How Long Does it Take to Build Business Credit?

Just like building a business, building a credit history for your business can take years. For many business owners, business credit is an afterthought until they need capital. Suddenly they’re scrambling with the question, “how long does it take to build business credit?” The short answer is, it varies. But whether your business is young […]

Self-Employed: Do You Need a Business Bank Account?

There have never been more opportunities for entrepreneurs who wish to be self-employed than there are right now. Though it can seem like a minor detail, your business bank account can influence the success of your business or side-hustle. When most business owners start out, they think about the name of their business, how they’ll […]

What is an ACH Transfer?

ACH transfers have become a key component of the banking system. You have likely paid invoices as a consumer using ACH transfer. You have likely deposited money into your checking account through ACH. Small businesses use them all the time to pay their suppliers and vendors. Despite millions of ACH transfers every day, few people […]

What is Progress Invoicing?

As any small business owner can tell you: the signature on the contract doesn’t mean the money is in your bank account. There is some strategy involved in invoicing your customers, setting expectations, and making it easy for them to pay. Oh, and there’s also the actual delivery of products and services. Sometimes, the project […]

Credit, Debit, or Spend: Which Card is Right for Your Small Business?

When it comes to paying for business expenses, the small business owner has no shortage of choices. It should go without saying that you need a business bank account, but beyond that, you’ll need to be strategic about managing expenses. The type of payment card you should use could be more impactful to your business […]

Does Your Small Business Need an Emergency Fund?

The Federal Reserve Bank of New York found that almost half of all small businesses failed during the 2008 recession. With the potential for another looming, there are certainly some ways small businesses can prepare, like a business emergency fund. This fund will help weather the storm and keep the business running during difficult times. […]

What is a Cash Flow Forecast?

A cash flow forecast is an estimate of the future inflow and outflow of cash for a business. It helps business owners make informed decisions about how to allocate their resources, and helps them plan for upcoming expenses. Cash flow forecasting can be an important tool to have when you are trying to make decisions […]

What is the Profit First Method?

As far back as business financials are documented, the formula for profit has been: sales – expenses = profit But the Profit First Method of accounting has a different take. First introduced in Mike Michalowicz’ book, Profit First, this method helps small businesses ensure they turn a profit and carve out a piece of the […]

What is a Profit and Loss Statement?

Small businesses have unique challenges when it comes to financial statements. Owners rarely have accounting backgrounds, and often operate without a finance team. This can make it difficult to identify the most important financial data for the company. One financial statement that every small business owner should be aware of is a Profit & Loss […]