The Chart of Accounts (ie. COA) is so important to have good financial reports and to have the specific data that you need to make good business decisions. 

For instance, if you have a COA, and you have only one account called Utilities, that may work for some businesses. But other businesses may want to know how much they spend on phone bills so they can ship around and reduce their bill. OR a different company may need to know how much their electric bill fluctuates

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 categorized  

Accurate separation between COGS and company expenses

Remember,

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 categorized  

Accurate separation between COGS and company expenses

Remember,

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 about growing your business, this “boring” tool packs

“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 reports, you can learn SO much

“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 out?” QuickBooks has some amazing automations …