The main purpose of a business plan is to communicate the vision of the company so that everyone who gets involved is on the same page. This includes potential partners, investors and vendors. It is an important element of business formation because it substantiates the initial idea of the business with a concrete plan of action. For both established and new businesses, the business plan sets the path for moving forward. A business plan maps out a company’s route to success, and its audience … [Read more...]
Avoid these common accounting errors
Posted on June 5, 2014 //
Good accounting information is essential for any business’ success. Accuracy, timeliness and integrity in financial management are vital because inaccuracies can lead to uninformed decisions made by those who manage the business’ operations and those who have invested capital in the company. Additionally, mistakes made in the accounting process can result in ethical, logistical and legal problems. Mistakes to avoid There are many common accounting mistakes business owners are prone to … [Read more...]
Setting up the financial portion of your new business
Posted on May 21, 2014 //
For virtually every new business owner, managing business finances properly is a top concern. Poor accounting and bookkeeping can lead to problems ranging from financial loss to legal violations. Although professional guidance is essential for important decisions and unexpected snags, the owners of most Illinois small businesses can benefit from understanding the basic guidelines for setting up the financial portion of a business. Starting steps Opening a business bank account is … [Read more...]
