Ask the Accountant… Question: My CPA always asks for a balance sheet, but I don’t know what that is exactly. Answer: A balance sheet is one of the two standard financial statements that describes the condition of your business. (The other is an income statement.) Your balance sheet is a snapshot of a particular day…
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Question: Do you have any suggestions for a good way to track orders? Answer: Our industry is complicated, and each order involves many steps and details. I used to track orders manually—step by step for each order. Today there are several automated solutions…
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Ask the Accountant… Question: I am new to the business and don’t know how to price the items I am selling. Any tips? Answer: In general terms, you would like your gross profit percentage to be around 40 percent and higher would be better. Your gross profit margin is the amount left over after you…
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Ask the Accountant… Question: I have some very old software called OrderMaster on my computer. Should I worry about crashes and losing my information? Answer: OrderMaster is written in a very old computer language and is susceptible to crashes as supporting technology, such as Windows, advances. I get calls frequently from OrderMaster users who have…
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Some business advisors encourage entrepreneurs to have a vision for their business. I agree. And I would encourage you to go much farther. Take some time to close your eyes and envision what your business will look like many years from now. Envision the building. Envision the number of employees. Envision your levels of sales…
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Many people seem to go through life satisfied with just being ordinary; okay with just doing okay. But there’s an amazing world and wonderful options available for all of us who are willing to reach for more and go beyond ordinary. It’s called extraordinary. We can all turn what otherwise might just be just an…
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Every day we make mistakes—mistakes in business, mistakes in relationships, and mistakes in life. Some people overthink their mistakes. Sometimes overthinking our mistakes can keep us from trying to live our best life today because of mistakes from yesterday. Let it go. Move on. See yesterday’s mistakes as great learning opportunities, and see today as…
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Readers, this is a very bittersweet Fave 5 for me. As usual, it was a week of awesome promotions catching my eye left and right. But, this is also my last installment of the Fave 5 series. (I won’t cry if you won’t.) I just want to say thank you to everyone who has read…
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We all know that the best way to build muscle is through resistance training. Resistance training is a form of exercise using weights, rubber bands or your own body weight to provide resistance to various muscles. This resistance causes the muscle to strain or fail, which forces it to grow stronger over time. That’s about…
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Happy Wednesday, friends! We’re just one day away from another night of football, so hang in there. To help you get over the midweek slump, I’ve got another roundup of my Fave 5. Keep reading for some awesome promotional products. 1. Madewell Tote Bags https://www.instagram.com/p/B2Ed-3Nlyls/ I’d definitely become an Insider for this autumnal tote bag.…
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