From one-person entities to major corporations, bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company's success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.
From the AllBusiness.com Finance & Accounting Center
From one-person entities to major corporations, bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company's success, and errors can cost the company significantly. Below are 10 of the most common errors that you want to avoid.
Getting the loan you’re looking for is possible if you’re informed. Use these quick tips to start you on your way to the perfect loan package.
By Steve Bloom, SCORE Counselor
In just 60 seconds, we’ll show you how to determine if an RCL is right for you.
For financing flexibility, nothing beats a revolving credit line (RCL). Structured much like your personal credit card, RCLs allow approved borrowers to tap only as much money as needed to stay atop seasonal and business cycle fluctuations. Application and repayment requirements are generally far simpler than loans and other common financing options.
However, an RCL is by no means a panacea for a small business, nor is it entirely free of requirements and risks. In just 60 seconds, we’ll show you how to determine if an RCL is right for you.
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Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
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Start by coming up with a sales revenue target. Make it your best estimate.
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Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
When most of us think about franchises, we are referring to the business-based franchise like the top 500 franchises published in Entrepreneur magazine each year. Entrepreneur’s 75 different categories range from automotive to services, but they all have one thing in common—a systematic method to deliver services or products.
Franchising is not for everyone, but for an individual who has limited business experience or someone who enjoys working within an established system, franchising can be the best possible path.
Betty Otte, SCORE Counselor
When most of us think about franchises, we are referring to the business-based franchise like the top 500 franchises published in Entrepreneur magazine each year. Entrepreneur’s 75 different categories range from automotive to services, but they all have one thing in common—a systematic method to deliver services or products.
5 Tips on Finding Angel Investors and Venture Capitalists
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Do some research. Identify the most likely candidates by asking your accountant, banker and lawyer.
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Keep an open mind—potential investors may be anywhere. According to Success magazine, one entrepreneur found an angel investor among the motorcyclists he rides with on weekends.
5 Tips for Writing a Business Plan For a Loan
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Begin with a statement of purpose. You should be able to explain your business in 25 words or less.
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Tell how your business will work and why it will be successful. List the owners.
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Fill in the business details. Describe its products or services, the customers, the market and the competition. List the managers and their credentials.
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Supply three years of projected financial statements. Include income, loss, and cash-flow projections.
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