In the hit NBC show This is Us, a married couple plays a game called "What's the worst that can happen?" In this game, they share their deepest fears of the worst outcomes from their current situation. Afterwards, they feel better knowing the worst possible scenario is often also the least likely. It's hard to prepare for the unexpected. Cars break down, AC units break, and sometimes we just really turn our finances on their head. Enter the Emergency fund, or as BudgetsAreSex
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
Our three-week workshop "finance Fundamentals for your Small Business" presented by Practical Accounting Solutions is coming up soon! Here are the details What You'll Learn: Starting a small business can be a challenge if you're not familiar with managing company finances! Led by Adam Knihtila, owner of Practical Accounting Solutions, you'll learn the basics of how to keep track of your finances, how to budget for your company, and the basics of employee finances and payroll.
We are proud to announce a three-week workshop this may called "finance Fundamentals for your Small Business" presented by Practical Accounting Solutions! Here are the details When: May 7 May 14 May 21 Where: Holiday Inn Express & Suites Fredericksburg What You'll Learn: Starting a small business can be a challenge if you're not familiar with managing company finances! Led by Adam Knihtila, owner of Practical Accounting Solutions, you'll learn the basics of how to keep track
An audit can be stressful for any business owner, and even more so for those that bend the rules or do not keep organized business books. Today, we address 5 common factors the IRS considers when auditing small businesses. We also always recommend working with an accountant to help you navigate your audit! photo from wix.com 1. Does your business handle primarily cash? If so, ensure you have a consistent and organized way to record transactions if they occur. Ensure you do no
Investing is a long-term strategy of making more money and expanding your financial portfolio. It's also a personal choice on how you choose to invest: the stock market, bonds, mutual funds, new ventures, and many more! However you choose to invest, here are 3 reasons why investing is a great opportunity in expanding your financial gains! photo from wix.com 1. Be a Part of Something new There are approximately 543,000 new businesses that start each month according to Forbes.
Tax season is just around the corner, and here at Practical Accounting Solutions we want to help you be prepared! Whether this is your first meeting with an accountant ever, or whether you just need a refresher, read on to discover what to bring to your tax appointment! photo from wix.com what to bring *click each link to learn more about this form Income Items W2s Independent Contractor Pay (1099-MISC) Interest Statements from Bank (1099-INT) Dividend Statements from Stock O
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
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.