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Orcutt Financial

small business financing

3 Main Sources for Small Business Financing

By Business Advice

According to the US Small Business Administration (SBA), a “small business” is a company that hires fewer than 250 employees and has no more than $750,000 in annual earnings. With these lower levels of revenue, a small business owner might think there aren’t small business financing options available for them. We’re here to dispel that myth. If you’re thinking of starting your own business and looking for some help, read on for some tips on small business financing. If you do some…

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outsourcing payroll

7 Benefits of Outsourcing Your Payroll

By Business Advice

It’s common for small business owners to handle many responsibilities including payroll processing. Handling payroll on your own could cause potential problems for your business. Too often, small business owners don’t have the experience, time, or knowledge to manage complex tax and payroll filings. As a result, important deadlines are missed which end up costing business owners both time and money to resolve. Accurate and Timely Payroll Processing Is Critical Payroll processing is a highly regulated business function that encompasses…

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increase productivity

8 Tips to Increase Your Productivity

By Business Advice

It can be tough to stay productive as a small business owner. You have so many things going on in your life, and it may seem like there is never enough time in the day to get everything done that you need to do. The good news is that there are some great tips out there for how small business owners can become more productive throughout their day. In this blog post, we will cover 12 ways that any small business…

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small business retirement

Best Retirement Plans for Small Businesses in 2021

By Business Advice

When you’re an entrepreneur operating a small business, your time is filled with lots of various tasks. You may barely have time to breathe, much less think about a retirement savings plan. However, your long-term retirement plan is important for your and your family’s future security, so you need to make sure you have a strategy in place. When you are an employee, your employer will usually offer a retirement plan that you can join and invest in. Just fill…

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quickbooks

10 Reasons Why QuickBooks Is the Best Accounting Software for Small Businesses

By Business Advice

When you run a small business, you rarely have extra time on your hands. You’re always looking for ways to increase efficiency, while still being cost-effective. It’s important to choose the right tools and products to achieve those goals. One critical factor of running a business is having the means to manage, track, and report your accounting functions. Invoicing, payroll, inventory, and reporting are all part of an accounting system that must be managed. That’s why having a robust, easy-to-use accounting…

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accounting cycle

8 Steps in the Accounting Cycle

By Business Advice

Running a business of any size is a complex task. Successful business owners must juggle a variety of tasks each day including customer service, managing employees, marketing, and bookkeeping tasks. Keeping track of bookkeeping may seem tedious, but lost opportunities and lost money can be devastating for small businesses. According to the Chamber of Commerce, most small businesses fail because of poor cash flow, poor planning, and bad management practices. These problems can be avoided by developing a sound business…

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tax extension

Does the Federal Tax Extension Pertain to You?

By Tax Advice

You’re probably aware that the Internal Revenue Service has granted individuals and certain businesses an extension to filing their tax returns for 2020. But does it apply to your small business? The short answer is, it depends.The IRS has indeed extended the filing deadline for 2020 tax returns from Apr 15, 2021 to May 17, 2021. However, for businesses, the extension only applies to businesses classified as sole proprietorships and single owner LLCs. All other business structures are still subject…

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business plan

9 Key Elements of an Effective Business Plan

By Business Advice

For any entrepreneur starting a business, there are many necessary activities and documents to prepare to maximize success. A well-written and detailed business plan is one of the most important documents for a business owner. It will give you guidance on where you’re going and how to get there. According to Investopedia, “A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals….

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accurate financial statements

Understanding the Need for Accurate Financial Statements for a Business

By Business Advice

Financial statements are critical to a business owner. They provide much-needed information on the financial status of the business and provide input into wise and timely decision-making. Financial reports are usually prepared at the end of each quarter and fiscal year.  These financial statements are used by management, stakeholders, investors, creditors, and debtors to gain insight into the financial status of your company. They are the basis for making decisions on purchases, loans, and other activities related to the growth…

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income statement

4 Reasons Income Statements Are So Important

By Business Advice

As a small business owner or entrepreneur, your business is your livelihood. Monitoring the financial health of your business is essential. It’s common for small business owners to focus on the cash flow statement, since that’s something they need to consider on a daily basis to pay overhead expenses. But if you’re ignoring other reports, you may not have a clear understanding of your true financial position. What Is an Income Statement? An income statement is one of three major…

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