Being profitable in a business. What does this mean? Well, it kind of depends on the business. Some businesses will need to be making millions of dollars in profits before they think they are profitable. Others will see a $1,000 profit as a huge win in their book. So, what does being profitable mean in…
As a business owner, you have needed to learn a lot of jargon. One of the key terms you should be aware of by now is KPIs. If you aren’t really sure what a KPI is, it is a key performance indicator of how your business is doing. You really need to pay attention to…
As a business owner, you know you are responsible for paying quarterly taxes and making sure your taxes are paid in full once a year. Paying those taxes can be simple, especially if you have an accountant doing all of the heavy lifting for you. What is not simple is the amount you must pay…
As a business owner, your goal is to always make more money than your business is spending. Of course, it would be really nice to put part of the profits from your business into your own pocket. But that can only happen if you are actually earning a profit. And what if your profits are…
As a business owner, you must be aware of everything that happens within your business. But, you are only one person, who can’t be watching over everyone all at the same time. There is simply too much to do. So, how do you protect your business from the one thing that could destroy it faster…
Financial audits are an important part of any business. They help you determine how financially successful your company is. And they show financial details you may not currently be aware of. The main goal of a financial audit though is determining if your business has maintained its books properly. There are two types of audits…
As a business owner, you spend your days wearing many hats. You may find yourself in meetings part of the day, talking about new products or services. Then you may be meeting potential clients, new clients, and recurring clients. Of course, add in purchasing office supplies, getting that broken piece of office equipment fixed, and…
When people begin to think about starting a business, they often realize they need to create a business plan. However, those same people forget that developing a financial plan is just as crucial. Combining these two plans is a major blueprint to success. If you haven’t written a financial plan for your business, or even…
Tax season may be over, but we both know that quarterly taxes and the next tax season isn’t too far away. If you barely survived this tax season, or even if you lived through it, there are a few things you may want to know for the future. I have created a list of accounting…
As a business owner, the last thing you want to do is see your expenses higher than your income. Or to see your profits dwindle. Currently, inflation is at an all-time high, which means everyone has been paying more for just about anything. If you have seen higher costs in your business, you may be…