SMART goals are not just for personal development; they also apply to businesses. Without goals, a business is simply feeling its way around and hoping it will succeed; a terrible way to grow any company. SMART goals provide the boundaries necessary to tell a business what it can and cannot do. The acronym SMART stands
THE SMALL BUSINESS S.M.A.R.T GOALS Read More »
An essential accounting activity that Small Businesses should never overlook is cash reconciliation, also known as bank reconciliation. And yet, I have repeatably seen businesses skipping the monthly bank reconciliation. This is a process where the bank statement for a given month is compared to the accounting system’s transactions for the same month. Ordinarily, the
ARE CASH RECONCILIATIONS REALLY NECESSARY? Read More »
This is a shorter than normal blog however the topic is one that needs to be understood by all business owners, particularly small business owners who are new in the field or still growing their business. I cannot count the number of times I have heard people state “based on my cash balance, my business
DOES CASH BALANCE = PROFIT? Read More »
A question that I often hear business owners ponder is why their CPAs do not always frown when the bottom line at the end of the year shows a net loss versus a new profit. No one wants to see negative totals his or her financial books as they are a sign that the business
NET PROFITS & NET LOSSES Read More »
Business meals are deductible business expenses, or are they? Business meals fall into three categories for tax purposes: non-deductible, 50% deductible, and 100%. Knowing which category your meal expenses fall into is essential, so let’s look at which type of meal expenses fall into each category. Non-Deductible Meal Expenses Entertaining of clients: Back in 2017,
MEALS, MEALS, & MEALS! Read More »
I cannot count the number of times I have been in a room where this question is raised. It is an important question to raise, and the response depends on who you ask. My answer is always “It depends.” This is because the response changes depending on how one defines the two professions – financial
IS MY FINANCIAL ANALYST MY ACCOUNTANT? Read More »
Recently, I got a call from a fellow small business owner who was trying to figure out the best way to quantify her business’s value. Knowing the worth of one’s business is essential as it will come up if you are applying for a business loan, refinancing an existing loan, or applying for a grant;
DETERMINING YOUR BUSINESS’S EQUITY Read More »
I have often heard business management teams debating if their small businesses can run efficiently in the long run without a fractional CPA. This might work in the short term, but it could cost a business money and time in the long term. Here are seven reasons why running a successful business requires the services
SEVEN REASONS YOUR BUSINESS NEEDS A CPA Read More »
The balance sheet and income statement are two of three primary financial statements every business should run and review monthly. One question I often get asked by small business owners is, “What is the difference between a balance and an income statement?” Understanding the difference between the reports is vital as they show differing information
DIFFERENCES BETWEEN THE BALANCE SHEET AND THE INCOME STATEMENT Read More »
With the hustle and bustle of year-end, it is easy for small business owners to forget to take care of the necessary t-crossing and i-doting that come with year-end. Consider these often-forgotten year-end business reminders before you close out your fiscal year.. Year-end DonationsOne way that you can reduce your tax liability is by reducing
IT IS THAT TIME OF THE YEAR, AGAIN! Read More »
You may have heard it said that the financial statements tell the story of how a business is performing. That is true. The three primary financial statements accountants use to tell the financial health of a business are the balance sheet, the income statement (also known as the profit & loss statement), and the cash
UNDERSTANDING THE CASH FLOW STATEMENT Read More »
Starting a new small business can be exciting, especially when it is a business venture that you enjoy. While running a new small business can be exciting, it can also be stressful when important steps are skipped over as the business is being formed. There are several books and articles that provide step-by-step advice on
NEW BUSINESS? IMPORTANT STEPS TO REMEMBER Read More »
At NaRfula Financial Solutions we pride ourselves in being the right company for our clients by providing customized services that help our clients successfully grow their businesses. We serve small businesses, in the; research, technology, engineering, legal, and chiropractic industries. We also welcome government contract projects.
