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The Key Steps to a Smooth Monthly Close For Your Small Business




Monthly close is the process of recording and reconciling all transactions that occurred during the month, then closing the associated temporary accounts: i.e., “closing the books.” The goal is both to deliver a snapshot of your business’ financial position and provide a fresh start to the new period. Your closing figures are the key building blocks for creating accurate f...

Accounting Basics: The Key to Journal Entries Is Asking When

This excerpt was reprinted with permission from Madeline Bailey's book, Radically Simple Accounting:A Way Out of the Dark And Into the Profit. There is only one business bookkeeping system—the double-entry system. Luca Pacioli published the first textbook of double-entry bookkeeping in 1494. Believe it or not, there has been virtually no change since then. His system of debits and credits is...

Why You Need To Get Serious About Your Startup Debt Collection Efforts




Bottom line is that you’re in business to make money. If your customers aren’t paying you, that’s a serious cash flow problem. If they’re slow to pay, that’s a problem as well. While late invoices are fairly common for many businesses, that doesn’t mean you can’t fight it. The key is process. There are a few steps you can take to improve your collection process to...

When to Bring A Startup CFO On Board




Early stage and small companies need CFOs with a different mindset and skills than their peers’ in large organizations. Of course, early stage CFOs can and do manage P&L and handle investor relations, but they also do a lot more. How do you know when it’s time to bring one on? And more importantly, what exactly does a startup CFO do? Startup CFOs help to hone a startup’s...

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