This article takes a look at the importance of the main three financial statements every business needs to review on a consistent basis. The Balance Sheet (aka “The X-Ray”) The balance sheet provides a business owner a sense of its company’s health by showing assets, liabilities, and equity. This financial statement is a snapshot in time. The Income Statement (aka “The MRI”) The income statement gives a business owner a measurement on its profitability. It is usually prepared at the end of the business’ financial year. The formula is this: (Revenue + Gains) – (Expenses + Losses) = Net Income or Net Loss. The Statement of Cash Flows (aka “The EKG”) The statement of cash flows shows all cash receipts and cash expenditures in a given time period. It has three main groupings: operating, investing, and financing activities. It provides insight as to how a business is managing its money. This trio of reports provides a 360 degree view of your business and is essential to its health and future prosperity. Get your financial house in order by contacting a certified bookkeeper or tax professional today! The health (and compliance) of your business depends on it. ...read more
By Beyond the Books, LLC July 20, 2018
Small businesses can benefit from accepting credit cards. Credit card processing companies now recognize that you may need to take a credit card while away from your office and have made that easy to do with your phone. Credit card machines come in a number of sizes, and small businesses have a variet... ...read more
Making a living from home offers independence and unlimited potential. To improve a home business strategy, explore the areas of your business that might benefit from a change. Home office organization, marketing strategies or communication with clients may be areas in need of improvement. ...read more