of this you can take. If your financial problems have become insurmountable, you might want to start considering bankruptcy. … More »Bankruptcy: strategic or stupid?

Accounting helps you keep track of your business’ expenses and income, as well as forecast how much money you will need in the future. If you start out in your small business balancing your bank accounts in a checkbook register or on a spreadsheet, that may work for the beginning, but you will want to find some sort of business accounting software to do the job properly. Using effective accounting … More »The Importance of Business Accounting

If you find yourself in a position where you cannot service your debt, get help immediately. Early and swift action could help you avoid bankruptcy, protect your credit, and get your business back on the right track. Meet the Three C’s of Debt Crisis Management for small businesses. Managing a Debt Crisis The United States’ largest automaker filed for bankruptcy in 2009, agreeing to stake almost 60% … More »The 3 C's to Avoid Bankruptcy

As a small business owner, you may want to pay yourself last to conserve money, but sometimes putting yourself first is the trick to succeeding. With so many business expenses to pay for your company - utilities, rent, inventory, staff wages, marketing -- it can be hard to fit your own salary in. And as a business owner, you may assume you should put everything you make back into the business. Not … More »Pay Yourself First: Managing Small Business Finances

With health insurance costs soaring, employees are shouldering more of the burden. Employers who once covered all costs are now choosing plans that are a cost benefit for the business. Employees have to research to find the employer-provided plan that works for them. Health care spending accounts can help employees pay for a myriad of out-of-pocket expenses. Prescription drug charges. Copays. Orthodontics. … More »How To Set Up a Health Care Spending Account

When selling your business, getting a ballpark value is the first step toward getting a fair price. But who should advise you on an asking price? If you’re looking to sell your business you will want to get an appraisal. This will allow you to know how much your business is worth, giving you’re a base line for what you can ask. Finding the right person to value your business is the first step toward … More »Can Accountants Value a Business for Sale?

Cost-plus pricing is a simple and easily controllable pricing strategy that can be used to boost profits in almost any business. Cost-Plus Pricing Determine the expense associated with producing a product and add an additional amount to that number to generate profit. Cost-plus pricing is relatively simple, as it only requires the unit cost and desired profit margin for calculation. Unit cost consists … More »What is a Cost-Plus Pricing Strategy?