By Finance New Mexico
Entrepreneurs don’t need to be certified public accountants to start or operate a business, but a basic grasp of bookkeeping principles can help them accurately gauge performance and profitability, keep track of cash flow and make smart decisions about assuming debt or prioritizing payments to creditors based on what the financial reports say.
Though “bean counting” is perceived by some business owners as a time-consuming nuisance, a good accounting system is actually a tool that allows the owner to trace every dollar the business receives from a customer and to monitor dollars owed.When someone pays for a product at the point of sale, the transaction is applied to the appropriate account, where related expenses can be applied to indicate gross profit. When a client is billed on a monthly or quarterly basis, the accounting system can oversee payments to a different account and alert the business when payments are missed so steps can be taken to collect on aging invoices. Continue reading
Employers who provide a space where employees can express and store milk or breastfeed a baby quickly realize the benefits of doing so.
If you whisk together hard work and passion and then throw in an effective loan program, your chances for small business success will likely be high. Those ingredients came together in Ruidoso, where Steven and Marie Gomez operate the Cornerstone Bakery & Cafe.
When Nick Harrison couldn’t persuade his mom to let him buy her trophy shop in Oregon, he moved with his wife to New Mexico and bought a complementary business in Albuquerque.
