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Have you been operating your business without a budget? Or maybe you operate on a very loose one. It should be no surprise that as accountants, we don’t recommend this. Businesses of all sizes need to have a budget in place. They need to be realistic and detail oriented when creating it. They need to then abide by it, but also revisit it often as the business evolves.

Business owners that proceed without a budget are opening the door to some very large risks and many headaches. Without one, you will most certainly overspend on various elements across your operation.…

Keeping the cash flowing into your business is obviously of the utmost importance. However, many business owners don’t have the proper practices in place when it comes to collecting the funds owed to them by their clients and customers. Successfully keeping the cash coming in extends far beyond simply sending out invoices. Let’s take a look at some top tips and practices every business owner should know when it comes to collecting payment:

• This one is simple- send those invoices out in a timely manner. The longer you delay, the longer you will be waiting for payment. Your business…

A down economy that has affected many sectors of our society — including medical practices. Physicians have felt the effects as patients have lost jobs and health insurance and have shifted to saving instead of spending. Physicians may need some specific strategies to weather the storm.

Take active measures

Medical practices should take the following steps to help them handle the downturn:

1. Have a marketing mentality. Just as consumers scale back spending in a down economy, many businesses, including medical practices, may consider scaling back their marketing expenses. But in general, it’s the wrong time to scale back marketing.…