Financial ratios are a powerful tool to help you assess your small business finances. They can measure your operational efficiency compared to competition, profitability, financial stability, and more. Today, we share this cheat sheet of must-have financial ratios to keep in your pocket! Financial Ratios on the Balance Sheet Working Capital Working Capital = Current Assets - Current Liabilities When You Use It: Use the Working Capital ratio when you want to find if the compan
Retirement seems like a long way off, but it may be closer than you realize! Join us at Park Lane Tavern in Fredericksburg on August 27th from 6-8 for a Retirement seminar presented by Practical Accounting Solutions and Primerica. Learn the steps you can take today to build a retirement plan that fits your lifestyle! Your $10 tickets includes the invaluable interactive presentation and a delicious Park Lane Tavern dinner. Limited seating available, so get your tickets today!
Like many things in life, timing is everything when it comes to choosing the best accounting method for your small business. Read on to learn about the differences between cash and accrual accounting methods and decide which is best for your small business! Choosing Your Method You'll choose your accounting method the first time you file a tax return, and then you'll continue using this method for your future returns, too. If you would like help with this big decision, we are
Bookkeeping. For some business owners, bookkeeping may feel very tedious or challenging to keep up with. For others, this type of financial organization is right up their alley. No matter which mentality you have, all business owners must keep these records in order to plan ahead financially, ensure your costs and profits are accounted for, and to plan for tax season! Read on below for some key terms to know with Bookkeeping! Photo by Thought Catalog on Unsplash 1. Cash vs Ac
Whether you're expecting, a new parent, or have been a parent for years, opening a bank account is a great tool to help your child's financial future. This week, we tackle benefits of opening a bank account for your child and how it can benefit your family in the long run. photo from wix.com Opening an account for the future You can open a savings account for your child that you can later turn into a checking account once their older. Talk to your local bank (we recommend fi
Accountants do more than just the basics of accounting. At the end of the day, they are financial experts that can save you and your small business money and time so your can focus on growing your company! photo from wix.com Many Accountants are Tax experts Many accountants are up-to-date and trained to learn the nuances of changing tax laws. These laws are confusing at best, so hiring a tax professional can help you understand changes and utilize them to your best interest.
Happy New Year from Practical Accounting Solutions! Photo from Wix.com We wish you the best in 2019 and hope you have a wonderful year! It's not too early to start planning for tax season! According to the IRS, 36% of taxpayers wait until April to file their returns. We know how stressful filing your taxes can be, so we prepared some tips to help you file early and get your refund even quicker! Have a System Keeping organized is one of the best ways to make filing taxes easy.
Photo from wix.com We would like to wish everyone a Merry Christmas, Happy Hanukkah, Happy Festivus and any other holiday you may celebrate this time of year from Practical Accounting Solutions! The most important part about this time of year is surrounding yourself with family and friends and reflecting on the ups and downs of the year but always looking forward to the prospect of a New Year and everything that will come with it. Wishing you the happiest of holidays and we c
Photo from wix.com As the holiday season rolls around again, we are reminded of the importance of giving back. Whether this means a toy drive, monetary donation, or more, giving back to your community can be beneficial from a financial perspective, too! I remember growing up around Christmas time and participating in my church's local toy drive. It was part of our family tradition to pull a stocking off the tree and return with gifts off their wish list. But did you know that