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This article tries to draw attention to the role that accountants could play as business advisors within your business. Historically, accountants occupied the position of “bean-counters,” which essentially focused on what happened in the past, not on what the future of the business holds.

This has changed, and it’s important to understand the dynamics of how it works in today’s business context.

When choosing for the right qualified CPA for your business, the goal is to find a business advisor who is qualified to help take you from point A to point B—the long haul, in other words. The plan is to find the right complimentary relationship.

Before getting into a discussion of common bookkeeping mistakes, it is worthwhile to address the importance of sound bookkeeping in general.

One of the most significant, if not the most significant function within any secure business is that of risk management. Risk Management equates to having a set of policies and procedures in place that are designed to mitigate losses caused by a myriad of circumstances including natural disasters (floods, tornados, hurricanes, etc.).

A green business is a business that cares about its profitability while at the same time is constantly attentive to the impact the business has on the environment.

Small businesses looking to increase sales and profit, reduce dependence on the domestic market and stabilize seasonal fluctuations should consider exporting. Consider these facts: 

Entrepreneurial finance is the process of making financial decisions for new ventures (i.e. startups).  New ventures are inherently different from established ventures, as are entrepreneurs inherently different from conventional business managers. The financial decisions faced by each are starkly different as well.

Most professionals have only a vague understanding of what Artificial Intelligence (AI) is or means. Absent an understanding of these capabilities, it is near impossible to have a working knowledge of the opportunities for applying AI to the accounting field.

What Is Artificial Intelligence?

So, you have an interest in owning and operating a franchise? Or maybe you know someone, such as a family member, who shares your interest? Hopefully, this information is getting to you before you’ve completed your acquisition because many of the following points should ideally be addressed and prepared for prior to making any commitments to purchasing a franchise.