Multi-Currency Accounting for the Small Business Going International
The global cross-border e-commerce market in 2024 was an estimated $1.14 trillion, and it’s a tiny fraction of the global market value. Even small businesses have access to sizable global sales opportunities that are making them hold incredible amounts of currency. Small businesses are usually exporters and small businesses make up the vast majority of […]
Avoiding Commingling: Clean Personal vs. Business Bookkeeping
Surveys show that about 25 percent of small-business owners mingle personal and business funds. A study found that about 26 percent of business owners reported that they did not own a separate account for their business, and in a separate survey, other owners indicated that 23 percent used their company card for personal purchases. While […]
Accounting for Virtual Assets in Digital Economies
According to Chainalysis’ 2024 Global Crypto Adoption Index, the United States ranked fourth in the world for crypto adoption. This shows that digital assets are now becoming a meaningful consideration for many U.S. companies and advisors. Okay, let’s unpack this a bit. Virtual assets are really broad these days. You have digital tokens that are […]
Fund Accounting Basics for Non-Profit Bookkeepers
Introduction There are about 1.9 million registered nonprofit organizations in the United States. (learning.candid.org). These groups comprise, together, a large sector of the U.S. economy, and this means non-profits needed an entirely different accounting perspective than that of a business. Fund accounting is the way that non-profits will manage finances. Fund accounting manages records in […]
Tracking Sustainability Costs in Small Business Accounting
The recent SME survey from UNCTAD showed that more than eight in ten small and medium enterprises see sustainability as a meaningful business issue, yet only 7.7% of SMEs were doing sustainability reporting. Quite an inconsistency, isn’t it? And it is really where accountants and financial advisors can step up and make a difference for […]
Financial Metrics to Track During a Business Expansion
Growing a business into new B2B and B2C markets can be venturing into virgin territory. Take, for example, a mid-sized maker of green office furniture, about to open its first distribution center on the West Coast: the boardroom is abuzz with excitement, projections shine on the PowerPoint charts, and the CEO is already thinking of […]
