Tracking Use Tax in Xero can be challenging and sometimes cause small businesses to overlook the recording and remittance of Use Tax. Use Tax is the sales tax that would have been paid on an item if the purchase had been made in the state. When a company purchases goods from a vendor out-of-state, who … Continue reading Tracking Use Tax in Xero
The comparison between cash basis accounting and accrual basis accounting can create a lot of confusion for first-time entrepreneurs and others who are not well acquainted with accounting principles. Often this is caused because accountants or finance individuals tend to use terminology that assumes an underlying knowledge of the interactions between these three financial statements. … Continue reading Cash vs. Accrual: What Entrepreneurs Need to Know
No one plans to make a mistake and when we do, it is very frustrating and discouraging. But when we really look, what do we find behind those mistakes? What causes someone to make an error at work? Before we go into the answer to that question, which can be tricky when we consider how … Continue reading 3 Reasons Why Employees Make Mistakes
“I know what I am doing, I don’t need a checklist.” This thought might come up in your mind often, or it might be manifesting more subtly in your behavior instead. Admittedly, I've caught myself more than once in the second category. Even after building integrated circuits, with their ‘tapeout checklists’, and implementing Stage Gate™ … Continue reading The reason why smart people need a checklist
Understanding Cash flow and its impact on the growth of a business can be challenging for anyone, especially first-time entrepreneurs. It is often taken for granted that cash flow is the lifeblood of any business. Overconfidence and a refusal to give up are common traits attributed to entrepreneurs, so it should come as no surprise that … Continue reading “It’s just a flesh wound!” – How critical is cash flow?
I am often asked to help startups fundraise for their ideas; typically early stage ones that are raising Seed & Series A. In this situation, I get to observe the dynamics of the meeting and “predict” our next steps because I am rarely the one presenting. I recently had some additional thoughts regarding this process which stemmed … Continue reading Does pecking order affect your ability to raise funding?
In the spring of 2006, TeXchange hosted an event titled “Update on Texas-Based Venture Capital: The who, what, and why of VC activity in our region.” I had recently graduated with an Acton MBA in Entrepreneurship and attended the event to learn more about Venture Capital (VC) financing sources in Austin. John Thornton, from Austin … Continue reading Fund Raising to Reduce Risk