With tax season quickly approaching, it’s a great time to take a look at your projected tax return and decide on a tax strategy that fits your personal situation. Choosing the right deductions is one way taxpayers can plan for their federal income tax liability to reduce taxable income and, potentially, achieve a larger return…
What is Cost Accounting and Why Does It Matter?
At its core, cost accounting takes a granular look at the fixed and variable expenses that are unique to a specific business. These expenses are compared to production rates and associated profit margins in order to provide management with options when it comes to product opportunities, employee productivity, divisions of labor, and the overall effectiveness of operations and tasks…
How to Finance Your Business
More often than not, entrepreneurs require significant financing to launch their business. Ideally, you’d have the means to tap into savings to obtain the capital required to buy a building, furnish the space, purchase equipment, and launch a product or service line. Unfortunately, we all know that this is rarely the case. When looking for ways to finance your business, you’re faced with a choice between two types of funding: debt or equity. While it’s possible to combine the two to create a capital structure with more balance, it’s first important to explore the sources of funding that fall into each category…
Is Developing a Business Plan Worth Your Time?
When you’re working day and night to get a startup off the ground, it can be tempting to cut corners by skipping the creation of a business plan. If you’re connected with your vision, goals, ethics, and sources of funding, it can be even more tempting. While some successful startups have opted to skip a business plan, there are many benefits of sitting down and spending the time to create one. Not only does a formal plan lay out your goals in a physical, real way, but it also allows you to take the time to look for potential pitfalls in your plans…
The History of Money
Unless you’ve renounced all earthly possessions, money plays a huge role in your day-to-day life. We spend our lives working to earn the money that allows us to live comfortably and provide for our families. We spend time designing budgets, analyzing stock portfolios, and strategizing with finance professionals to make sure we have enough to last us through our golden years….