Inflation has reared its ugly head over the last couple of years, and while it seems to have settled down a bit in 2023, forecasters are predicting 2024 will be…
The Income Statement
There are three critical statements that should be included in every business reporting package: the Balance Sheet, the Income Statement, and the Cash Flow statement. The Income Statement, sometimes called…
Relief Programs for Small Businesses
Below is a portion of a Forbes article that lists some relief programs for small businesses affected by COVID-19, which would include all of us. I hope this is helpful…
Fixed Assets
Fixed assets are items that are used in your business’s ongoing operations for longer than a year. These items should not be “expensed” or shown on the Profit and Loss…
What are Financial Statements and Why Do I Need Them? The Balance Sheet
Many business owners think the terms Income Statement and Financial Statement are interchangeable. The Income Statement is indeed one part of a Financial Statement package, but owners should know there…
Cash Basis vs. Accrual Basis Accounting
You may have heard the terms Cash Basis or Accrual Basis, and when you register your business with your state, you will likely be asked which method you plan to…
Starting a New Business
Starting a business can be one of the most exciting things you do in your life. You have a great idea and you have figured out a way to make…