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As tax laws become increasingly complex, small business owners often find themselves overwhelmed, particularly when making crucial financial decisions. If you’re looking to lighten your load by outsourcing payroll and bookkeeping, hiring a small business accounting firm can be a smart move. A professional accounting firm can handle your financial matters, including accounting and tax-related tasks, allowing you to focus on growing your business.

As a startup owner, you’re juggling multiple responsibilities—from driving growth and boosting revenue to exploring new opportunities and strategies to achieve your goals. However, amidst all these tasks, it’s crucial not to overlook one key aspect: managing your business finances.

Starting a small business? You might be thinking of handling the accounting yourself to save on costs. With so many accounting apps and software available, it’s tempting to go the DIY route.

Evaluating a franchise opportunity requires careful consideration of various factors that can significantly impact your success. Here’s a comprehensive guide to help you assess whether a franchise is the right fit for you.

Over the past year, we surveyed over 4,500 small business owners worldwide to understand how they’re managing cash flow amidst high inflation and rising interest rates. The survey findings, compiled into a series of Money Matters reports, were released in Australia, Canada, New Zealand, Singapore, the United Kingdom, and the United States. Here are five key trends from these reports, highlighting the cash flow challenges faced by small businesses in these six countries.

Small business owners are acutely aware of the financial strain their customers are under, with rising household bills, transport costs, housing expenses, and debt repayments. This financial pressure leaves less cash for spending at local small businesses. This challenge is evident in the latest Xero Small Business Insights (XSBI) data, showing slowing sales growth across Australia, Canada, New Zealand, the UK, and the US.

Understanding how to compare financial results is crucial for making meaningful assessments of your business’s performance. This guide will help you analyze your financial data to gauge profitability, cash flow management, and financial structure.

Effective cash flow management is crucial for the growth and sustainability of your business. While profits are necessary, they cannot be utilized until they become cash. Many profitable businesses fail because they run out of cash and can’t meet their financial obligations.

While the profit and loss statement highlights your business’s financial performance over a specific period, the balance sheet offers a snapshot of your business’s financial position at a single point in time.

Are you still working in the accounts division of your business?