Three key financial reports every business should review monthly
Let’s take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future. Let’s begin with the balance sheet.…
If You Want Keep More Money In Your Bank Account – Read This
Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare. Piercing the Corporate Veil Another, perhaps more critical consideration is that using a personal account for business has the potential of…
You Can’t Take Percentages to the Bank
You Can’t Take Percentages to the Bank Far too many shop owners are so determined to make a certain percentage of gross profit on each job, that they lose sight of profitability, as well as customer service. I’m talking about the people who judge their success by percentages rather than dollars. These are the shop…