You may have heard of the Inflation Reduction Act, which was recently passed. As with most government bills, there’s quite a bit in it (more than I can wrap my head around), but with different tidbits floating around, you might be wondering what it means for your business. On the tax side, there were a …
What Does the Inflation Reduction Act Mean for Your Business? Read More »
Whether or not you handle your own bookkeeping, you’re likely familiar with the three main financial statements – the Balance Sheet, the Income Statement and the Statement of Cash Flows. To have a full picture of your business, it’s important to review all three of these at least once a month. (Refer to our blog …
How do the Financial Statements Tie in With One Another? Read More »
In the next issue of our series covering the financial statements, we are taking a look at the Statement of Cash Flows. You may have heard that the #1 reason businesses fail is due to the lack of cash flow. In fact, this number is as high as 82% per a study done by US …
In the next issue of our series covering the financial statements, we are taking a look at the Income Statement, also referred to as the Profit and Loss. When it comes to your bookkeeping and accounting, this is a very important statement to look at regularly. Keep in mind, in order to get the full …
In this next issue of our series on financial statements, we’re going to cover the Balance Sheet in more detail. If you have a bookkeeper (or handle your own bookkeeping), you’ll want to go over this statement with them at least once a month. The Balance Sheet is typically the first financial statement to be …
In this article, we’ll take a brief look at the three main financial statements that you should be looking at regularly as a business owner. How often? At a minimum, at least once a month – however, if you have time, look them over weekly! Why should you look at your financial statements? The simple …
What Financial Statements Should I be Looking At? Read More »
Do you need a bookkeeper? If you are asking yourself this question, there are probably many factors to consider that are unique to you and your business. Depending on your business size, your profit, volume and lifestyle, there may be different answers for different people. Ultimately, it’s going to come down to you and what …
As a small business owner, you might wonder what expenses are deductible for tax purposes. One of the many advantages of having up-to-date and accurate bookkeeping records, is that your tax professional will be able to determine what is deductible, by looking through your accounting software. So, which expenses are deductible? As a general rule, …
Five Common Tax Deductions for Small Business Owners Read More »
As a small business owner, are you wondering what types of records to keep in your business? It can take valuable time out of your day, so is it worth it? What is required by law? Should you just keep the bare minimum? What is the bare minimum? These are questions that many business owners …
What Kind of Business Records do I Need to Keep? Read More »
A bookkeeper works with you on your day-to-day company bookkeeping needs. Depending on your company size, your budget, and your preferences, you may have a full-time employee, or you may outsource it to a bookkeeping or accounting firm. Or you may still be handling it yourself! With that in mind, here are some of a …
