Issue 21 – Take Your Business to the Next Level
For start-ups and other small businesses that are experiencing rapid growth, the period directly following tax time can be a great opportunity. First of all, now that your taxes are filed, you may have fewer distractions and can dedicate more time to strategic planning.
Many companies view payroll as just one more item to check off the to-do list. But creating standardized processes and keeping up-to-date records is crucial to a company’s financial well-being.
A management information system is a computer system that provides companies with real-time data about their financial performance. The role of a management system is to track transactions as they are being processed, providing executives with information about revenue, costs, and projected profits.
Many contractors have misconceptions about what it means to be DCAA compliant. “Sometimes there’s a misunderstanding,” says Jeanne McMillen, a partner at Rose Financial Services.