Skip to main content
Tag

books

Aug 30
Love0

Bookkeeping Basics for Small Business Owners

By Bookkeeping, Business No Comments
Bookkeeping basics look different for small business owners than they do for accountants or bookkeepers. You have different priorities and responsibilities. So, this is not gonna be a do-it-yourself blog. I'm not gonna teach you things like how to debit and credit and do journal entries and reconcile your bank accounts. There's lots of free blogs and videos on the internet. A simple Google search…
Read More
Feb 08
Love0

Negative Balances are a Red Flag in your Bookkeeping

By Accounting, Bookkeeping No Comments
Webster defines Red Flag as “a warning signal or sign; a problem to be dealt with.” Negative accounts are a big red flag in your bookkeeping.   Despite popular belief, bookkeeping isn’t necessarily only for doing your tax return, although that’s an added benefit. Bookkeeping is for recording and organizing all of your financial transactions made for your business operations. With good records you are…
Read More
Nov 15
Love0

Reading Financial Statements

By Profit First No Comments
Are you reading that right? When you pick up a book it is simple. There is words on a page that brings the content to life. Your accountant will always tell you to "read your statements" ... But what does that really even mean? Consider, when looking at your statements, the "story" that they are telling regarding the journey and health of your business. These…
Read More
Nov 08
Love0

Removing Temptations From Your Books!

By Profit First No Comments
We have talked about reviewing your books... Now let’s chat about REMOVING TEMPTATIONS from your books! A Profit First principle we call, “Remove Temptations”, is the idea that if you’re running the Profit First system, there is a flow of cash.  You have income coming in and you have to allocate that into your other business accounts, right?    Twice a month, you’re moving money to…
Read More