Ultimate Account Blog

Lacking An Exit Strategy

Small Business Series – Mistake 8: We started this series a few months back with a post about business owners starting an enterprise for the wrong reasons. If the wrong entrance strategy was our first post, it only makes sense that our final post in this series centers on…

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Not Using Forecasts Or Projections – Part B

Small Business Series – Mistake 7B: In the last edition, we continued our series of common mistakes that small businesses make, by looking at the value of preparing financial forecasts/projections and the dangers of not using them. This edition will expand on that topic by focusing on how financial…

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Not Using Forecasts Or Projections – Part A

Small Business Series – Mistake 7A: Continuing our series of common mistakes that small businesses may make, mistake 7A will consider businesses that are not adequately forecasting or projecting their income statements and balance sheets. A forecast takes a look at financial events that are expected to happen and…

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Avoiding Difficult Decisions In Your Business

Small Business Series – Mistake 6: The next in our series of mistakes that small businesses make is more of a soft skill that goes unrefined as opposed to a financial skill. There are plenty of difficult discussions that business leaders need to have during the course of a…

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Choosing an Accounting Method for Your Business: Cash Accounting versus Accrual Accounting and the Impact to your Bottom Line.

Whether you are a start-up enterprise or have been conducting business for generations, determining the “best” accounting method to track your profits and losses can be a daunting task. Various financial reports have different uses. But the one type of report that all businesses require is tax return reporting.…

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Ignoring GAAP or Tax Effects of Business Decisions

Small Business Series – Mistake 5: Continuing our series of common mistakes that small businesses may make, I think how many things business owners or executives have to know. They have to know their product or service, their pricing strategy, their competition, their people, their customers, their vendors, their…

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Failing to Price or Buy Appropriately

Small Business Series – Mistake 4: A television show that I enjoyed during the earlier part of this decade was A&E’s Pawn Stars, which takes place in a Las Vegas pawn shop. Members of the public bring items that they personally own to see what the shop will pay…

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Failure to Implement Proper Capitalization Planning & Equity Retention in Your Business

Small Business Series – Mistake 3: A third mistake that we see small businesses make is in regard to their equity. Equity, or capital, is the amount in which a business’ assets exceed its liabilities. It is a common component of many covenants that lenders apply to business loans, including…

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Forgetting ‘Achievable’ When Setting SMART Goals for a Small Business

Small Business Series – Mistake 2: The next installment in our series of mistakes to avoid as a small business owner is related to goal setting. We’ve written about goal-setting previously, but improper goal planning is a common small business failure. The concept of “SMART” goals is widely known, but specific…

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Confusing Knowing a Trade with Knowing a Business

Small Business Series – Mistake 1: We are starting a series of blog posts regarding mistakes that are common to small businesses, brought to you by Dan Massey, a Partner in the firm’s Assurance Division. Although it may seem negative to highlight areas where business owners occasionally have erred…

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