Profits
Understanding Your Profit & Loss Statement (P&L)
When I started my career in accounting, I was an intern for a public accounting firm. I found an issue during one of my audit procedures and took it to...
Top 5 Year-End Accounting Tips
With the end of year approaching, it’s important to ensure your accounting records are in order to avoid unnecessary work and stress, during an already busy time of year! ...
Setting Up ACH Payments for your Business
Setting your business up to initiate ACH payments can be instrumental in improving your business’ cash flow. It is typically simple to setup, but it is not automatic. • 1...
Managing Cash Flow: A How To Guide
Managing cash flow can be the difference between your business success or failure. You can’t open a book on entrepreneurship without the mention of cash flow. But, what is...
Understanding Negative Balances in Your Financial Statements
Negative balances in your financial statements can signal errors or issues with your business performance. In some cases, a negative balance can be accurate, but it’s important to review further...
Accrual vs Cash: Which Is A Better Business Practice?
The key component to accrual versus cash is that you are matching your revenue to your expenses. Basically, recording that revenue when you have earned it and recording those expenses...
3 Reasons Why a Budget is Important for Your Business
Entrepreneurs are often told that a budget is an important tool to use in managing their business. However, many don't know why it's important. Maybe you set a budget at...
Are You Creating a Company or a Job?
Are You Creating a Company or a Job? This question often comes up in business. And, there really isn't a correct answer. Some may aspire to build a company. Others...