The Importance of Reading and Understanding Financial Statements

Reading Financial Statements
Financial statements can be difficult to analyze, but they are critical to the health of your business.

For many, financial statements can be difficult to unpack, but they are vital to understanding the success and growth of your business regardless of size. There are a wide variety of financial documents that you will need to be aware of. While it is nearly impossible to give you a full overview of each type in a single blog post, today we’ll take you through some of the most common documents and what you will need to know. Once you have a basic understanding, you’ll be able to navigate your financial situation much more effectively. Continue reading “The Importance of Reading and Understanding Financial Statements”

Which Payroll Software Best Suits Your Business?

Payroll Software
The right payroll software for your business will depend on a number of factors. Learn some of your options below!

Streamline your company’s internal finances with a payroll software. Whether you are a large corporation or a small business, a payroll software is an essential ingredient for success. Modern and efficient, it organizes all important documents and manages employee pay periods. When business picks up, the payroll software will provide valued guidance with detailed financial reports. It is the unsung hero in the HR department. Selecting which specific program best suits your business model is one of the most important payroll management decisions. With a wide array of options available, three software programs have emerged as top competitors:

  1. Gusto
  2. OnPay
  3. BambooHR

Weigh the pros and cons of each payroll software to identify which program would mesh the best with your business. Keep in mind, each company is unique and presents distinct needs. Platforms designed for large corporations may prove to be incompatible with smaller businesses. Know your business and select the program that will provide the most support. Continue reading “Which Payroll Software Best Suits Your Business?”

3 Year-End Payroll Processing Tips

Learn how to operate payroll at the end of the year.

We are toward the end of December, which means 2018 is coming to an end.  For all of the small business owners out there, the end of each year is the time when you need to process payroll for the past calendar year.  Processing payroll at the end of the year can be complex and detail-oriented requiring you to calculate taxes and compensation totals for each employee.  Luckily, there are a few simple payroll processing tips you can follow at the end of the year. Continue reading “3 Year-End Payroll Processing Tips”

How To Set Up Payroll For Your Small Business

Are you in the midst of setting up your payroll?

Running a business is not an easy feat, whether you are in charge of a large company or starting a small business.  If you are in starting a small business, one of the most important aspects is setting up payroll so that you can pay your employees and yourself.  In last weeks blog, we discussed general tips on how to operate and manage your small business’s payroll on a regular.   If you want to learn how to set up payroll for your small business, then follow these simple tips. Continue reading “How To Set Up Payroll For Your Small Business”

3 Small Business Payroll Tips

Learn how to manage your payroll properly.

Running a small business is not an easy task, especially one that is successful and improving on their profits on a yearly basis.  An important aspect of running a small business is setting up and managing your payroll services.  You want to make sure you are managing your payroll properly so that you avoid IRS penalties once tax season comes around.  Luckily, there are a few payroll tips you can follow Continue reading “3 Small Business Payroll Tips”

3 Ways To Improve Your Accounts Receivable Processes

Learn how to improve your accounts receivable process.

Running a successful small business is not an easy task and involves coordinating numerous elements.  An important part of running a small business is having consistent cash flow and improving it over time.  In order to achieve this, you need to have an efficient accounts receivable process, which includes having your customers pay you in a timely manner.  Luckily, there are a few simple ways to improve your small business’s accounts receivable processes. Continue reading “3 Ways To Improve Your Accounts Receivable Processes”

Do You Need Help Creating A Strategic Plan For Your Small Business?

Learn how to create an effective strategic business plan.

Any type of business needs to formulate a strategic plan when wanting to accomplish a task, especially when it comes to starting a small business.  If you are starting a small business, you may not have a steady revenue or customer base yet.  So, you need to create a strategic plan to get your business off the ground.  A strategic plan can become the groundwork of how specific procedures are run at your company.  There are a few vital steps you should include in your strategic plan for your small business. Continue reading “Do You Need Help Creating A Strategic Plan For Your Small Business?”

A Simple Guide to Financial Statements

Here is a simple guide to business financial statements.

An integral part of running a small business is analyzing your finances on a regular basis.  You need to stay up to date on important financial aspects of your business such as your revenue, expenses, and cash flow.  At PL Consulting, we specialize in putting together your financial statements and analyzing your financial position at the end of each cycle.  However, you still need to understand the basics of accounting when it comes to your small business.  Luckily, we have put together an overview of the financial statements you need to prepare.

Continue reading “A Simple Guide to Financial Statements”

Benefits Of Direct Deposit

Discover the benefits of direct deposit.

If your company is still using a paper check system, you might be making extra work for yourself and sacrificing efficiency. Over 82% of employers in the US use a direct deposit payroll system and accounts payable system, which often benefits companies, employees, and vendors alike. Payroll reports and vendor payment reports are still easily accessible. However, the overall workload of payment is significantly reduced.   Continue reading “Benefits Of Direct Deposit”

How To Gain New Customers For Your Small Business

Gaining Customers for a Small Business
Getting new customers for your small business can be challenging. Here are some tips to follow!

Growing a small business is not an easy task, especially since there is an ample amount of competition in today’s marketplace.  As a small business owner, you might have limited resources when trying to expand and improve your business.  However, your main goal should be to draw in a new customer base.  Luckily, there are a few simple tips you can follow if you want to gain new customers. Continue reading “How To Gain New Customers For Your Small Business”