As a small business owner, you wear a lot of hats. When you sit down to calculate your finances, a Profit and Loss Statement (or P&L statement) can help you get a snapshot of where you stand and where you can make changes in your company. The Basics of P&L Statements A profit and loss statement is just that! It shows how much profit you have left over after you have subtracted your profits from expenses. Remember: Profit = Revenue - Cost Every public company issues a P&L stat

As your business grows, you may find you need to hire your first employees. While this is an exciting step for any business owner, it is important to ensure you take the right steps when setting up and managing employee payroll. Read on for 5 easy steps for managing employee payroll! Photo by Priscilla Du Preez on Unsplash 1. Consult with payroll professionals and register as an employer As a business owner, you most likely have an accountant or other business mentor who can

For many small business owners, creating their yearly budget is one of the more painstaking tasks of their company. Today, we talk about 5 easy steps to building a budget for you small business. Interested in learning more? Check out our Finance Fundamentals for Your Small Business May 7, 14, & 21! Get tickets here Photo by Fabian Blank on Unsplash Step 1: Determine Your Revenue Your most basic revenue is simply selling price times number of units sold. This can easily get mo

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

Hiring an accountant for your personal finances may seem like an unnecessary expense, but often times your accountant will save you more money than the cost of hiring them. By hiring a professional to manage your finances, you'll be able to rest easy during tax season and beyond. Photo from wix.com tax season While it can be simple to use tax preparation software to prepare your own taxes, about 21% of paper tax returns have errors according to the IRS. This isn't necessarily