It is easy to mistake incoming cash and revenue as a sign that your business is doing well. In reality, revenue can disappear in bill payments, salaries, and other expenses, creating negative cash flow. A positive cash flow is an indication of liquidity for the business and money available for immediate use. According to a

Crises, whether foreseen or unforeseen, need a planned response and recovery strategy. This response and recovery is different for small businesses which are structured differently from large established businesses. As a result, measures that work well for an established business may not work for small businesses or startups that were forced to suspend operations and

Running a CPA firm is stressful! CPA firms play a vital role in helping clients keep their businesses running in the “new normal.” CPA firms are turning to automation and technology to combat stress and improve efficiency. According to AvidXchange, 3 out of 4 accountants have added a new technology solution in response to the

Developing financial independence is a major step in crisis preparedness. A report by the Harvard Business Review talks about businesses with less than 500 employees accounting for 48% of American jobs and 43.5% of the GDP. Yet, these are businesses with limited cash resources to buffer even minor financial shock. Businesses have closed temporarily in

According to a report by the United States Census Bureau, a survey showed that an average of 31.4% of businesses expect operations to return to normal in more than six months. Accounting and bookkeeping are key to business sustainability because they govern the financial health of the business. Given that they are time and attention-intensive,

Looking to start your own CPA firm? Make it a priority to choose your strategic partnership. For a startup CPA firm, the ability to meet client requirements effectively and on time is a prerequisite to business sustainability and success. As your clientele grows, so will your practice. This makes it difficult to manage your practice

A Gartner report mentions that nearly 55% of large enterprises are expected to successfully implement an “all-in” cloud SaaS strategy by 2025. Small businesses are most likely to use these SaaS services to facilitate their business and strategies as well. This calls for an increased need for white label partnerships. A white label partnership is

Small business sustainability and growth prospects are dependent on liquidity available and overall financial health of the business. A report by JP Morgan Chase & Co. revealed how 50% of small businesses they researched were operating with a cash buffer of less than 15 days. Only 40% of the firms they researched had more than

A report in the CPA Practice Advisor says that accounting firms struggle with tracking and saving time, billing, and services. More than 57% of firms that responded to an accounting operations and technology survey acknowledge that resolving inefficiencies in process or workflow is key to controlling costs. A pre-COVID-19 report by The Daily CPA identifies

Building up financial capabilities remains the best way for small businesses to guide a planned reopening. The U.S. Chamber of Commerce issued a State-by-State Reopening Guide  to help guide businesses. For startups and small businesses that shut down during the COVID-19 pandemic, reopening brings a new challenge: crippled finances and reduction in reliable resources. Focusing