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How to Fund Your Small Business

Sources of Business Financing Personal savings Friends and family Crowd funding Investment capital Credit cards Bank loans Community (nonbank) lenders Uses of a Business Loan Equipment Inventory Supplies Materials Working capital Start-up expenses Establishing the Cost of Capital What’s the term of the loan – how many years? What’s the interest rate? Is it fixed or variable? Is it simple or compound? Is it APR or other price? What additional…

Monthly Closing Checklist

MONTH: __________ YEAR: _____ PREPARER INITIALS DATE CASH Reconcile bank accounts and verify that bank balance on bank reconciliation agrees with respective bank statement balance. Verify cash reflected on trial balance agrees to ending cash balance on bank reconciliation. Review outstanding checks and deposits for old transactions that may need to be voided. UNDEPOSITED FUNDS Balance in account should be reconciled to specific deposits clearing in the next month. Verify…

Closing Out 2019

As 2019 comes to an end, accountants across the United States will work diligently to close out their clients’ books, so that tax returns can be filed on time. As work stacks up, it is easy to miss a step in the closing process, which could cost time and money. If you are a new firm owner, it is challenging to know exactly what to do, and you may even…