Financial Reporting Must’s, Startup Declines, and HoloLens2
The Financial Reports Every Small Business Needs
Once you have a business plan and your startup funding, it’s time to hit the ground running. But, before you go gun ho, be sure to have these financial reports in place so you can keep your financials on track.
BALANCE SHEETS
Balance sheets are the most basic form of financial statement you can have for your business. They offer a quick view of what your company owes and has at any given moment. Furthermore, they can also keep track of non-cash assets such as physical property.
ACCOUNTS PAYABLE & ACCOUNTS RECEIVABLE
Paying the bills is a significant component of running a successful business. Accounts payable and accounts receivable report will tell you to whom you owe money and who owes money to you. Without this report, it is easy to dig yourself into a hole where you forget bills that need to be paid or don't collect money from someone who owes you.
BUDGETS VS. ACTUAL
Every business has a budget based upon money that is expected to come in and money that is supposed to go out. A budget vs. actual report displays a comparison of what you have budgeted against what you have actually spent. It can help you see where you are overspending, and likewise, where you might have a surplus.
PROFIT & LOSS STATEMENT
Many business owners would argue that a profit & loss statement is their most important financial statement. Because it can be categorized by segments of your business, it shows you where you are making the most money and where you are losing money. This report should be viewed regularly to help you adjust your business strategy and become more successful.
These financial reports are the foundation of a healthy business. Once you have received initial funding for your business, implement these reports right away to ensure your money isn’t mismanaged.
Sources:
https://www.entrepreneur.com/article/325055
https://signatureanalytics.com/the-top-5-financial-reports-every-business-owner-should-review/
Small Business Startup Numbers are Down. What Does That Mean?
NEWS YOU NEED TO KNOW
For a few years, small business startups were booming. It seemed as though every time you jumped online or turned the corner, there was an announcement for a new venture tempting you to try their goods or services. Recently, however, it has been noted that the number of small business startups has declined dramatically. A fact that leaves hungry entrepreneurs wondering what's next for them.
The truth of the matter is there are a lot of factors playing into the decline of small business startups. Some experts believe it can be attributed to foreign companies taking over significant markets. Others think it is the result of top-of-the-line technology that has made it easier for online companies to do business at higher volumes.
No matter the truth behind the decline, however, there is no reason for entrepreneurs and small business owners to panic. With the right methods in place and an awareness of the changing landscape of small businesses, success is still (very) possible.
No matter the current statistics for small business startups, there will always be people willing to take a chance on their goals. And, no matter how many boutique stores or bakeries there are still people who are going to start a new one.
All small businesses, especially online small companies, that desire to be successful (in any economic state) should focus on scaling their business and meeting customer demands. Although this often takes additional funding, it is a method that has been proven to work time and time again.
SOURCE: https://www.entrepreneur.com/article/316871
A New Technology Innovation from Microsoft and What It Means for Your Business
At the latest technology conference, Microsoft switched its product focus from consumer-based technology to an innovation they believe will help businesses boom - HoloLens2.
What is HoloLens2?
HoloLens 2 is a wearable headset packed with technology designed to help make business easier. Components such as a holographic processing unit, AI coprocessor, and deep neural networks are the most notable features.
What can it do?
Experts suggest that the HoloLens2, thanks to its advanced technology, will be able to process data in real time without having to store it to be analyzed later. It will also be able to recognize objects and people.
How will it help business?
Because HoloLens2 is packed with technology, it will be able to provide assistance and solve problems faster than anything we have ever seen before. It will store guides, information, and other data along with user preferences. From everything stored within it, it will be able to recognize issues and recommend fixes immediately. Some people even believe it will be able to assist in complex processes such as medical procedures.
For your business, HoloLens2 could mean faster production time, higher sales, or more intuitive customer service. Thanks to AI technology, that choice will be up to you.
SOURCE: https://www.forbes.com/sites/quickerbettertech/2019/03/03/targets-online-marketplace-to-compete-with-amazon-and-other-small-business-tech-news-this-week/