Blog Archives

Businesses to Start Under $10K

4/29/2016

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.

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What is a Trial Balance?

4/28/2016

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A trial balance is a list of accounts and their balances at a given time.

Customarily companies prepare a trial balance at the end of an accounting periods. They list accounts in the order in which they appear in the ledger. Debit balances appear in the left column and credit balances in the right column.

The trial balance proves the mathematical equality of debits and credits after posting. Under the double-entry system, this equality occurs when the sum of the debit account balances equals the sum of the credit account balances.

A trial balances may also uncover errors in journalizing and posting.

Establishing business policy and procedures will support in ensuring personnel understanding the connection between journalizing and posting to the trial balance.

It is always the start that requires the greatest effort. – James Cash Penney

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Is Your Business Goal to Become a Publicly Held Company?

4/27/2016

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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:

Safeguard its assets
Process information accurately
Ensure compliance with laws and regulations

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.

Source: CorporateAccounting

Success is how high you bounce after you hit bottom. – General George Patton

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What Are the Basics of A Surety Bond?

4/26/2016

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If you do build a great experience, customers tell each other about that. Word of mouth is very powerful. – Jeff Bezos

What is a Surety Bond?

A surety bond ensures contract completion in the event of contractor default. A project owner (called an obligee) seeks a contractor (called a principal) to fulfill a contract. The contractor obtains a surety bond from a surety company. If the contractor defaults, the surety company is obligated to find another contractor to complete the contract or compensate the project owner for the financial loss incurred.
There are four types of surety bonds:

Bid Bond: Ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
Payment Bond: Ensures suppliers and subcontractors are paid for work performed under the contract.
Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
Ancillary Bond: Ensures requirements integral to the contract, but not directly performance related, are performed.

When do I need a surety bond?
Any Federal construction contract valued at $150,000 or more requires a surety bond when bidding or as a condition of contract award. Most state and municipal governments as well as private entities have similar requirements. Many service contracts, and occasionally supply contracts, also require surety bonds.

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.

Source: SBA.gov

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Another Look at Offering Benefits for Your Start-Up Business

4/25/2016

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An ounce of action is worth a ton of theory. – Ralph Waldo Emerson

Learn More about the Probability of Business Survival

Are you a small business owner planning to offer benefits to your current staff or new employees? Before you decide read the recent article published by Inc. Magazine (click the file below).

Understanding the probability of survival is important.

Establish your policy and procedures which will include your framework of your business.