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In Pursuit of Profit

Experts sharing tips about business, money, taxes...
to support your mission and improve profits.
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1/24/2020

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8 Tips for Effective Leadership During Downsizing

 
8 Tips for Effective Leadership During Downsizing
Every year millions of employees are laid off amid downsizing efforts. In fact, in 2017 the top 12 employers to conduct layoffs reduced the workforce by more than 47,000 individuals. While some industries bear a larger proportion of the downsizing burden, no industry is exempt. Additionally, private companies are just as likely to downsize as public companies, making employee layoffs an inevitable reality in business.  

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1/21/2020

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Special Considerations When doing Bookkeeping and Accounting for Churches

 
Special Considerations When doing Bookkeeping and Accounting for Churches
While many industries have their own accounting nuances, churches utilize entirely different principles and practices. As a result, their financial needs are far more complex than many other similarly sized organizations.
​
Churches and businesses view revenue generation differently, use revenue differently, and report revenue differently. Churches need money to operate; however, unlike businesses, their primary goal is not to generate revenue. Instead, they collect money to pay for operational expenses, fund campaigns, and support their ministries. Furthermore, a church does not have shareholders, so any excess income is not paid out – it is reinvested to advance its mission. This is reported on a “statement of activities” instead of an income statement like a traditional business.

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1/13/2020

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Understanding Strategic Business Drivers

 
business drivers
If you've mapped out your company's operating  strategies before considering your strategic business drivers, you may be putting the cart before the horse. Your organization's strategy is a critical statement that outlines how you expect to achieve certain goals. But what are the underlying drivers of your company's beliefs, actions, and desire for success? Defining these should come first, and then your corresponding strategies and projects will follow.

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1/12/2020

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Unique Accounting Services Requirements for Startups

 
Unique Accounting Services  Requirements for Startups
Upon creation startups have numerous hurdles to overcome, including accounting for their unique financial situations.  
​
Unlike more established companies, startups do not yet have substantial cash flow reserves to fund business purchases. An accountant can ensure that tax planning, forecasting, budgeting, and spending are all approached with an eye on generating and retaining cash as effectively as possible.  

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1/5/2020

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Special Requirements of Accounting Services for Restaurants

 
Picture
Accounting is a necessary evil for most business owners – they understand that optimal cash flow requires accurate accounting, but they are often unsure of their own abilities when it comes to keeping their books. ​Even business owners that outsource their bookkeeping and accounting functions still need to understand accounting principles and practices to oversee the work that is being done on their behalf. 

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