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Most Entrepreneurs focus on marketing and product/service delivery for their customers, but one of the most important elements of business is often ignored..... the numbers.

Numbers are the language of business, and as the saying goes what is not measured can't be managed.

You don't need to be an expert in accounting, but you need to understand the key drivers to have a growing and profitable business.

No matter if you are looking to grow a profitable business, or eyeing to exit your business in the next three years, we have solutions to guide you on your entrepreneurial journey.

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Tips for Effective Budgeting

How Accounting Helps Small Business Owners in Managing a Successful E-commerce Business

June 05, 20233 min read

Introduction:

Running a successful business takes more than just passion and hard work.

As a small business owner, you need to have a firm grasp on your finances so that you can make informed decisions that help grow your business.

This is where accounting comes in.

Accounting plays a crucial role in managing a successful business and can help you keep track of your financial performance. In this blog post, we'll discuss some of the ways accounting can help small business owners manage their finances, and some key numbers that every small business owner should know.

Accounting Helps Manage Your Business

With that said, here are 5 reasons why accounting is important👊

1. Financial Recordkeeping

 The first reason accounting is essential to small business owners is for financial recordkeeping.

Keeping track of every single transaction you make is crucial in creating an accurate view of your financial position.

Accounting also helps you keep organized financial records that can be used to evaluate your business's performance over time.

By keeping accurate records, you can easily identify areas of the business that need improvement and revisit your strategy for generating income.

2. Budgeting and Forecasting

When you start a new business, you must have a budget in place that outlines the costs of running your business.

Accounting can help you create an accurate budget that takes into account your expenses, projected income, and other factors.

Budgeting and forecasting help small business owners stay in control of their finances and plan for the future.

A business owner needs to know how much it costs to run their business, from salaries, rent, utilities, to supplies.

With an accurate budget, you can predict what your sales revenue will be and better prepare for expansion or unexpected expenses.

3. Cash Flow Management

As a small business owner, you should always keep a close eye on your cash flow to ensure that your business's financial health remains strong.

Accounting can help you track your cash inflows and outflows and ensure that you stay on top of paying bills and invoices on time.

A healthy cash flow can help you take advantage of opportunities, such as bulk inventory purchases, without harming your business's financial health. Healthy cash flow can also allow the business owner and/or investors to pay themselves more consistently from the business.

4. Tax Compliance

Navigating the complex world of taxes can be challenging for small business owners.

Accounting can help you ensure that you are not overreporting or underreporting your business finances. Overreporting could you lead you to paying more in taxes than what is necessary, and underreporting could lead to fines when the tax authorities find the error.

By utilizing an accounting software, you can track your sales tax and income tax automatically, helping you stay in compliance with tax authorities and ensuring that your business remains in good standing.

5. Key financial numbers you should know

Understanding some key financial numbers is critical for any small business owner.

Some of the most important numbers you should keep in mind include gross profit, net profit margin, and cash flow.

Gross profit refers to the difference between your total sales revenue and the cost of goods sold.

Net profit margin is the percentage of profit made after all expenses are paid.

Cash flow refers to the amount of cash you have on hand at any given time.

Understanding these numbers will help you make informed decisions as you manage your business.

Conclusion:

Accounting is vital to any small business's success and can help you keep your business's financial health in check.

The benefits of accounting include better financial record keeping, improved budgeting and forecasting, stronger cash flow management, and compliance with tax regulations.

As a small business owner, understanding key financial numbers such as gross profit, net profit margin, and cash flow will help you make informed decisions in managing your business.

By investing in good accounting practices, you can take your business to new heights of success.

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Adam Wayne

Adam is a highly experienced finance and audit professional with an impressive track record of helping business owners reduce tax burden, control cash flow and increase profits. Adam earned his Master of Business Administration and Master of Accounting and Financial Management from DeVry University along with his Bachelor of Arts in Mathematics from Arizona State University. He is a Certified Public Accountant licensed in the State of California and Texas and supports local business owners as a member of the Waxahachie chapter of the TEAM Referral Network. Neway Financial Management is not a CPA firm.

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Testimonials

Taxes

Thank you Adam Wayne for providing me with an informative and eye opening tax consultation. What I appreciate most is your patience with all of my questions. You made sure that I left the meeting with an understanding of concrete action steps that I need to take to improve my tax liability for 2022. Your professionalism and expertise were refreshing.

Dee

July 12, 2022

Bookkeeping and Taxes

"Adam is very informative, patient, and responsive. I know absolutely nothing about accounting and he explains it until I understand it. He is also very professional and kind. I recommend him to all of my colleagues.

Thank you Adam!"

Liz

January 4, 2021

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