Business Consulting & Accounting Services Firm, Virginia
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Insights

7 Financial Habits of Highly Effective Small Business Owners

Self-employment has become more than just a trend. A large and growing number of Americans are choosing self-employment and small business ownership over traditional full-time jobs with various entitlements, like steady income, health benefits, and 401(k) plans.

The benefits of career independence, such as setting one’s own hours, earning an uncapped income, or simply pursuing a passion, are obvious. So too are the potential downsides.

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Lynda Steinbeck
5 Surefire Signs You’re Ready to Start Hiring for your Small Business

It’s a slippery slope - how do you know when it's time to expand your employee base?  Hiring should be a long-term investment...take your time...make the right choices...utilize an interim consultant as needed.  I've seen so many businesses who are too quick to hire and the result can be devastating - not only to the bottom line, but to employee morale.


Interesting Article - check it out online

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Lynda Steinbeck
How Gamification Can Help Your Office

The office is a workplace; it probably isn’t a place that is usually associated with fun and games. Nevertheless, different aspects of games have been shown to provide significant benefits when introduced into the professional environment. Let's explore some ways in which some fun activities could help your organization.

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Lynda Steinbeck
Are you a telecommuter with a home office? You just lost a tax break...

Matt Alexander couldn’t believe what his accountant was telling him. As a telecommuter for a Southern California real estate investment company, Alexander works from a home office. His accountant recently broke the bad news that the tax overhaul passed in late 2017 took away remote employees’ right to deduct their home office from their taxes. That means Alexander lost a tax break worth $10,000 a year. He was so upset that he wanted other telecommuters to know, and contacted me.

“The fact that I was hired as a remote employee . . . was conditioned on the fact that my company was not having to establish another satellite office with that overhead expense,” Alexander said. Yet going forward, “I was personally carrying this cost for the company.”


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Lynda Steinbeck
Sweep Accounts – The Good, The Bad, and The Ugly

A sweep account is an arrangement between a bank and its customer – typically a business.  It is an efficient cash management tool that handles business funds on a daily basis and is offered by most commercial banks.  It can be utilized between a cash account and investment account or a line of credit.   It is very beneficial due to its flexibility, automation, and profitability.

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Lynda Steinbeck
Casualties of Cash Flow

The importance of Cash Flow can be summarized by the common expression "Cash is King".  While having cash on hand is critical, cash flow demonstrates your ability to sustain an ongoing cash stream.  Whether you are a start-up or a multi-million dollar global entity, if you don't understand, forecast, and analyze cash flow, you are destined to become a casualty.  In fact, 70% of businesses that fail are profitable when they close their doors.  They just don't have a positive cash flow to cover operating costs.

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Lynda Steinbeck