Susan’s clothing store has been booming lately since sales are up! Down the block, her chiropractor neighbor has a line out the door just for appointment signups. But are these looks deceiving? Is business doing well? It’s hard to tell how well a business is doing solely from sales, but your profit and loss may give you a more complete snapshot of how it’s doing overall. P&L statements are reports that tell you how much money you made and how much money you spent in your business
Understanding and properly maintaining proper record keeping and accounting processes allows you to 1) generate a profit and loss statement and 2) ensure that the numbers on the report are correct and accurate.
Let’s walk through some of the ways you can better understand and maintain profit and loss in your business.
Continue reading “Understanding and Maintaining Profit and Loss”
Whether big or small, businesses can’t always accurately predict what’s going to happen in the future. The good news is that through proper business forecasting, your business can, for the most part, run smoothly and avoid some problems that can come along the way.
Let’s examine some things you can do to better your business’ chances in the future. Continue reading “Business Forecasting Tips to Grow Your Company with Confidence”
Cash flow is a commonly recurring problem throughout all stages of your business.
No business ever gets off to a perfect start. Some of the issues you’ll likely encounter will have to do with your budget. As a business owner, you’re likely to measure expenses incorrectly or there won’t be enough money in your account to handle last-minute emergencies. Continue reading “Solving Small Business Cash Flow Problems”
Financial technology – often known as fintech – is used to automate financial services for large and small companies. It is utilized to help your business keep track of its financial records and process payments through special payment software. Financial technology solutions are the answers built for many of the problems associated with the financial technology space.
Financial technology solutions exist in many different forms. Say, for example, your business has been using QuickBooks for years to tally up your receipts and keep track of which contractors are owed money and when. The QuickBooks software you use is an example of a financial technology solution. It is software on your computer designed to make your financial operations run smoothly and lessen delays. Continue reading “Financial Technology Solutions for Startups that Could Help Your Business”
Small business bookkeeping can keep your startup organized and running smoothly. While it’s not always easy to keep track of your business’ spending and earning habits, it’s necessary to ensure you always remain within your budget and that all funds going in and out are accounted for.
Let’s look at some elements of small business bookkeeping that can keep your small company on top. Continue reading “Small Business Bookkeeping: Best Practices for Growing Your Organization”