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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

Topics

Selecting an Accounting System for Government Contractors

By StreetShares on March 14, 2017

This blog post was originally published on the E. Cohen and Company, CPAs blog.

One question that we frequently receive from companies operating in the government contracting arena is what accounting system do we recommend? The accounting and finance function can provide strategic value and help a government contracting company grow and stay organized to get contract financing. It should also be efficient and allow for timely reporting to management and other stakeholders.

In addition, government contractors are subject to many regulations and reporting requirements that create a need for accurate and specialized financial reporting, as well as appropriate accounting policies. The accounting software your company uses is part of the foundation of a strategic, effective and efficient accounting and finance function, which makes selecting an accounting system a very important decision.

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How to Improve Your Personal Credit Score

By StreetShares on March 9, 2017

We are currently in a series of blog posts on the subject of credit scores and the affect they may have when applying for a veteran business loan.

"How Credit Score Affects Getting a Business Loan" touched on the breakdown of both personal FICO credit scores and business credit scores. This article will take that knowledge and use it to show you how to improve your credit score.

Before we move forward, it’s important to disclose that it takes time to improve a credit score. Anything that promises a “quick fix” is just plain wrong. Credit scores, in essence, are a reflection of your payment patterns over time; much like a driving record, problems will not just disappear. Don’t lose heart, though! If you’re patient, over time you will absolutely see improvement. Here’s how:

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March 2017 Veteran Small Business Award Finalists

We’ve got another month of amazing veteran business owners to present as finalists for the Veteran Small Business Awards. Here’s a quick overview of the finalists, but as always, please vote for your favorite veteran small business at the StreetShares Foundation voting page. Some of these veteran-owned small businesses have just begun their entrepreneurial ventures and this could be their first veteran business grant or business funding. Help three of them win up to $5,000 this month to go toward their company and to continue to support the veteran and military community.  

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Spotlight Veteran Business: Q&A with Government Contractor Terra Ferma

One of our long-time government contracting customers has seen a lot of changes since he won the Commander’s Call Award, now renamed the Veteran Small Business Award, back in 2015. Military service teaches many life lessons, including the value of taking the initiative: when you see a problem, you seek to solve it. Dennis Roark, Army Space Command veteran and President of Terra Ferma, took this approach several times throughout his career and entrepreneurial business ventures. With a broad background in telecommunications, he saw that his customers needed better, cost-effective power systems in place as well. We had the chance to catch up with Dennis and learn about his accomplishments in the energy industry and government contracting space.

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StreetShares Foundation Rewards Veteran Business Owners with $10,000

Inspirational and life-changing organizations continue to dominate the competition for the Veteran Small Business Awards. The finalists put up a good fight for the most votes. Thank you to all of the applicants, finalists and voters for your participation in the third round of awards. The StreetShares Foundation aims to not only provide these cash awards but to also be an inspiration and educational tool for other veteran small business owners.

This week is National Entrepreneurship Week. The StreetShares Foundation and StreetShares, Inc. celebrate entrepreneurs every week because of our focus on small businesses across the country. Today is the perfect time to celebrate and announce the winners of the February Veteran Small Business Awards. We announced the winners at the Bunker Labs DC Muster event on Facebook Live. 

1st Place: Brian Zimmerman, Marine Veteran and Founder of Income Designers

2nd Place: Richard Sanders, Army Veteran and CEO of SHplates

3rd Place: Jaime Velez, Army Veteran and Co-Founder of PingMomo

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7 Guidelines to Help You Establish and Build Business Credit

By StreetShares on February 22, 2017

We are currently in a series of blog posts designed to teach you about credit scores and how they might affect your business loan. Our goal with these articles is to show you how to be advantageous with your credit scores in order to make the best decisions financially for your vete­ran-owned small business.

Personal credit information is relatively common knowledge (although, if you would like an in-depth look, see our first post in the series). But did you know that you could separate your personal finances from your business’ finances – and, in fact, that we highly recommend you do so? ­

In this post, we’ll go over seven steps to help you establish and build business credit. The first three steps cover how to establish your business, which, in turn, allows you to complete the remaining four steps of building business credit that is detached from your personal finances and personal credit score.

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Why Military Veterans Should Become Entrepreneurs

By Mark L. Rockefeller, Co-Founder & CEO on February 16, 2017

I’m one of the 2.5 million veterans who served in Iraq or Afghanistan. I’m also an entrepreneur. And I’m not alone. The men and women of today’s armed services are uniquely positioned to become successful veteran entrepreneurs.

To my fellow veterans:

You have what it takes.

By nature of your military service, you possess the skills that are required to run your own business. As a Soldier, Sailor, Airman, or Marine, you learned the importance of communication, focus, and drive to accomplish the mission at hand. You’ve encountered problems that need to be solved on the fly and you’ve done so instinctively. Recall one of the earliest reports from Operation Enduring Freedom: U.S. special operations forces in Afghanistan coordinated precision airstrikes from laptops on horseback—21st Century technology met old-fashioned creativity to get the job done. That’s called entrepreneurship.

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How Credit Score Affects Getting a Business Loan

By StreetShares on February 7, 2017

Veterans are well trained in the art of overcoming obstacles; military service capitalizes on the courage and bravery of its members to tackle and overcome any challenge head-on.

Your veteran-owned small business will encounter its own set of obstacles, and the success of your business may very well depend on your ability to surmount them.

One of the foundational hurdles every small business has to overcome are the muddy trenches of credit scores and the effect they may have on your business loan. We'd like to take you on a journey. This will be the first of several posts about credit scores and how they affect getting a small business loan. Get the credit score series of posts straight to your inbox by subscribing to the StreetShares blog

Personal and Business Credit Scores Explained

Credit scores are the numerical representation depicting a borrower’s creditworthiness – that is, their ability to pay back a loan. These sources are useful for lenders to judge whether or not they think they’d be able to afford the risk of loaning money to you or your small business by showing them how financially trustworthy you are.

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Business Taxes: Everything You Need to Know*

By StreetShares on February 3, 2017

Taxes. Filing taxes for yourself can be complicated, but when filing taxes for your business, the
complexities can multiply. To make tax season hassle-free this year, you need to understand the regulations and deadlines. Here are five tips to avoid audits, claim more deductions and reduce overall tax headaches:

1. Record Everything

The healthiest thing you can do for your business is to keep your books up-to-date, clean and accurate. Be sure to keep all of your receipts and preserve other important business documents. That way, you’ll not only be organized, you’ll be prepared in the case of any audits and be better equipped with the right files when claiming business expenses. If you use a bookkeeper make sure you're they're using the right cloud applications on your behalf – so your data is always accessible. That way you can breathe easy during tax season knowing that you are covered.

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Government Contracts & Contract Financing Landscape for Veterans

As the world’s largest customer, the U.S. federal government represents an incredible business opportunity for veteran small business owners. And recent signs point to this opportunity only increasing for 2017 and beyond.

Generally speaking, for everything from defense to healthcare, the government constantly needs all manner of products and services. Veteran small business owners serving this area have always been a natural fit given that veterans once worked for the federal government in defense.

Naturally, this means veterans have acquired valuable contacts, skills, and know-how regarding the needs of this huge customer. Veteran contractors find themselves involved in everything from providing essential cyber security work for the Department of Defense to selling medical devices to the Department of Veterans Affairs.

It is crucial that veteran small business owners understand the large-scale opportunity that exists, the resources at their disposal, and then some fundamentals on contract financing options. Regarding the latter, this type of funding option is one they may not have heard before or be familiar with. 

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