10 Year End Financial and Tax Tips for Your Small Business

As the end of the year approaches, some of us find ourselves overwhelmed by top 10 lists, the shopping masses and endless renditions of Winter Wonderland.  Businesses, on the other hand, tend to experience a slowdown, which makes it the perfect time for small business owners (when not partaking in holiday madness) to take a closer look at their overall business, financial and tax situation.  A thorough review and analysis of your business will allow you to optimize your current financial situation as well as prepare for the future. 

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How to Prepare a Business Budget

One of the primary challenges facing a small business owner is uncertainty about the future. (It is also what makes entrepreneurship exciting).  We may have an amazing product or service, but we can’t be sure whether this will actually translate into a profitable business model.  A budget is an excellent tool to manage uncertainty and, contrary to popular belief, can actually be fairly straightforward to prepare, particularly for small businesses that do not have to worry about different departments, product lines and geographic areas .

A budget, very simply, is a tool that helps you predict your sales, expenses and profitability as well as your cash flow needs.  It is based on estimates, which in turn are based on a combination of experience, history and industry knowledge. In terms of presentation, a budget should essentially mirror your financial statements and will include the following main categories:

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9 Tips For Managing Your Customer Receivables

Having Accounts Receivable i.e. amounts owing by customers is both good and bad.  It's good because it means that you have sales and customers.  It's bad because it is cash that you don't have now, and there is always a possibility that you won't collect.  When you offer credit terms to your customers it is extremely important to have a system in place to manage your accounts receivable.  It is difficult to collect amounts due when you don't actually know how much you are owed or when it is due.  Having the information at your fingertips  (this really relates to any kind of information) also makes a great impression. Below are some steps to help manage and collect on your accounts receivable:
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