Add Your Heading Text Here Navigating Your Profit and Loss Statement: A Guide for Home Service Businesses As a home service business owner, understanding your Profit and Loss (P&L) statement is crucial. It’s like having a roadmap that shows you the financial health of your business. Let’s break down this vital report and clarify why certain items like loan principal payments and owner’s draws don’t appear on it.   What is a Profit and Loss Statement?   A P&L statement, also known as an income

How QuickBooks Online Streamlines Your Home Service Business In the busy world of the home service industry, managing finances can often feel like juggling while walking a tightrope. That’s where QuickBooks Online (QBO) comes in – a tool designed to simplify and streamline your financial management. Let’s take a look at how QBO can be a game-changer for your home service business. Invoicing and Faster Payments One of the features of QBO is its invoicing capability. Creating, sending, and tracking invoices is so much easier with QBO.

Do You Track How Much Each Job Costs You? Have you heard of “job costing”? It might sound a bit boring, but it’s actually really important for your business, like knowing the secret ingredient in a magic recipe. Let’s talk about why job costing is a big deal for anyone in the home service industry, like plumbers, electricians, or anyone who helps make homes better. What is Job Costing? First, let’s break down what job costing means. Imagine you’re a superhero fixing things in people’s

The Best Time to Hire a Bookkeeper for Your Construction Business Today, we are diving into ‘The Best Time to Hire a Bookkeeper for Your Construction Business.’ I am Kerry Postel and I own Abacus Business Solutions It’s a pleasure to be your guide through this crucial aspect of growing and fortifying your construction enterprise. When running a construction business, there are numerous elements involved. Planning, project management, hiring skilled workers, dealing with suppliers, and so forth. Amidst all of this, there’s a critical component that

Insider Tips for Creating Realistic Budgets and Monitoring Performance Welcome to “Mastering Your Money,” a comprehensive training program designed to help construction companies gain control over their finances. In this training, we will cover essential strategies for creating realistic budgets, monitoring financial performance, and improving cash flow. By implementing these insider tips, you can pave the way for a financially successful and stable construction business. Let’s dive in! 1. Understanding Your Financial Landscape:Before taking control of your finances, it’s crucial to have a clear understanding of

How Have You Adapted Your Business Strategy In Response To The Current Market Conditions? How to THRIVE  in a constricting market by unlocking the secrets to generating more cash flow for your business!   Before I get started I want you to clarify what a constricting market is because it can happen at any time, not just in an economic downturn. A constricting market refers to a market that is becoming increasingly narrow or limited in terms of its size, scope, or opportunities for growth. There