What is a Minority or MBE Certification? Minority Business Enterprise (MBE) certification is intended for businesses to show their diversity. In order to qualify for this certification, you must have a for-profit business which has been running for at least a year in the United States. The main requirement is that at least 51% of the owners should have a minority background such as African American, Hispanic, Native American, Asian, and more. The company’s day to day operations must also be controlled by a person of color. To ensure all this is true, the business goes through an application process including a site visit from the certifying organization. How can I get my MBE Certification? A lot of different organizations can provide the certification. To get started, you must fill out the related documents and take them to the organization you choose. After completing the application process, the business must also receive a visit from the organization to get an idea of how the business operates. This certification will “typically” be valid for 5 years before having to renew. However, some organizations will require you to certify every year to maintain the qualification. To get started check out the National
Do you need help understanding your business financial statements? You have come to the right place, here we will discuss the three main business financial statements. Starting a business can be nerve racking especially trying to figure out how much the business made or how much is coming out. That’s where financial statements come in and help you keep track of your business. Let’s expand your knowledge on the basics of business financials. What Are Financial Statements? Financial statements are written documents that outline a company’s operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure they are precise and for reasons related to taxes, financing, or investments. The balance sheet, income statement, and cash flow statement are the three main financial statements for Businesses. Let us get into what each of them consist of. What is a Balance Sheet? A balance sheet is a summary of a company’s assets, liabilities, and shareholders’ equity. The Balance sheet gives insight about your business and its operations. Assets include two categories which are current and non-current assets. Current assets are cash equivalents, Accounts receivables, inventory, and prepaid expense. Non-current assets are properties,