A general look at generative AI for businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted. […]
7 common payroll risks for small to midsize businesses
If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating huge disruptions costing time and money to fix, and, perhaps worst of all, compromising the […]
Business owners, your financial statements are trying to tell you something
Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such as lenders and investors, place greater trust in financial reporting done under the rigorous standards of GAAP. But that’s not the only reason. GAAP-compliant financial statements […]
Should your business change its health care plan for next year?
Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time. If you’re going to do either, you’ll have many details to sort through. To simplify […]
B2B businesses: Assess customer credit carefully
Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit. On the one hand, it’s common practice. Most customers likely expect to be offered a credit option when engaging in B2B transactions. On the other, credit arrangements inevitably come with risk of late […]
Applying for a commercial loan with confidence
Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or some other type of lender. If you and your company’s leadership team believe a loan will soon be necessary, it’s […]
Seeing the big picture with an enterprise risk management program
There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working capital and could even lead to bankruptcy if those risks become all-consuming. But on the other hand, no […]
Small businesses can help employees save for retirement, too
Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is the case for your small business, don’t give up on the idea of helping your employees save for retirement in […]
How businesses can reinvigorate strategic planning
For businesses, and people for that matter, the beginning of the calendar year can be a bit of a grind. The holidays have passed, summer vacations are relatively far off and everyone is trying to build momentum for a strong, healthy year. Amongst all the nose-to-the-grindstone stick-to-itiveness, however, you and your leadership team shouldn’t lose sight […]
Is it time to upgrade your business’s accounting software?
By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to the […]
