Do you understand what a Profit + Loss statement is, and why it’s SO important for your business?

We mean – REALLY understand?

If not, here’s a quick rundown of why it matters, how to use it, and a helpful link if you want to read more about it. (which we encourage you to do!)

First, let’s talk about WHY it is so important to create an accurate (and helpful) P+L report:

Up-to-date bookkeeping data in your financial software

Income and expenses correctly

Want to learn a simple (and free!) strategy that will help make it WAY more likely for you to achieve your business goals?

It’s true – We just read a survey that 50% of small businesses who did this in 2018 hit their goals for their 1st and 2nd quarters!

Any guesses on what this one thing could be?

It’s … BUDGETING.

We know – as an entrepreneur, having a budget sounds boring, restrictive, and perhaps even overwhelming.

But if you’re serious

“Let’s talk about your business financial reports…”

… Not exactly an exciting sentence, right?

But you may be surprised at all the great information hiding in those long columns of dates, dollar amounts and invoice numbers.

For example, did you know that your financial reports can give you hints on how to improve your profit margins?

Or that they can help save you from negative bank balances and overdraft fees?

If your bookkeeping is up to date, and you know how to read your

“Why do I need a bookkeeper? I’ve already got a QuickBooks subscription – that’s enough, right?”

That’s a fair question.

And the answer is?

“NO – QuickBooks alone is not enough. You, and your business, need a great bookkeeper!”

We know you think an accounting business is biased, but it’s really true! Here’s a couple of things QuickBooks will fall short on, without a good human bookkeeper managing it correctly:

1.QUICKBOOKS IS ONLY AS GOOD AS ITS USER

Every hear the phrase “Garbage in, garbage

“Why do I need a bookkeeper? I’ve already got a QuickBooks subscription – that’s enough, right?”

That’s a fair question.

And the answer is?

“NO – QuickBooks alone is not enough. You, and your business, need a great bookkeeper!”

We know you think an accounting business is biased, but it’s really true! Here’s a couple of things QuickBooks will fall short on, without a good human bookkeeper managing it correctly:

1.QUICKBOOKS IS ONLY AS GOOD AS ITS USER

Every hear the phrase “Garbage in, garbage

Last week we discussed in a FB post the idea of co-mingling. Today we are going to get into more detail about this important subject!

As a reminder, co-mingling funds is when you combine or otherwise entangle your personal funds with your business funds. Some common examples of this is paying personal bills with the company credit card or drafting personal house expenses from the company account or visa-versa. Using personal funds to pay business bills directly.

Keeping your business and personal finances