The Ignite Spot Blog

Steps to Take Before Buying a Business (Plus, Ways a Virtual CFO Can Help)

Steps to Take Before Buying a Business ...

Businesses acquired in an economic downturn outperform those purchased during “good times” by more than 9%, on average. ...

Latest Posts

Steps to Take Before Buying a Business (Plus, Ways a Virtual CFO Can Help)

Steps to Take Before Buying a Business ...

Businesses acquired in an economic downturn outperform those purchased during “good times” by more than 9%, on average. ...

By Eddy Hood / Jan 21, 2021

[Quiz] Is Your Marketing Remarkable? | Agency Scorecard

[Quiz] Is Your Marketing Remarkable? | ...

Hiring a marketing agency is a great way to invest in your company's growth. After successfully onboarding your new ...

By Kisha Velazquez / Jan 21, 2021

Pros and Cons of Starting a Business in 2021

Pros and Cons of Starting a Business in ...

In 2020, becoming a business owner was the last thing on people’s minds. Right? Wrong. Americans applied for over 1.5 ...

By Eddy Hood / Jan 15, 2021

Bookkeeping Basics

Year End Checklist for Small Business Bookkeeping

Year End Checklist for Small Business ...

As the end of the year approaches you might be overwhelmed by the task of getting your books in order. So many business ...

By Ann Whittaker / Dec 1, 2020

How To Determine Net Profit Margin For A Service-Based Business

How To Determine Net Profit Margin For ...

It is the goal of every business - to be profitable. But, how do you truly know the profitability of your small ...

By Eddy Hood / Oct 16, 2020

15 Jokes About Accountants

“If you can't laugh at yourself, life is going to seem a whole lot longer than you'd like.” It’s one of our favorite ...

By Tami Brehse / Oct 16, 2020

How to Do Payroll Better to Build Company Wealth

How to Do Payroll Better to Build ...

Analysts at CB Insights report that 40% of small businesses are still penalized for their lax or inaccurate approach to ...

By Eddy Hood / Oct 8, 2020

How to Get the Most Out of Your Outsourced Accounting Partnership

How to Get the Most Out of Your ...

There’s no doubt that a great accountant can save your business time, money, and frustration of dealing with ...

By Eddy Hood / Oct 1, 2020

Pros Vs. Cons of Switching to a New Accounting Firm

Pros Vs. Cons of Switching to a New ...

It goes without saying that your accountant should have a keen understanding of who pays you, who you pay and how to ...

By Eddy Hood / Aug 11, 2020

Financial Strategies

Steps to Take Before Buying a Business (Plus, Ways a Virtual CFO Can Help)

Steps to Take Before Buying a Business ...

Businesses acquired in an economic downturn outperform those purchased during “good times” by more than 9%, on average. ...

By Eddy Hood / Jan 21, 2021

Know When to Hire Employees Without Breaking the Bank

Know When to Hire Employees Without ...

If you’re considering hiring right now, you’re not crazy, and you’re not alone. Many business owners are eyeballing the ...

By Eddy Hood / Dec 11, 2020

How to Nurture Your Vendor Relationships to Fuel Business Growth

How to Nurture Your Vendor ...

You already know your business needs vendors to operate. But a good, strong relationship greatly benefits both you and ...

By Eddy Hood / Oct 29, 2020

Budget vs Actual Analysis

Budget vs. Actual is a comparison of your company’s planned financial transactions for a given time period (budget) and ...

By Eddy Hood / Oct 16, 2020

Protect Your Business from Unforeseen Expenses with Agile Finance

Protect Your Business from Unforeseen ...

As businesses begin planning for next year, it’s wise to adopt an agile finance model. That way, leaders can handle ...

By Eddy Hood / Sep 17, 2020

7 Ways to Improve Your Cost Management Strategy

7 Ways to Improve Your Cost Management ...

If you don’t have someone dedicated to monitoring both fixed and variable expenses, then cost creep can occur. This ...

By Eddy Hood / Jul 27, 2020

Business Taxes

How to Save on Your Business Taxes

This trick reduced a client's tax liability from $100K to nearly $10K within a few hours of work. Watch the video where ...

By Eddy Hood / Jul 1, 2020

What is the 2020 standard mileage rate and how do I use it in my business?

What is the 2020 standard mileage rate ...

Learn about the 2020 standard mileage rate and how to save the most on your small business taxes this year.

By John Riggs, CPA and Director of Tax at Ignite Spot / Jan 13, 2020

AGI vs Taxable Income

Let’s talk about everyone’s favorite subject: taxes! Just like death, taxes are a constant source of lighthearted fun. ...

By Eddy Hood / Jun 3, 2019

An Accounting Error Almost Cost This Entrepreneur Everything. Here’s How He Recovered

An Accounting Error Almost Cost This ...

A sales tax oversight set this company back six figures, but its founders persevered.

By Tami Brehse / Mar 22, 2018

13 Red Flags That Will Get Your Small Business Audited

13 Red Flags That Will Get Your Small ...

Understanding the importance of accuracy when it comes to small business tax preparation, many small business owners ...

By Eddy Hood / Jan 30, 2018

Small Business Tax Preparation: Understanding Self-Employment Taxes

Small Business Tax Preparation: ...

This article outlines how to determine if you’re self-employed, how to calculate SE taxes and your next steps when it ...

By Eddy Hood / Nov 21, 2017

Profitable Business Leader

Pros and Cons of Starting a Business in 2021

Pros and Cons of Starting a Business in ...

In 2020, becoming a business owner was the last thing on people’s minds. Right? Wrong. Americans applied for over 1.5 ...

By Eddy Hood / Jan 15, 2021

Hit Your 2021 Operational Goals: It's All in the Execution

Hit Your 2021 Operational Goals: It's ...

If you tend to ace either strategy or execution — but not both — well, you’re not alone. Only 8% of business leaders ...

By Eddy Hood / Dec 24, 2020

Capstone Strategy Finds an Accountant That’s Transformational, not Transactional

Capstone Strategy Finds an Accountant ...

Xero reports that 41% and 50% of business leaders are looking to replace their financial advisor. Dwight and Robyn ...

By Eddy Hood / Dec 17, 2020

How Custom Reporting Illuminates TBI's Staffing Strategy

How Custom Reporting Illuminates TBI's ...

How much visibility into your business’s finances do you have? New research from The Economist Intelligence Unit ...

By Eddy Hood / Nov 26, 2020

Therapy Group Quadruples Revenue After (Finally) Finding a Suitable Accountant

Therapy Group Quadruples Revenue After ...

Diane Tobin, founder and CEO of Behavioral Health Consulting Services (BHCS), knew her business could help more people, ...

By Eddy Hood / Nov 12, 2020

Are you an M.I.A. Business Owner?

Watch Eddy share the common mistake business owners make when growing their business. Plus how to reignite your passion ...

By Kisha Velazquez / Nov 11, 2020

CFO Services

What Is A Virtual CFO And Does My Business Need One?

What Is A Virtual CFO And Does My ...

Growing your company’s revenue is a beautiful thing. There’s no feeling quite like the one that comes with hitting a ...

By Eddy Hood / Oct 15, 2020

Protect Your Business from Unforeseen Expenses with Agile Finance

Protect Your Business from Unforeseen ...

As businesses begin planning for next year, it’s wise to adopt an agile finance model. That way, leaders can handle ...

By Eddy Hood / Sep 17, 2020

10 Cash-Flow Problems That Cripple Your Business & How to Solve Them

10 Cash-Flow Problems That Cripple Your ...

Congratulations. You’ve built a business and made it profitable. But profitability isn’t the finish line. Your next job ...

By Eddy Hood / Aug 13, 2020

How to Forecast Cash Flow for Your Business

How to Forecast Cash Flow for Your ...

Your cash flow forecast is a foundational tool that allows you to look forward in your business instead of looking at ...

By Kisha Velazquez / Aug 6, 2020

What's the Difference Between a CFO vs Controller?

What's the Difference Between a CFO vs ...

While some of a Controller’s functions appear to be the same as a CFO, there is an important distinction. Generally, ...

By Eddy Hood / Jun 19, 2020

How to Make Excel Dashboards to Analyze Your Business

How to Make Excel Dashboards to Analyze ...

Here are 5 essential KPI’s that every business owner should monitor using excel dashboards and financial reports.

By Kisha Velazquez / Jun 4, 2020

News & Updates

[Quiz] Is Your Marketing Remarkable? | Agency Scorecard

[Quiz] Is Your Marketing Remarkable? | ...

Hiring a marketing agency is a great way to invest in your company's growth. After successfully onboarding your new ...

By Kisha Velazquez / Jan 21, 2021

PPP Second Draw FAQ’s

The SBA reopened the Paycheck Protection Program loan portal for the first and second draw on January 11, 2021. Find ...

By Kisha Velazquez / Jan 12, 2021

The Future of Accounting Technology for Business Leaders

The Future of Accounting Technology for ...

Accounting automation doesn’t replace your accountant. It makes them better at giving you strategic advice. It’s one ...

By Eddy Hood / Nov 20, 2020

Why CEOs Must Mind Their Mindset (Plus, Ways to Improve Your Outlook Now)

Why CEOs Must Mind Their Mindset (Plus, ...

Half of CEOs report experiencing loneliness. I’ve worked with thousands of business leaders and believe that if CEOs ...

By Eddy Hood / Oct 2, 2020

How to Get Your PPP Loan Forgiven?

Watch the Live video where Eddy answers your questions about PPP Loan Forgiveness. Download the Free PPP Forgiveness ...

By Kisha Velazquez / Apr 23, 2020

How to Make Your Business Immune to a Pandemic

How to Make Your Business Immune to a ...

Take control of your business during times of uncertainty with these 8 tactics revealed by CEOs in the tech and ...

By Kisha Velazquez / Apr 23, 2020