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BUSINESS BUILDING ADVICE

2019-12-04T06:09:21+00:00
  • Always strive to be better tomorrow. Never be complacent in your success.
  • Don’t let your ego get in the way. Don’t be afraid to hire people that are smarter than you.
  • It’s a business first. If you love it and it’s your passion, that’s great. Remember, it’s a business first so get compensated properly.
  • Surround yourself with the right people. Build a team of those you admire and can grow from. Eliminate the negative influences.
  • 90% of something is better than 100% of nothing. Don’t let perfection get in the way of progression.
  • Educate yourself. Continuing education in your field is extremely important to stay ahead of your competition.
BUSINESS BUILDING ADVICE2019-12-04T06:09:21+00:00

G A A P= Generally Accepted Accounting Principles.

2019-12-04T06:11:40+00:00
  • Economic entity assumption- Personal and business transactions will be kept separate. As well as, each economic entity.
  • Monetary unit assumption. Financial records shall only include transactions with a dollar value.
  • Full disclosure principle. Past, current, good and bad. All must be reported in the financial reports, including notes if necessary.
  • Time period assumption. Businesses will report in such time periods, such as monthly, quarterly, yearly or other, as to best report transactions.
  • Revenue recognition principle. Revenue is earned and recognized when service or product is delivered, not necessarily when cash is received. (Following the Accrual basis accounting.
G A A P= Generally Accepted Accounting Principles.2019-12-04T06:11:40+00:00

5 Cashflow Tips That Entrepreneurs Wish They Knew

2019-12-10T07:01:08+00:00

When is enough good enough?

Know your “break-even” point! By keeping this at the forefront you are helping create goals for your cash flow. Focusing on these goals can help you make decisions on how to spend start-up capital.

Always maintain a cash reserve! Every startup experiences downfalls. Having reserves helps you prepare for those downfalls.

Collect receivables immediately! Make invoices due immediately or no longer than 15 days. Follow-up on receivables to get money in as quickly as possible.

Offer discounts for early payment! Discounts can encourage people to pay early, helping increase your cash flow.

Extend payables where you can! Work with your suppliers and vendors to get the best deal possible and extend payment to net 60 or longer.

5 Cashflow Tips That Entrepreneurs Wish They Knew2019-12-10T07:01:08+00:00

What’s New In Trends

2019-12-02T22:18:44+00:00
What’s New In Trends2019-12-02T22:18:44+00:00

10 Ways To Improve Your Credit Score

2019-12-10T07:05:02+00:00
10 Ways To Improve Your Credit Score2019-12-10T07:05:02+00:00

Bookkeeping Basics 101

2019-12-10T07:06:55+00:00

Use the right accounting system. Most businesses use either cash-based or accrual-based accounting.

There are two types of accounting systems: The first is a Single Entry System where a small business records every transaction as a line item in a ledger. The other is a Double Entry System, where every transaction is recorded both as a debit and credit in separate accounts.

A Double Entry System ensures a company’s books balance.

There are three basic filing options available –

i) the paper system,

ii) the electronic system on your computer’s hard-drive. You can use a computer and bookkeeping software.

iii) online document storage such a Google Docs.

Maintain daily records. Keep receipts and records of business expenses separate from personal. Handle and review checks carefully. Get a bank statement with a month-end cutoff. Leave an audit trail. Do a Quarterly Review. Keep a close eye on and record all accounts receivable and payable. Debits Record Money flowing into an account, while credits record all of the money flowing out of an account. Stay on top of tax deadlines.

Outsource Your Bookkeeping. ASK A PRO at Barrus Bookkeeping & Services.

Bookkeeping Basics 1012019-12-10T07:06:55+00:00

Hello world!

2019-12-02T22:29:03+00:00

Welcome To The World Of Bookkeeping For Your Home Or Business. Our goal for our clients is to understand the past and the future of their bookkeeping data: We help our clients to understand how to make educated decisions for the future of their business, and we offer a wide array of solutions to solve any business pain point. All at our fingertips!

Hello world!2019-12-02T22:29:03+00:00