On a scale of 1-10, with one being the lowest score, where would your company rate today if it faced an audit of employment records? Are your employee files in such great shape that you would easily rate 10 because you follow state and federal law requirements?

Thanks to the advancements in technology, communication tools and transportation have improved tremendously to the benefit of international business. The blurry line between foreign and domestic is disappearing in the age of globalization.

Many businesses know that there are at least three key operational elements that determine success: a solid team, a quality service or product and a need in the market. While all three are vitally important to having a successful business, there is another element that is often overlooked.

While having a well-organized bookkeeping system is vital to business operations, more critical to success is having established methods to control how finances are managed. Financial management is the term to describe those methods, which is like the engine of a car.

If your business sells products, you have the option of allowing customers to pay on a future date. Not providing credit options to customers might be an incentive to move on to your competitors.