Efficient business systems really pay off

Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are…  Read more

COVID-19 Business Update – April 7 2021

Rapid vaccine rollout across the U.S. is helping the economy here recover months ahead of European economies, as a Reuters study of data across many platforms shows. Bookings on OpenTable show that the U.S. is gradually returning to nearly normal, while those in Europe are still flatlining. Air travel is increasing, and commercial activity is also improving, especially as stimulus payments hit bank accounts. THE AMERICAN RECOVERY PLAN ACT (ARPA)…  Read more

The three most important financial reports

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement…  Read more

If my business is making a profit, where is the cash?

Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do to…  Read more

COVID-19 Business Update – March 31 2021

The state of Florida pursued an open, non-restrictive approach to the pandemic, which appears to have been vindicated by recent stories in the media. However, as Derek Thompson of The Atlantic found when he began investigating the veracity of claims, results are neither as cataclysmic nor as positive as either side claims. While it is true that COVID-19 cases are falling in the state, they are likewise falling across the…  Read more

COVID-19 Business Update – March 24 2021

The greatest benefit of unpleasant experiences is the lessons we learn from them. A year into the COVID-19 pandemic, and we have certainly had plenty of experiences to learn from. The New York Times asked scientists, public health experts, and health advocates about the lessons we should learn for the next pandemic. One interesting lesson is that health care providers who had a nimble approach to keeping people healthy, including…  Read more

COVID-19 Business Update – March 17 2021

Eventually, epidemiologists hope that the coronavirus will become a seasonal pathogen, not much worse than the flu. But the path to that state is not a straight line, as this article in Stat describes, breaking the continued pandemic into short-, middle- and long-term phases. With vaccines steadily reaching more people, most agree that we are at least approaching the end of the “crisis” phase. Over the short-term, we may see…  Read more

COVID-19 Business Update – March 10 2021

When will the pandemic be over? That’s the question that Alexis Madrigal of The Atlantic asked prominent public health experts. While “the end of the pandemic” means “when transmission of COVID-19 ceases” to most non-scientists, that threshold likely won’t be met anytime soon, if ever. One threshold is less than 5,000 new cases and less than 100 COVID deaths per day. By that standard, we have a long way to…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

4 Ways Management Accounting Reports Can Benefit Your Small Business

If you’re like most of our small business clients, you’re way too busy winning more sales and managing your day-to-day operations that your management accounting report always gets pushed on the back burner. As a trusted accountant and management accounting firm in Nashville, Bean Counter 4 Hire can share valuable insights on your financial performance and aid you in your business decision making process. Most of our clients understand the…  Read more

Baby boomers and millennials in business

These days, it’s inevitable that a diverse group of older and younger workers cross paths in business. After all, the young, tech-savvy, socially conscious demographic known as Gen Y is currently the largest living generation, navigating the workforce in record numbers. And the boomers may be retirement age, but that doesn’t mean they’re ready to stop working. Many baby boomers are choosing to enjoy “encore careers” – jobs that allow…  Read more

8 things your invoice needs in order to get paid faster

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.…  Read more

How Accounting Software Can Increase Profits

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses, and view real-time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost your…  Read more

Using KPIs to monitor and improve business performance

The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm.  What both hypothetical companies share, however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select, but that data needs to target those specific…  Read more

9 reasons to switch to cloud computing

Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages.   1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the…  Read more

COVID-19 Business Update – 27 January 2021

For many of us, it was our networks that helped us get through the last year. That was one of the lessons that Ivan Meisner, founder of BNI, learned from 2020. He also learned the value of limiting exposure to bad news by picking up what he needed to know from news apps. One business owner struggled with the stress of working from home while overseeing remote schooling for his…  Read more

5 Ways to Save Money for your Business

Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or…  Read more

COVID-19 Business Update – 20 January 2021

Vaccines for the coronavirus are now being administered around the country, but that may not mean an end to wearing a mask. This article from Kaiser Health News lists five reasons to keep wearing a mask, even after receiving the vaccine. The top two reasons are that no vaccine is 100% effective and that vaccines don’t provide immediate protection. According to one of the experts cited the best way to…  Read more

Surprisingly Destructive Habits You Should Avoid as an Entrepreneur

Entrepreneurs want to have their hands on every aspect of their start-up. This is understandable, as many entrepreneurs come into their respective industries from a place of passion. Their passion will drive them to spend long nights at the office, working hard every hour of every day. Unknown to them, this kind of attitude can actually lead to some destructive outcomes. You must avoid these habits, despite the allure of…  Read more

COVID-19 Business Update – 13 January 2021

The COVID-19 pandemic may have an economic impact far beyond last year and the two or three. A recent report by the World Bank projects global economic growth to slow to 1.9% per year from 2020-2029. Prior to the pandemic, growth was projected to be 2.1%, down from 2.5% over the previous decade. Investments in infrastructure, diversifying economies and supporting the employment of women may help to mitigate or reverse…  Read more

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