Generally, if an employee incurs legitimate business expenses on behalf of the company and pays for those expenses using their own money or a personal credit/charge card, the employee, subject to the company’s policy and its ownership or management’s approval, may submit a company expense report with the proper receipts/backup for reimbursement through the company.

A cash flow projection is another tool to help manage and monitor the financial health of your business and for fiscal year planning and budgeting. In a cash flow projection, you are projecting your potential monthly cash inflows and outflows.

Steady cash flow is vital for any business but even more so if you’re an independent small business. After all, if you don’t have a steady cash flow, you can’t pay bills, employees or even yourself!

It should go without saying that your business bank account is intended for legitimate business transactions and is not to be used as a personal expense account.

Tax season for the 2021 tax year is right around the corner!

Putting together financial projections for your business is a good exercise and tool for business owners to help manage and monitor the financial health of your business as well as for fiscal year business planning and budgeting.

On Analysis business bank accounts are typically ideal for businesses that maintain a higher average monthly ledger balance. In other words, you keep/maintain more money in the bank each month.

Year-end bonuses can be a way to show appreciation to your employees for their passion, dedication, and hard work over the course of the year.

Many clients still remit payments by check and that’s certainly fine. With mobile and remote deposit, depositing checks are a lot simpler, easier and much more convenient for businesses. No need to always run to the local bank branch before 5pm to make a deposit.

If you currently use Intuit QuickBooks Desktop or Enterprise software to manage your business accounting and financial needs, you’re probably aware Intuit recently released the latest version of their QuickBooks Desktop and Enterprise software.

Regardless of whether you run QuickBooks locally, in a client/server environment or use QuickBooks with Hosting, you should perform your own routine backups of your QuickBooks company files.

Intuit QuickBooks is an extremely popular, easy to use and learn, flexible yet robust accounting and financial software solution for many businesses.

There are many accounting and financial software solutions available which may be suitable for your business. When choosing a solution, it’s important to select an accounting and financial software solution that contains the functionality and feature set which best aligns with your specific business needs.

While you may think running your small business’ finances using invoices generated in Word or Excel and tracking income and expenses through Excel spreadsheets will suffice, think again!

If you (the business owner) or your employees need to use a personal credit or charge card (or even cash) for legitimate business-related expenses, complete a business expense report with an itemized list of the transactions.

If you need to issue a business credit or charge card to certain employees, be sure to have a clear policy on the proper use of the cards.

When evaluating business credit or charge cards, carefully review all the different account offerings available.

Now that we’re in Q4 and year-end is quickly approaching, it’s a good idea for small business owners to touchbase with their CPA or tax professional to make sure their business is on the right track for year-end closing.