Business Operations Support

Bookkeeping focuses on systematic and chronological recording of a business's financial transactions. Bookkeeping's goal is to create and maintain accurate and up-to-date financial records. It includes key tasks such as:

• Recording daily transactions (sales, purchases, payments, receipts); maintaining ledgers and journals
• Reconciling bank statements
• Managing accounts payable and receivable; preparing basic financial reports (e.g., income statements, balance sheets)
• Handling payroll

Handling payrollCommonly used apps include:

• Quickbooks
• Freshbooks
• Oracle Netsuite ERP
• Sage Intacct

Accounting focuses on analyzing and interpreting the financial data recorded by bookkeepers to provide insights and support decision-making. *Accounting functions should be handled by a licensed Certified Public Accountant (CPA).

Key accounting tasks include:

• Preparing financial statements
• Preparing tax returns and ensuring compliance with tax laws conducting audits
• Providing financial advice and planning
• Developing budgets and financial forecasts
• Ensuring compliance with accounting standards and regulations

Legal compliance means adhering to all applicable federal, state, and local laws and regulations, including licenses, permits, workplace health and safety, marketing, and privacy/data protection requirements. It's an ongoing process of identifying, understanding, and implementing these requirements to mitigate legal risks, build trust, and operate ethically.

Disclaimer: Always consult with a lawyer so that you are legally compliant to operate your business.

Business insurance helps protect businesses from financial losses that can result from various risks and unexpected events during their operations.
Even if your business structure offers some liability protection, insurance can fill the gaps and shield you from unexpected losses caused by accidents, natural disasters, or lawsuits. In many cases, certain coverage is required by law.

Below is required by the federal government if you have employees:

Workers’ Compensation – For businesses with employees.

Unemployment Insurance – State- administered but federally required.

Disability Insurance – Required in some states.

For more information on types of business insurance, visit the US Small Business Administration (SBA).

Information Technology (IT) encompasses the use of computer systems and networks to manage, process, protect, and exchange information.

IT also enables small businesses to leverage technology strategically, from adopting cloud solutions that improve flexibility to using data analytics for smarter decision‑making.

IT professionals are responsible for ensuring the smooth operation of technology infrastructure and resolving technical issues within an organization.

Some of the most used apps that can be integral to operate efficiently for your business include:

Some of the most used apps that can be integral to operate efficiently for your business include Collaboration & Communication tools such as:

• Microsoft Teams
• Google Workspace
• Slack

Sourcing and purchasing are distinct but related processes within the broader context of procurement.

Sourcing focuses on identifying and selecting suppliers, while purchasing involves the actual transaction of buying goods and services from those suppliers.

Essentially, sourcing precedes purchasing, determining who will provide the goods or services, while purchasing addresses how and when the goods or services are acquired.