The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L.
Read more →As business owners, we are a highly self-motivated bunch of people. We love our businesses, we love helping our customers, and we work very hard at what we do. Sometimes we work so hard, we get disconnected from our passion. Occasionally, it’s a good idea to step
Read more →Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long
Read more →A mission statement isn’t just for a large corporation. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. This exercise can re-connect you with your “why”. As a result , it can also communicate an important part
Read more →Your “Chart of Accounts” is the list of accounts in your accounting software. The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list
Read more →Today, I’m going to break down the most important things you should do for your finances in the 4th quarter to make the end of the fiscal year as painless as possible. It’s important to stay on top of your 4th quarter finances so that
Read more →For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. S Corporations Many small businesses have organized as an S Corporation form of entity. The S Corp election allows a business owner
Read more →When should you involve an accountant in your small business? Simply put, all business owners should consider getting an accountant involved before they even launch their business. Having an accountant involved from the beginning will help alleviate, or avoid, headaches and make sure you
Read more →For business owners with employees, payroll is a necessary task that can slow your day and tie you down if you let it. If you’re looking for a way to make payroll less time-consuming, here are five ideas you can put to good use: Employee Onboarding If
Read more →Increasing your profits might sound like it’s an unattainable dream just out of your reach. But there are a finite number of ways that profits can be increased. Once you understand what they are, you’ll have clarity on how to best reach your goals. There are two
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