Finance

5 Tips to Prepare Your Small Business If Recession Hits

By Isaac Hammelburger

The coronavirus pandemic is wreaking havoc on the global economy. According to the latest statement by Kristalina Georgieva, Chief of International Monetary Fund, the global economy is in recession now because of COVID-19. 

Needless to say, during a recession, small businesses often get affected the most. So, have you made your small business recession-proof? If you haven’t yet, this is high time to make a plan so that your business can avoid the choppy waves of the worsening economy.  

In today’s article, I’m going to discuss five easy-to-implement tips to prepare your business for when the recession

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How to Create a Realistic Business Budget That You Can Actually Use

By Lidia Staron

Creating a budget can be a daunting task, especially if it’s the first time you’re creating one for your business. However, the actual mechanics of doing this are not so complicated. That said, it’s important to keep certain things in mind to make it a successful one that will help you grow your business and see it prosper. 

Victor Butcher, the former president of the Memphis Chapter of the Tennessee Society of Certified Public Accountants says a budget “…it’s like a roadmap for your company. You need the roadmap to understand where you’re going with your business.”

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How Accountants Help Your Small Business Save Money

By Nishi Patel

For small business owners, there is always a need for accountants. They prepare taxes and provide financial advice. In the US, almost nine out of ten entrepreneurs believed that hiring an accountant is worth the expense.  

The Cost of Not Hiring an Accountant

Around half of American small business owners and self-employed individuals obtain an accountant or bookkeeper’s services for their tax returns. Many of them managed to cut their paperwork by at least two hours. It’s also far cheaper for letting them do the work since you can focus your effort in running the business.

Meanwhile,

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5 Ways Billing Software Increases Productivity » Small Business Bonfire

By Matthew McBride

When it comes to sending efficiency skyrocketing, there are various ways to rethink your enterprise standards. Adopting a new software-based billing system is one of the most effective. Making the change lets you fine-tune something you already have to do — keep the books in order.

Billing software comes in numerous forms. From systems that power point-of-sale terminals to integrations that include end-of-month reporting and expense request processing features, there are many platforms with their own unique strengths.

Which type of billing application will complement your business model the best? Here are five of the ways you

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