As we approach the last month of the year many businesses are in the middle of planning and preparing for a new year. One of the most common planning tools is a budget. For some tips about how to create a budget refer to Budgeting: Are You Doing It? and Year End Budgets. These posts [...]

I love this time of year. It forces us to spend time with our extended family, even when we sometimes might not want to. Thankfully, I am in a good place with most of my family members, including my in-laws. My children are really looking forward to seeing their grandparents and I am looking forward [...]

The term relevance is considered a characteristic of useful accounting information. From an accounting perspective, relevance is when information has the potential to make a difference in your decision making. Students who are completing an MBA program often ask me why they need to take accounting courses when it is not their major or concentration. [...]

At a time when many small businesses are cutting or spending very little for marketing, Gnosis Arts Multimedia Communications is coming to the rescue by offering a Your Market Research Scholarship Program. Gnosis Arts will select one business per month – that is 12 scholarships per year! The winner receives a $200 scholarship toward Gnosis [...]

Supply and demand are two keys that drive business. While these are more economic principles than accounting topics, we use these concepts in budgeting and planning. Even if a small business owner doesn’t prepare a yearly budget, they most likely have calculated the break-even point. The break-even point tells us how many units we need [...]

When you are considering different options for your business, such as should I buy that new truck or laptop computer, how do you determine what factors play into your final decision? Do you crunch the numbers before making the purchase or do you just buy what you need/want? Hopefully you crunch at least a few [...]

Accounting is like a foreign language. The terminology is sometime intuitive and other times very challenging. My students spend the first few classes learning the differences between an asset and a liability as well as debits and credits. They are almost always confused why a debit increases cash and a credit decreases cash because the [...]