Last week, we introduced a few financial ratios that you can use on your balance sheet and income statement. This week, we'll add to that list! Gross Margin Gross Margin = Gross Profit / Net Sales When You Use It: The Gross Margin Ratio gives you a percentage of sales dollars available after you've deducted the cost of merchandise. If yours looks particularly high or low, remember that this varies by industry and by company! Profit Margin (after Tax) Profit Margin = Net Incom

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

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

Every small business owner needs to make decisions each day on whether to do a task themselves, hire some internally to do it, or hire an ex