Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t. – Unknown
This is great news to get your creative minds going on your new or next business venture!
Are you an entrepreneur with many talents and skills to share with others and can't quite figure out which business to launch first? Or has launching your business been placed on hold because your just not sure how much capital you need to get started?
Fear no more! Entrepreneur magazine has published an article which outlines 63 business you can start with $10,000 or less. Once you have decided your next business move, visit our website for support in establishing your policies and procedures.
Policies and procedures are a critical tool in meeting your business goals.
It is always the start that requires the greatest effort. – James Cash Penney
What is Sarbanes-Oxley?
During the financial scandal of the early 2000s, stockholders, creditors and other investors lost billions of dollars. As a result, the U.S. Congress passed the Sarbanes-Oxley Act of 2002. This act, often referred to as Sarbanes Oxley, is one of the most important laws affecting U.S Companies in the recent history. The purpose of Sarbanes-Oxley is to maintain public confidence and trust in the financial reporting of companies.
Sarbanes-Oxley applies only to companies whose stock is traded on public exchanges, referred to as publicly held companies. However, Sarbanes-Oxley highlighted the importance of assessing the financial controls and reporting of all companies. As a result, companies of all sizes have been influenced by Sarbanes-Oxley.
Sarbanes-Oxley emphasizes the importance of effective internal control. Internal control is defined as the procedures and processes used by a company to:
Fontenot & Associates Solutions recommends establishing company policy and procedures to support with maintaining effective internal controls whether you are a private or publicly held business.
Success is how high you bounce after you hit bottom. – General George Patton
As a business owner it is important to establish your policies and procedures with key definitions to personnel understands the framework of the business. Visit us to view our services available.
An ounce of action is worth a ton of theory. – Ralph Waldo Emerson
Learn More about the Probability of Business Survival
One doesn’t discover new lands without consenting to lose sight of the shore for a very long time. – Andre Gide
Business Accounting Tip
As you build your business it's important to understand the accounting aspect of depreciation.
"Depreciation is an accounting and finance term for the method of attributing the cost of an asset across the useful life of the asset.
The use of depreciation affects a company's (or an individual's) financial statements, and, in some countries, their taxes. Depreciation is an average or expected view of the decline in value of an asset. For example, an entity may depreciate its equipment by 15% per year. This rate should be reasonable in aggregate (such as when a manufacturing company is looking at all of its machinery), but there is no expectation that each individual item declines in value by the same amount."
A company typically owns a variety of assets that have long lives, such as buildings, equipment, and motor vehicles.
The period of service is referred to as the useful of the asset. Because a building is expected to provide service for many years, it is recorded as an asset, rather than an expense, on the date it is acquired.
Companies records assets at cost, as required by the cost principle. To follow the expense recognition principle, companies allocate a portion of this cost as an expense during each period of the asset's useful life.
Depreciation is the process of allocating the cost of an asset to expense over its useful life.
Establishing a start-up business takes time and is a process when trying to define your brand. Women business owners face unique challenges and still only own about 30 percent of U.S. Businesses. But and as entrepreneur I remain confident that women businesses are being recognized and supported by more organizations. After attending my first Circular Summit, Women Entrepreneur Conference, in Houston, Texas, I'm convinced that strong women leaders do exist and are willing to support like minded women exceed and become successful.
Did you know? "US ranks 1st in the world for institutions that support female high-growth entrepreneurs, Australia ranks 2nd."
The Entrepreneur magazine published an article with 6 great start-up tips for women entrepreneurs.
Now, go out and inspire a women you know to remained focus to her goals! Fontenot & Associates Solutions can support with establishing your business policies and procedures - whether your still in the start-up phase and rapidly growing, it is never to late to start developing.
Source: Entreprenuer magazine; Inspiringarebirds
Entrepreneurship is the last refuge of the trouble making individual. – Natalie Clifford Barney
Yes, They Are Key to The Workplace!
Analytical skills are in high demand from organizations and should be a development tool for business owners and professionals.
Analytical thinking skills allow us to gather information, articulate and solve complex problems. ''Study's have shown 58% of company leaders say analytics are important to their organizations now, and 82% say they will be important in 5 years.'' This study was published in 2013 but is very much relevant for our today and future professionals.
"Research shows, if you worry that your analytical skills are not up to par, never fear. They can be developed with time and consistent practice. Like a muscle, the more you use it, the stronger it gets. One way to start is to read more books. This may sound a little too simple of a solution but it really works. How does it work? Well, it helps when you read as actively as possible. Instead of passively skimming over paragraphs and grazing the pages, try to look at both sides of the story. For example, if you are reading a novel, try to see the plot from the perspective of the hero, the villain and other supporting characters. This causes your brain to think in new ways, and increase your stimulation. Thinking differently helps to expand your mind, which is critical.
Another excellent option is to build your mathematical skills. Calculus, algebra and statistics all make use of logic and analysis. You need to go through each problem step-by-step in order to come up with the right answer. Sometimes, you have to work a problem multiple times before you finally figure it out. This can be frustrating, but you get better with focused practice. You can also work through different puzzles with the goal of solving them."
As a reminder to management of corporations, entrepreneurs and business owners who have staff or plan to build a staff - If staff does not understand the basics of their job it will make their job even harder. Fontenot & Associates Solutions can support with the development of policies and procedures, visit our webpage www.FontenotSolutions.com.
Don't make friends who are comfortable to be with. Make friends who will force you to lever yourself up." - Thomas J Watson
Understanding the accounting aspect of your business will often determine the sustainability and longevity of your business. The initial discussions on how you plan to establish the foundation of your business and accounting processes should be decided during the development of your business plan. Will you begin with an accounting system? When will you bring staff aboard? How will you pay your staff? Don't be afraid to outsource your accounting services if it is not your business strength.
It is easy to become overwhelmed. Avoid falling behind on monthly payables or business reconciliations. Black Enterprise magazine has published an article about the Top 5 tips Entrepreneurs should avoid.
Allow Fontenot & Associates Solutions to establish your business policies and procedures as you focus on the future of your business.
Source: Petroleum Accounting
My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.