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If you are like most small business owners, accounting likely is not the reason you got into business, but understanding your key financial statements can significantly impact the long-term success of your business. Typically, small business owners can be categorized in three ways: 1) Those who have their financial statements in order and use them to run their business more efficiently; 2) Those who understand financial statements but do not have time to keep them up to date; and 3) Those who do not understand their financial statements and are unsure how to use them to help run their business. Regardless of which category you fall into, it is never too late to gain a better understanding your business' finances. In this guide, you will learn about the top three financial statements that every small business owner can use to efficiently operate their business.
Small and medium businesses make up the vast majority of the U.S. economy – 99.9% of all businesses – so it’s understandable why many small owners are worried about the impact of a possible recession. Since 25% of small businesses don’t have sufficient cash on-hand to cover a two-week downturn, owners are understandably seeking steps to prepare. In this article, we’ll walk through what a recession is and how your small business can prepare to ensure your accounting and finances can weather a storm should it arrive.
Business owners are busy and don’t have endless time to spend analyzing their financial data. Despite this fact, it is absolutely worth investing time to understand how your business is performing and quickly spot any issues.
Tax season is underway and navigating this stressful time is never easy – especially for business owners. You’re pulling together your financial information, making calculations, and filling out form after form, all while continuing to run your business as usual.
Even if your Paycheck Protection Program (PPP) loan has been partially or fully forgiven, small business owners need to be aware of the tax implications of PPP to make the best decisions for their businesses
If you’re like many small business owners, doing your own bookkeeping may be a source of pride – especially if you've done it from the start. Or, perhaps you see it as a cost-saving activity to maintain your earnings.
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