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Indiegogo campaign seeks to break the ‘white guy entrepreneur’ mold

Indiegogo campaign seeks to break the ‘white guy entrepreneur’ mold | Financials and Accounting | Scoop.it
Social Venture Network, a non-profit comprised of socially conscious business leaders, wants to inject a bit of diversity into today’s pool of (mostly white, mostly male) entrepreneurs. Yesterday, ...

Via Marty Koenig
GreatBusinessContent's insight:

Minorities are generally hard pressed to find funding for a startup business.  This crowdfunding event aims to help alliviate some of this.   

This group is trying to raise $25,000 and will then loan the money to minority startup companies in $1,000 increments.  What a great idea. Check this out!

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Marty Koenig's curator insight, October 1, 2013 7:32 PM

Most people think the more people like them who are around them, the better. The absolute best teams I've built are those with the widest diversity. Yes, it takes a little longer, and there are challenges with such diversity of thought, but the wide variety of backgrounds and experiences is second to none if you want high performing teams. 

Financials and Accounting
Financials and Accounting specific to small business
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Video: Guide to Payroll Taxes - TurboTax® Tax Tips & Videos

Video: Guide to Payroll Taxes - TurboTax® Tax Tips & Videos | Financials and Accounting | Scoop.it
As an entrepreneur, you probably realize that there are some business expenses you just can't control -- like the payroll taxes you have to pay for yourself and each person you employ.
GreatBusinessContent's insight:

Hey, here's a fun video about payroll taxes.  It kept me awake.  Give it a try.  Or not.

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Small Business: Taking advantage of tax breaks - Newsday

Small Business: Taking advantage of tax breaks - Newsday | Financials and Accounting | Scoop.it
Newsday
Small Business: Taking advantage of tax breaks
Newsday
"It's a last licks approach to using some of the great tax breaks we currently have," says Barbara Weltman, a Vero Beach, Fla.-based small business tax specialist and author of "J.K.
GreatBusinessContent's insight:

Tax Alert:  Some business deductions are going away at the end of the year.  These are juicy benefits, make sure they get counted!

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Small business advice: Hurry, these four tax breaks expire at the end of the year - Washington Post

Small business advice: Hurry, these four tax breaks expire at the end of the year - Washington Post | Financials and Accounting | Scoop.it
Washington Post Small business advice: Hurry, these four tax breaks expire at the end of the year Washington Post We've sifted through all the expiring tax provisions and narrowed the list down to the four most important expiring breaks that every...
GreatBusinessContent's insight:

Have you purchased equipment this year (2013)?  Have you done any remodeling that included upgrades to lighting?  This article features 4 major tax breaks that will likely go away in 2014. 

 

If you have business income you can offset some of it using these deductions.

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Intuit Overhauls QuickBooks Online - Jason Del Rey - News ...

Intuit Overhauls QuickBooks Online - Jason Del Rey - News ... | Financials and Accounting | Scoop.it
Intuit today is unveiling a drastic overhaul of its QuickBooks Online accounting software for small businesses. The redesign takes visual cues from Mint.com, the personal finance website that Intuit acquired in 2009, and lets ...

Via Nancy Smyth
GreatBusinessContent's insight:

Intuit is feeling outside pressure to upgrade and improve it's online version of QuickBooks.  

 

Small business owners need easy quick solutions to the hassle of bookkeeping.  I just interviewed a small buisness owner who for 35 years has never done his own books.  Why?  No time and it's too complex for him.  GIVE US SOMETHING EASY.  

 

Hey, maybe Intuit heard that.

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QuickBooks Tips: QB 2014 Simplifies, Accelerates Common Tasks

QuickBooks Tips: QB 2014 Simplifies, Accelerates Common Tasks | Financials and Accounting | Scoop.it
QuickBooks Tips: QB 2014 Simplifies, Accelerates Common Tasks http://t.co/Zjh5RLEqdl
GreatBusinessContent's insight:

Do you need a quickbooks upgrade?  Here are some of the new features of QB 2014

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Don't take cash flow for granted: Ask SCORE - NOLA.com

Don't take cash flow for granted: Ask SCORE - NOLA.com | Financials and Accounting | Scoop.it
Don't take cash flow for granted: Ask SCORE
NOLA.com
A healthy cash flow also requires close attention to your receivables—the money that customers owe to you for products or services you've delivered.
GreatBusinessContent's insight:

Here's an article from SCORE concerning cash flow.  Like they say "Cash is King".  No shit Sherlock!

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Top Tips on How to Handle Your Cash Flow

Top Tips on How to Handle Your Cash Flow | Financials and Accounting | Scoop.it
Simply put, a business needs cash in order to stay in business. Healthy books and profit margins are meaningless if you run out of cash and therefore can’t pay your suppliers or employees on time.
So how can you best handle your cash flow?
GreatBusinessContent's insight:

As I read this article I thought, who doesn't know this?  Well, there was a time when I didn't.  Duh!  You see I graduated from the Homer Simpson school of small business.  

 

Our company was completeing work for customers and I was too hesitant, meek, and mild to ask for the cash.  Instead I did a great customer service thing, I set them up to pay on time.

 

Well, Duh, can you guess what happened?  It took about two months before my account recievables were over $20K.  

 

WHAT WAS I THINKING?

 

Well, I got over that on the third month.  Back to who doesn't know this stuff, maybe you don't?  

 

Let me know what you think, do you have any good stories?  Yes, I talking to you.

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Sleeter: Be a Trusted Advisor, Not a Servant

Sleeter: Be a Trusted Advisor, Not a Servant | Financials and Accounting | Scoop.it
The changes of previous decades have left accountants acting more like their clients most trusted servants than their most trusted advisors, according to IT expert and thought leader Doug Sleeter.
GreatBusinessContent's insight:

In the 30 years I've been involved in business I have yet to have an accountant, CPA, or bookkeeper try to be part of a team.  You know, help me as a business owner learn how to best utilize my bookkeeping to help make better decisions.. Really WTF, the amount some of these guys charge and they take MY numbers and put them in a form.....that'll be $500.00.  

 

Well Mr. Sleeter speaks to the accountants and says things are changing.  Get with it or get lost...okay I said that.  But he has good advice for the pencil pushers.

 

As small business owners let's pray the Steve Jobs of accounting shakes up the accepted business model.

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5 Simple Ways to Increase Your Small Business Cash Flow

5 Simple Ways to Increase Your Small Business Cash Flow | Financials and Accounting | Scoop.it
For those of us in the 'real' world of running a small business with its ups, downs and sleepless nights, here are five ideas to help increase your cash flow ASAP.
GreatBusinessContent's insight:

I like this article.  We all as small business owners need to stay vigilant when improving our revenue model.  This article gives some tips I've not thought of before.

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Managing cashflow on the farm - Southwest Booster

Managing cashflow on the farm - Southwest Booster | Financials and Accounting | Scoop.it
Managing cashflow on the farm
Southwest Booster
For most, another good harvest is in the bins, calves are being weaned, and producers are busy finishing up some fall work before winter hits.
GreatBusinessContent's insight:

Slop the pigs, give feed to the chickens, and make a profit.  This article is all about the important functions and features that ALL businesses encompass.

 

The author has done a wonderful job of spelling out the various features of business management.  Replace the term "farm" with the  name of your business type and it's all about YOU.

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5 Keys to Financial Success in Business

5 Keys to Financial Success in Business | Financials and Accounting | Scoop.it
GreatBusinessContent's insight:

Dave takes us through the basics of what financing is for small business owners.  He points out that many of us don't have a clue how to run the finance end of our businesses.

 

The good news is we learn pretty fast!  The bad news is, if you don't learn fast you go out of business.  

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Small Business Taxes: These 6 Things Can Lead to IRS Tax Audit

Small Business Taxes: These 6 Things Can Lead to IRS Tax Audit | Financials and Accounting | Scoop.it
The probability of getting audited is low, but it increases exponentially when you make common mistakes or stand out amongst the average filer.

Via Thomas Faltin
GreatBusinessContent's insight:

“Small business owners are up to 940% more likely to be audited than W-2 wage-earners,”

This headline caught my eye, did it catch yours?  Nothing increases a pucker factor than a letter from the IRS saying you are being audited.


The article gives 6 items that trigger audits.  

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SME lending could mean the difference between survival and business growth - Telegraph

SME lending could mean the difference between survival and business growth - Telegraph | Financials and Accounting | Scoop.it
SME funding series: The small-medium company lending crisis is a myth. Businesses simply need the confidence to borrow from the banks.

Via WallaceBurch
GreatBusinessContent's insight:

According to the Telegraph in the UK, banks are willing to lend,  small businesses are hesitant to barrow.

 

Okay, I'm a sceptic, but the article makes sense.  The long and short is some banks are reaching out to business to offer loans.  This is great news!  Really, a bank marketing to a target market how novel...

 

What they don't say is how small is small?  My guess they are not sending letters to owners with less then 10 employees.  If they are going after that market then we know the economy is on the mend.

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Accounting Manager Accused of Stealing $100000 from Auto Dealer - WRGT TV Fox 45

Accounting Manager Accused of Stealing $100000 from Auto Dealer - WRGT TV Fox 45 | Financials and Accounting | Scoop.it
WRGT TV Fox 45 Accounting Manager Accused of Stealing $100000 from Auto Dealer WRGT TV Fox 45 MONTGOMERY COUNTY -- A woman who had been employed as an accounting manager for Voss Auto Network is suspected of stealing more than $100,000 from the...
GreatBusinessContent's insight:

Hey, does this woman work for you?  She's happy because she just alledgedly stole $100,000 from her employer.

 

 She's currently unemployed and looking for another position.  The most important feature she looks for in a company is one with strong cash flow and little if no accounting controls in place.

 

She can be reached through her attorney, hurry her court date is December 18th, after that she may be unavailable for 6 to 10 years.

 

 

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Building Business Credit is Smart!

Building Business Credit is Smart! | Financials and Accounting | Scoop.it
GreatBusinessContent's insight:

Hey small business owners, did you know there is a difference between your personal credit score and a business credit score?

 

There is, this article give the basic run down of the difference.  

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7 accounting tips for beginning businesses

7 accounting tips for beginning businesses | Financials and Accounting | Scoop.it
For new business owners accounting is scary, but do not fear...these simple tips will ensure your bookkeeping success!
GreatBusinessContent's insight:

We all tend to make assumptions.  I assume small buisness owners know this stuff.  I will not assume, if you are just starting a business please review this quick article.

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Nancy Smyth's curator insight, December 2, 2013 12:03 PM

If  you plan on using QuickBooks, contact a Certified QuickBooks ProAdvisor to help you set it up and use it properly.

Audiref Cía.'s curator insight, December 17, 2013 8:18 AM

Tenemos el contador inteligente y más inteligente en el mundo. Así que le preguntamos a escribir un artículo acerca de cómo iniciar un negocio y la configuración de la contabilidad necesitábamos. He aquí lo que escribió. Es un consejo sólido a partir de un contador que nos ahorra un montón de dinero.

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Proactive Cash Flow: How to Get Customers to Pay - Resource Nation (blog)

Proactive Cash Flow: How to Get Customers to Pay - Resource Nation (blog) | Financials and Accounting | Scoop.it
Resource Nation (blog)
Proactive Cash Flow: How to Get Customers to Pay
Resource Nation (blog)
It's important for small-business owners to get their customers to pay.
GreatBusinessContent's insight:

Get this - 19% of small businesses get pressure from credit paying customers to have longer repayments schedules.  

 

Hey pal, we ain't no damn bank.  Seriously as a business owner cash is king, you've heard that right?

 

How about this, some revenue models include negotiating longer payments to suppliers while at the same time speeding up the payment process from customers.  This evens cash flow for the business that uses that revenue model.  Where do you stand now?

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B2B Cash Flow: Turn Receivables Into Working Capital - Without Waiting for Customers to Pay

B2B Cash Flow: Turn Receivables Into Working Capital - Without Waiting for Customers to Pay | Financials and Accounting | Scoop.it

The advantages of factoring invoices with nonrecourse invoice factoring companies compared to factoring with recourse.

 

B2B Cash Flow -  Did you know that you can turn your receivables into working capital without waiting for customers to pay? Benefits of Choosing Nonrecourse Financing When it Comes to Factoring Receivables http://bit.ly/1cgAHhk #factoring #receivables


Via Elizabeth Kraus
GreatBusinessContent's insight:

Basically this article is a biased comparison of different factoring companies.

 

What is factoring?  It's a way to sell you accounts recievable to bring cash flow to your company now.  Not cheap, but if you need cash flow this is a viable option.

 

Take a couple of minutes to check it out.

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Small business sales finally make big gains - Marietta Daily Journal

Small business sales finally make big gains - Marietta Daily Journal | Financials and Accounting | Scoop.it
Small business sales finally make big gains
Marietta Daily Journal
Fred Barkman Jr., owner of Spectra Laboratories, stands at his business in Tacoma, Wash., on Oct. 25.
GreatBusinessContent's insight:

Sales of businesses is finally taking place.  Now is the time to start looking for ways to increase the value of the business if you will be retiring in the near future.

 

When I sold real estate owners would often say "yeah, I know it needs paint but we'll wait.  That way the buyer can choose the color"  Bad plan, really bad.  Buyers say "this place needs too much work, I'll pass".  

 

Only the really smart buyers see value, but trust me, they will make you pay for the mistake.  

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How Profitability Leads a Business to the Right Strategy

How Profitability Leads a Business to the Right Strategy | Financials and Accounting | Scoop.it
Many companies today are earning low profits or no profits because their costs of doing business are not coordinated with their sales.
GreatBusinessContent's insight:

Here's a post from my linkedin group from this morning.  Listen if you are a novice at small business you have a huge learing curve ahead of you.  Charles has written about 6 financial aspects of business that if you don't get this, then you also don't get profit and loss.  Fast read!

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Business Planning Tips - Gilmer Mirror

Business Planning Tips - Gilmer Mirror | Financials and Accounting | Scoop.it
Business Planning Tips
Gilmer Mirror
Richardson-Mauro, a Certified Financial Planner, and Johnson, a Certified Public Accountant, specialize in helping business owners successfully transition out of companies and achieve their goals.
GreatBusinessContent's insight:

As the article points out, many bommers are close to retirement.  There are two issues here;

1) Have you been planning the exit strategy and beefing up the financials to show your business in it's best light?

 

2)  Exactly what will you do once you retire?  

 

I lived on a sailboat in the Caribbean for 8 years and met many really, really, bored retires.  Have you even thought about this?  Hmmmm?

 

Read the article, dude.

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10 Essential Accounting Tips For Freelancers - Globial Talks Business

10 Essential Accounting Tips For Freelancers - Globial Talks Business | Financials and Accounting | Scoop.it
Learn 10 essential accounting tips if you are a freelancer or have a freelancing business.
GreatBusinessContent's insight:

I've heard from first year freelancers that don't understand their tax liability.  Yes, you do have to pay tax on income even if you work from home.

 

This article will give you the basics and if followed will keep you from needing to choose who your partner will be in prison.

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Measuring Performance of Your Company is Art and Science

Measuring Performance of Your Company is Art and Science | Financials and Accounting | Scoop.it
Measuring performance of your company is the only way to know when to invest in ideas or drop ideas completely. Eve talks about Key Performance Indicators.
GreatBusinessContent's insight:

How should you go about measuring how your business is performing?  Eve talks about KPI or Key Perfomance Indicators.  Don't measure what you don't need to know, it's a waste.

 

Instead look for those KPI that matter.

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Meet the in crowd for business funding - Irish Times

Meet the in crowd for business funding - Irish Times | Financials and Accounting | Scoop.it
Meet the in crowd for business funding
Irish Times
The first small business to receive a loan through Linked Finance's crowdfunding initiative was a bakery.
GreatBusinessContent's insight:

Holy Hannah, I've heard of these funding methods and now here they are.  There are other places to go for funding a business.  I wonder how banks will react to this?

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Want to Grow Fast? Focus on Profits, Not Revenue

Want to Grow Fast? Focus on Profits, Not Revenue | Financials and Accounting | Scoop.it
Growth is a sexy word in business, but creating profits is the key to turning a small business into a much larger one.

Via The Fish Firm
GreatBusinessContent's insight:

I can sum up this article in one sentence;

"Growth of Profit is better than growth of Revenue"

 

Sounds simplistic but if we focused every decision on profit there would be ideas or products that won't make it out of the planning stage.  Think of this, if an idea does not produce profit drop the idea.  Now you have time to plan an idea that does.  Wow, OMG I scare myself sometimes.

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