Whether you’re looking to get a line of credit, plan for tax payments, or simply identify strengths and weaknesses within your business, keeping clear and accurate records is vital for business owners to succeed.
But managing your company’s finances can be daunting, and there are many ways your financial reporting can get on the wrong track (just check out Dwayne Kolly’s recent post to see what not to do). To make sure your finances run as smoothly and accurately as possible, it helps to simplify.
There are three primary financial statements business owners need to focus on to ensure their companies operate effectively.
Back in the day when I was new to banking and I first heard about people taking out loans secured by their own bank deposits it seemed, well, illogical. If a borrower already has the money, why does he need to borrow at all? It’s a good question, and sometimes the answer is that it is better just to use the money on hand and not borrow. There are circumstances, however, in which borrowing against one’s own money on deposit makes perfect sense, even to Mr. Spock.
Topics: Bank Customer Tips
Topics: Bank Customer Tips
When and how to claim Social Security benefits is probably the biggest financial decision most Americans will ever make. For the average retiree, it accounts for about 40% of their retirement income. This means that it is extremely important to claim correctly with a long term perspective, and to integrate Social Security benefits with all your other assets.
Topics: Bank Customer Tips
Learn how others do it. Download our guide to growth.
The decision to claim Social Security is probably the biggest financial decision most Americans will ever make. The difference between making the right decision and making the wrong one can easily surpass $500,000 over a joint lifetime. This is an irrevocable decision, thus it is incumbent upon all involved to truly understand the consequences— both short term and long term— before making their choice.
Topics: Bank Customer Tips
Do established businesses borrow? Or is that a business practice reserved for start-ups and first-timers?
Topics: Bank Customer Tips, Accounting & Finance
To truly master your business finances, you have to know where to start first.
In Philip Campbell's brilliant 3-phase process to financial mastery, he explains that the first step toward financial success for your business is to build up your cash balance to one month of operating expenses.
It’s important to have at least one month of operating expenses in your business bank account to avoid unnecessary stress, anger, and irritation. You need to take a look at the financial reality of your business and gain insight into where you’re spending and losing money.
Topics: Bank Customer Tips, Accounting & Finance, Commercial Lending
What do you need to know to apply for a commercial loan?
You know your business—its ins and outs, all the big ideas and tiny details. You may be considering the next steps to keep growing, but do you know where to begin with borrowing for your business? Do you need an advancing term loan or a permanent loan? What are the necessary forms and requirements? What is a debt service coverage ratio?
Topics: Bank Customer Tips, Accounting & Finance, Taxes, Commercial Lending
This is Part II of a three-part how-to series for creating your Balance Sheet (BS) and Profit & Loss (P&L) reports from QuickBooks.
Topics: Bank Customer Tips, Accounting & Finance
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