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. The income statement can give you …
Bottom-up budgeting can do wonders for keeping your business on track and seeing overall profits increase. When you hear bottoms up, what comes to mind? We are not taking about guzzling down a cold beer! What are we talking about? The idea is to create a budget from the bottom, rather than the top. Usually …
Did the words “stay at home” or “shelter in place” tell you somewhere deep inside that it was time for a break? While taking a couple of days to regroup when our lives are completely thrown off is to be expected, but putting things off because we lose our sense of urgency could be detrimental …
For business owners with employers, 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 you hire a lot, empower your new hires …
The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You’ll be “speaking accounting-ese” in no time, and you’ll become a smarter entrepreneur too. Trial balance A trial balance is an accounting report that simply …
Every business has a gold mine in its current customer base. But not all business owners remember to mine this gold because they are too busy trying to attract new customers or developing new products or services. This is the perfect time of year to step back and remember the three easiest ways to grow …
Three Super-Easy Ways to Boost Your Revenue for 2019 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 of accounts that you need in order to …
