Most small business owners would agree that their Profit and Loss or P&L report is among the easiest financial documents to understand. Two parts of your P&L report The top half of the P&L report lists the income the business has received for the period covered. After subtracting the cost of producing your goods or services,…
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Running your own business can give you flexibility and control, but it can also be challenging. If you are like a lot of small business owners, accounting is one your least favorite business tasks! Did you know that good bookkeeping is crucial to business success? You can both protect your business and reduce your stress by avoiding these ‘4 Costly…
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Being an entrepreneur is often about squeezing all the value you can out of your resources. That means spending only on the essentials, not fluff. Unfortunately, things you consider to be a waste of your money may actually be worthwhile business expenses, just what your start-up needs to survive. Data Analysis Successful business owners make decisions based on good information, not on a whim. As a…
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What is a Chart of Accounts? The chart of accounts a system for categorizing all of a company’s financial accounts. A chart of accounts is usually divided into five categories: assets, liabilities, equity, income, and expenses. Why do photographers need a Chart of Accounts? The categories on the chart of accounts feed directly into the financial…
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As an entrepreneur, you know the importance of good financial management. It’s just that dealing with all those numbers can be so daunting. Nonetheless, you sense that not keeping track of those digits can, or has, cost you. Don’t let it get you down. Below are 5 common bookkeeping mistakes and some simple tips to avoid them.…
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On average, small business owners spend 10 hours each week bookkeeping activities, such as recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in…
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Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase…
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