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Last month we reviewed the benefits of the Balance Sheet and this month we are reviewing what is likely the most important of all your financial reports: Profit & Loss (P&L) report. A Profit & Loss Report is also known as an “Income Statement,” a “Statement of Operations,” a “Statement of Financial Results” and “Income […]

Back to basics series For some time, we have been talking about the three main financial statements that you should be reviewing to make sure your company is doing well: Balance Sheet, Profit & Loss Report, and Cash Flow Statement. In the spirit of Back-to School, we are going back to basics to talk about

We’ve all heard the saying about change being the only constant. If anything, the past 18 months have proven that to be true. Here’s a reminder of a few areas that have had significant changes in the past 18 months: Business needs – from COVID closings to hiring issues, it’s safe to say that your

Every July, we reflect on the idea of freedom and what it means to us as a country. If you are a business owner, personal freedom was likely one of the factors in starting your own business. Freedom to do what you love, freedom to control your future, freedom to grow your financial health –

A year ago, businesses were faced with the challenge of staying in business and operating under COVID-19 quarantine guidelines. Today, businesses are facing the challenge of staying open due to an employee shortage. A lot has changed in the past year, but one thing remains the same – businesses need to be as creative as

For many people, the word “budget” is synonymous with “restrictions” and may have an overall negative feeling to it. So much so, that some people avoid budgeting altogether. But If you are a business owner, creating and following a budget is the backbone of your financial planning. Rather than seeing budgets as restrictions, let’s shift

Spring is in the air and if you are like me, that means it’s time for Spring cleaning!  As an accountant, Spring is about reviewing financials and making sure your books are clean as well as doing a Q1 Financial Review.   Here are a few of my favorite tips for Spring (financial) cleaning. Review

If you are business owner, there’s a good chance that you work with an accountant to manage your financials, but are you maximizing your partnership with such a key player on your team? As a business owner, it’s important to create a team that you trust and can rely on in building your business. This

As an independent bookkeeper, I have had insight into how many businesses run, and I have seen commonalities in what successful businesses do and I have seen commonalities in what businesses that struggle are doing or not doing. If you have a new business or small business, these tips will help you avoid some common

For many, January is a month of fresh starts, new goals, and new adventures and for some, January may be the month that they take that first step in starting a new business. If you are looking at starting a new business, here are a few key legal and financial actions to take in getting your business started. 1.