financial advice

Mid-Year Financial Checkup: 11 Tips

Usually, we at IOU Financial share financial checkup tips with our readers every half-year. In normal times, we would discuss the prudent steps you should consider to increase revenues and cut costs. Then, along came Covid-19. So, this installment is dedicated to ways for small businesses to survive the pandemic in the second half of …

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How Small Business Owners can Protect their Financial Future

Owning a business can be one of the most rewarding career paths— you have created something from scratch by leveraging your specific knowledge and expertise in your field. Therefore, it is understandable that you put forth all your effort into ensuring your business’ success. Although it can be easy to get caught up with the …

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Taxes in 2020 — Small Business Checklist

As we ease into the next tax year, it’s the right time to assess what’s new for businesses: Minimum wages: They went up in 13 states. You’ll need to refigure the withholding and deductions on affected employees. W-4 forms: They’re new for 2020, reflecting the removal of allowances for calculating paycheck withholdings. Overtime rules: About …

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Business on a Budget: Smart Spending Tips for Business Owners

For new and experienced business owners, balancing income and expenditures is never as easy as it seems. There is a qualitative cost to every decision made, and extreme cost-saving measures can make it hard to attract employees. Spending too little on marketing can cause a business to become invisible to potential customers, too. Short-term profits …

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Finance 101 for Small Biz: Debt vs Equity

Small business owners trying to grow their businesses need sufficient capital (i.e., money) to pay for inventory, marketing, equipment, and other vendor-related items. But owners must also have enough capital to pay for operational expenses like rent, utilities, and labor. And let’s not forget about the owner’s salary or draw. After all, most owners rely …

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4 Reasons Why You Should Hire a Tax Accountant for Small Business

Tax accountants do much more than only handle your tax return. They advise on legislation that could affect your business. They oversee and prepare your company’s tax compliance reports. And they give feedback about budgetary concerns. If you’re running a business without a tax accountant, you can probably already see why adding one to your …

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Are You Ready for Your 2020 Budget?

You can’t put it off any longer. The time has arrived to prepare your 2020 budget that’s so necessary for important activities such as: Projecting cash flows Preparing for taxes Identifying borrowing needs Evaluating growth opportunities Assessing performance The stakes are high, because 50% of small businesses fail during their initial five years. You can …

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Secret Ingredients to Successfully Manage Your Business Finances

Managing finances requires constant vigilance. Many aspiring entrepreneurs are almost solely devoted to making the products they love or developing the big ideas they have come up with. One of the biggest mistakes people make is thinking it’s all about the products and services they offer. With a mindset like that, an entrepreneur may feel …

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