It's very common for accountants to get asked to prepare a years worth of accounting and booking and the end of a fiscal. I strongly encourage all businesses to get ahead of the game and do this monthly, it will help you with better decision making throughout the year.
Preparing your year end financials can be daunting and overwhelming, here is your CPA approved guide to help you and your accounting team make it through!
A robust year-end accounting checklist is pivotal for a seamless transition into the new fiscal year and fulfilling financial reporting obligations. Below, find a versatile checklist that suits various business needs:
Reconcile Bank Accounts:
Review Accounts Receivable:
Assess Accounts Payable:
Is your business poised for expansion but lacking the necessary capital? Small business grants might hold the key to fueling your growth without accruing additional debt. While seeking financial support to bolster your enterprise, understanding the ins and outs of these grants is crucial.
Small business grants serve as a source of early-stage funding, aiding entrepreneurs in specific ventures without requiring equity stakes or debt accumulation. Despite not being 'free money,' these grants offer an attractive opportunity to finance various business needs, such as hiring, marketing, or research and development.
Pros and Cons of Small Business Grants
Before delving into the world of small business grants, it's essential to weigh the advantages and drawbacks:
Unique qualifying criteria: Unlike traditional loans, grants may have distinct eligibility requirements, like showcasing sales growth or employee hiring due to grant-funded initiatives. No repayment: Most grants don't...
Enjoy this read, I was happy to contribute to this article in Glamour UK discussing the little bit of me I saw in the weird Barbie character.
Kate McKinnon portrays Weird Barbie in the summer blockbuster Barbie. Her character is introduced to viewers under a veil of mystery and, on account of Margot Robbie’s Stereotypical Barbie, trepidation. However, I was introduced to Weird Barbie long before the film. As were many others. We just didn’t realise there was a name for it at the time.
As the younger sibling, I often ended up getting my big sister’s hand-me-downs in the'90s. It’s a rite of passage any kid sibling goes through. I inherited her Walkman when she graduated to a Discman. A few years later, I was given said Discman when she upgraded to a fancier model. But the one thing I never inherited was her Barbie dolls. Why? Well, she had chopped off all their hair some years prior and coloured them in with various felt tip pens. My mother, unwilling to...
In my early 20s, I had little to no emotional intelligence (EQ). It was not something I deemed as a success factor. Truthfully, I had been conditioned to avoid it due to beliefs that emotions demonstrated weakness. Decades later I know this is not true and have built a successful career and business that leverages the power of emotional intelligence to build strong relationships.
For many, EQ is a skill that needs to be cultivated. For me, it took a mentor who showed me that you can be a strategic and successful leader while leading with heart. He used his emotional intelligence to develop social awareness and empathy toward his team, with respect to both their personal issues and workplace concerns. He allowed us to show up as we were every day and was supportive of us as people, not just resources. He led a team for three decades that would give 100% of their ability in return with this superpower.
My mentor encapsulated the importance of relationship building and leaning into EQ...
In a recent consult with one of my career-coaching clients, she explained to me that an abrupt change in leadership had occurred.
After reviewing her résumé and discussing at length her leadership readiness, I asked why she had become increasingly pessimistic and negative about being able to achieve this goal. The new leader who had been put into place within the past few weeks had begun to take a toll across the organization.
They came in “ready to shake things up” and made the following announcements:
• “I was hired to do a job; I have no loyalty to any of you.”
• “Your department is broken beyond repair. Why do we need it?”
• “There is a reorganization on the horizon; do what you feel with that information.”
• “Your role may remain, or may not....
What if you fail, but what if you fly?
Fear of failure is the thought that keeps every entrepreneur awake at night. All the time, energy and investment could be for nothing if the idea or delivery isn't successful.
For many of us, the thought of going back to an older version of ourselves isn't an option anymore. I could personally never be an employee again. Mentally and physically, my mind and body would revolt. The freedom and passion that come with the grit and grind of entrepreneurship are my motivators to wake up everyday and keep this machine going.
This all sounds idealistic and wonderful, but what happens when you are in the midst of it all — the building, planning, sourcing, scaling — and the pressure becomes palpable? How do you handle the toll of decision-making in those moments when fight-or-flight kicks in? Everything we do in business today is magnified because of social media and the rapid speed with which information is shared to create buzz and...
Being a member of the leadership team is one of the most challenging, demanding roles because these people carry the weight of a workplace on their shoulders every day. From ensuring the company's financial health to managing employees, they must be strategic thinkers, problem-solvers and visionary leaders.
It's no secret that being a leader can often be a lonely job, and it requires a high level of resilience, emotional intelligence and grit. During a recent discovery call with a CFO, I was amazed at how raw and honest he was about the gravity of the stress he felt and how troubled he felt knowing that the members of his team were struggling.
We ended up discussing four management areas that many of my clients worry about: the company's financial position, employee...
Posted on Entrepreneur.com: Kevin O'Leary on Leading and Innovating to Build a Better Digital Asset Marketplace (entrepreneur.com)
Our Full Length Interview: Kevin O'Leary & Ben Samaroo
In an exclusive interview, the 'Shark Tank' investor explains the changes and movements being made towards a regulated cryptocurrency market.
The crypto market is expected to grow to $32B USD by 2027 and with trillions of dollars sitting idle in the global economy, all eyes are on the debates happening in the US right now as committees ramp up their discussions on regulations.
This brought me to Shark Tank’s Kevin O’Leary, strategic investor in WonderFi, which provides novice users with a simple way to buy crypto on regulated exchanges like BitBuy and recently acquired Coinberry, earn interest and track performance, while maintaining full control and custody of their assets. I reached out to O’Leary, as my interest in how talks are progressing and how the team at WonderFi...
Less than 24 hours since Entrepreneur Media semi-annual print issue was published, I woke up this morning to a flooding of my inboxes from strangers around the globe who connected to my feature piece.
While it's beyond flattering to be selected, it is always the feedback and connections that mean the most.
They say it takes a startup an average of 3 years to get a solid footing and foundation set. What happens during this time?
You learn what works and what doesn't.
You gain and you lose; money, patience, time, people....
It can be an extremely lonely and isolating journey (without the compounded effect of doing so during a pandemic).
To all the #entrepreneurs just getting off the ground or in flight, take advantage of the stories shared and learnings, if you can be spared one mistake it's definitely worth the time.
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