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Financial Controls and Best Practices for Your Business

February 28, 2019 / by John Gleason posted in Small Business Advice, Metrowest, MA, North Shore, Bookkeeping Services, Business Advice, West Houston, Central MA

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Like many small-business owners, you started out as a jack-of-all-trades. Whatever needed to be done to keep the doors open in those hectic first months, you did it: sales, marketing, IT, maintenance, administration and bookkeeping.

As your business grew, you added employees, vendors, an attorney on retainer. Now you couldn't do everything yourself if you wanted to. To support the continued growth of your business, you need to implement some basic financial controls and best practices. How do you go about it effectively?

Glad you asked.

First, Figure Out Where You Are
This is actually a good time of year to take your business' pulse. You need to put your tax records in order, and you should be compiling a forecast for the new year. That's not a burden — it's an opportunity. Good, thorough bookkeeping records aren't just an indication of how you've performed in the past year, but are a blueprint for growth — if you know how to interpret them.

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Good Bookkeeping Involves More Than Keeping the Books Current

January 22, 2019 / by John Gleason posted in Small Business Advice, Metrowest, MA, North Shore, Bookkeeping Services, Business Advice, West Houston, Central MA

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Whether you own a startup or a growing business, a professional bookkeeper will help ensure you're following standard business practices and provide the financial information you need to make better business decisions.

From recording daily transactions in the general ledger to delivering in-depth financial reporting, here are several of the key tasks a professional bookkeeping service can perform:

1. Compiling Key Financial Reports
At a basic level, the goal of any business is to take in more money than it spends. But figuring out if the business is actually doing that can be surprisingly difficult. In order to fully understand what's going on, you need to review an array of financial reports. Of particular importance — especially in the startup phase, where cash is often in short supply — is the cash flow statement. If you or your bookkeeper don't understand the implications of this statement, the results could be disastrous.

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Employee and Independent Contractor Documentation Every Business Needs

November 13, 2018 / by John Gleason posted in Small Business Advice, Metrowest, MA, North Shore, Bookkeeping Services, Tips for Startups, Business Advice, West Houston, Central MA

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Disagreements with employees, clients, and independent contractors can create risks for your small business. By having certain employee and contractor documents in place, you can help safeguard your company.

Here's a quick look at some of those key documents:

  • Employment records: Organize your employee records (e.g. applications, performance reviews, W-2s, non-compete agreements) and keep them in a central location. Plus, confirm the records for each employee are complete and up-to-date.
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