News & Press
20 Expert Accounting Tips Every Small Business Owner Should Know
Excerpted from the article published by the Forbes Finance Council
Managing your small business’s finances isn’t just about crunching numbers—it’s about making data-driven decisions that keep your business healthy and positioned for growth. The right accounting strategies can streamline cash flow management, optimize tax savings and bring a new level of efficiency to your daily operations. Here, Forbes Finance Council members share the accounting tips they’ve found most impactful, from simplifying cash flow processes to maximizing tax efficiencies. By focusing on these practices, you can manage finances more confidently and spend less time on accounting tasks that take you away from your core business.
Understand Your Finances
Analyzing net sales, gross margins and contribution margins while measuring SKU, channel and customer performance reveals success drivers and vulnerabilities, highlighting areas for diversification in the supply chain, channel or customer base. This helps identify where to invest and drives informed strategic decisions for long-term success. – Brent Lessey, CPA, MST – Partner, Tax Leader of Consumer Products, Leader of MWBE