If you own or manage a small business, there’s a good chance you’ve faced cash shortages within the past year due to the COVID-19 pandemic. Cash shortages can make it very challenging for you to buy inventory and supplies, and can even threaten your business’s longevity.
Cashing checks is an important task for businesses and consumers. While online payments are popular, people aren’t always trusting of this option. Because of this, having a business bank account in-place is key. However, some business owners prefer to operate without involving banks.
One of the biggest mistakes new business owners make is not taking time to understand their company’s financial statements. For instance, a balance sheet can be used to monitor your business’s financial health.
If you haven’t taken out a small business loan before, it’s common to feel overwhelmed by the loan process. In fact, even if you have received a loan amount, you may need to brush up on your financing knowledge.