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Financial Management Articles
How to Avoid Five Financial Mistakes Entrepreneurs Make
All businesses are ultimately about making a profit. When you are starting a business, accounting and financial management are not likely first on your list of exciting tasks to tackle. Learn how to avoid five common financial mistakes entrepreneurs make. Read how to avoid these five financial mistakes entrepreneurs make...
What's Fair? -- Options for Distributing Profits of Your LLC Partnership
One of the most common questions from businesses started by two or more partners is how to make the distribution of profits fair. By organizing as an LLC you have great flexibility in distributing the profits of your business to the partners. The key is to understand these options, and agree with your partners a you are forming your company. Read more about options for distributing profits of your LLC partnership...
Financing a Business Startup? Details Matter
Regardless of where you are seeking financing when starting a business, knowing and understanding the details of your business matter. Not only do you need to know the details of the finances of your business, you also need to know your competition, your marketing, and be prepared to solve problems as they arise. Read more about why the details matter when you are financing a business startup...
Grants for Starting a Business-- What's Real and What's Not
"Free grant money to start a business!" The ads are everywhere these days. But are they real? Some grants are available, although not as many as the ads would have you believe, and you don't need any special skills or consultants to apply for them. Read more about the fact and fiction of grants for starting a business...
Starting a Business or Earning from a Hobby? Consider the Tax Implications
The IRS makes a clear distinction between a hobby that you may earn money from and a business designed to earn profits (even if it doesn't, at first). Be sure you understand which category you fall into. Read more about determining if your business will be considered a hobby by the IRS...
Starting a Business? Understanding Your Estimated Tax Payments
Handling the tax burden of self-employment is a major concern for many first-time entrepreneurs. Like most other aspects of business startup, the key to success is to learn the process and plan the work, and taking care of Uncle Sam is no different. Read more about understanding estimated tax payments...
Starting a Business from Your Home Office Can Have Tax Benefits
Starting (and operating) your business from home can provide some distinct tax advantages. Consider these IRS requirements when deciding whether to start your business from your home. Read more about the tax benefits of starting a business from your home office...
Where's My Paycheck? Paying Yourself Through Your LLC
One of the most frequent questions of owners of new businesses that are organized as LLCs is how the owner actually gets paid. Current IRS rules allow for several options, both for how you are paid and how those payments are reported to the IRS. Read more about options for paying yourself when you have an LLC...
Establish Records Systems at Startup for Long-Term Success
Keeping good business records is a critical part of running a business correctly. In the rapid-fire pace of a business startup, it's easy to put off record keeping until things slow down -- which never happens. Use these tips to get your business, and its records, set up for success from the beginning. Read more about why establishing record systems at startup is important to success...
Understand the Types Small Business Expenses and Be Prepared for Tax Time
There are several types of expenses relevant to small business, and it is important for any entrepreneur to fully understand the distinctions among them. As a business owner, you need to know the numbers inside and out, how to keep your accounting system accurate, and how each type of expense affects your bottom line. Read more about why understanding small business expenses is important to tax time...
No Matter When You Plan to Start a Business, Save Now for Startup
Every business startup requires some cash contributed by the owner to get started. No matter when you plan to launch your business, now is the time to start living like an entrepreneur and saving for your startup. Read more about saving to finance your startup...
Why Businesses Startups Fail -- And How You Can Be a Success
The majority of startups fail within the first few years of launch. Nearly every failure can be traced back to one issue -- poor financial management. Good financial management will keep your startup afloat while you work out the issues that arise. Read more about why business startups fail...
No Cash for Startup? Start Small and Plan Well
Starting small is far better than waiting until you have all the cash available to start. With a clear plan, well defined milestone, and a focus on the larger objective, almost any business idea can be started small and grown into the bigger company you envision. Read on for ideas on how to start your idea smaller...
Thorough Business Planning Will Make Securing Funding for Your Business Easier
Borrowing money for startup is one of the most nerve-wracking events of the planning phase. The work you put into your idea before you start hunting for money will make the process go more smoothly and save you time down the road. Thorough business planning is the key! Read on to find out how planning your business will help you secure startup financing...
Cash or Accrual Basis of Accounting? Which Should You Select When Starting a Business?
One startup decision that seems to cause entrepreneurs heartburn is whether to set up their accounting system on a cash basis or on an accrual basis. Although this sounds like secret accounting code, the implications are straightforward, and, for most businesses, the right method is easy to see. Read more about selecting the right basis of accounting for your business startup...
Startup Essentials -- The 5 Best Ways to Spend Startup Money
Finding ways to spend startup capital is easy, but there are a few things that should be included in every new business's startup budget. Read more about these five good ways to invest your startup capital...
Startup Squanders -- The 5 Worst Ways to Spend Startup Money
The road to entrepreneurship offers plenty of opportunities to waste money. Unless your rich uncle is bankrolling your entire startup without concern for what and how you spend, you need to keep your expenditures under control. The top five ways that entrepreneurs waste money, but shouldn’t, are Read more about avoiding these five ways to waste your startup capital...
Business Startups and the Small Business Administration (SBA)
Most first-time entrepreneurs are under the impression that SBA loans are an easy, viable route to funding any startup. While the SBA is an excellent government program to assist American small business, keep in mind that it is a government program, with all that distinction means - the process is slow, the restrictions are strict, and the hurdles to approval are high. Before you commit countless hours and effort to pursuing an SBA approval, be sure you understand the realities of the programs as well as your alternative opportunities for financing your startup. Read more about what the SBA can do for you...
Business Startups with Bad Credit
Bad personal credit is a common stumbling block for first-time entrepreneurs. Often, the motivation for going into business is to make more money, indicating that they are not making enough money working for others, thus, bad credit. Working for yourself is the best opportunity for building wealth, and the sooner you get started, the better. Bad credit among entrepreneurs is more common than you think and can make the startup process slightly more difficult, but is not a total barrier in itself. Read more about starting a business even if you have bad credit...
Managing Tax Payments
They say the only sure things in life are death and taxes. For small businesses, the adage should be if you don’t manage your taxes, they will be the death of your business! Failure to keep up with tax liability is a common pitfall for business owners, but there is no reason to fear the tax man. Setting your business up to stay on top of your federal and state responsibilities is not particularly difficult, and all entrepreneurs should be eager to develop internal systems to ensure that taxes are never a problem. Read more about tax issues for new businesses...
