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Understanding Profit and Loss Statements: A Practical Guide for Small Business Owners
Feeling lost in the numbers game? Your P&L statement can be your financial compass! Our guide breaks it down simply, helping you understand your business's health & make smart decisions.
Understanding Your Business's Health: A Guide to the Balance Sheet
Ever wondered what your business truly owns, owes, and is worth? Look no further than the balance sheet, a crucial financial snapshot that provides a bird's-eye view of your company's financial health at a specific point in time. Think of it as a photograph of your business, capturing its financial state at a given moment.
Understanding the Heart of Your Business: Cost of Goods Sold vs. Operating Expenses
Keeping your business finances organized can feel overwhelming, but understanding two key expense categories – cost of goods sold (COGS) and operating expenses (OPEX) – is crucial for profitability and success. This guide will break down the difference in clear, simple terms, leaving you empowered to make informed financial decisions.
It's Time to Get OSHA Compliant! Annual Form 300A Posting and Electronic Reporting Updates
Staying on top of these deadlines is crucial to avoid potential penalties and demonstrate your commitment to workplace safety.
Independent Contractor Classification: The Return of the Economic Reality Test
Is Your Gig Worker Really a Gig Worker? New DOL Rule Reshapes Classification Landscape Our latest article dives into the U.S. Department of Labor's (DOL) recent rule change for independent contractor classification under the Fair Labor Standards Act (FLSA). This marks the return of the "economic reality" test, a multi-factor analysis used to determine worker status. What you'll learn: 1. The 6 key factors of the economic reality test: (Think income control, investment stakes, and relationship dynamics!) 2. Why this matters for businesses and workers: (Potential reclassifications, compliance risks, and more!) 3. Navigating state-specific variations: ️ (California's ABC test, anyone?)
Start Out the New Year Right by Reviewing Your Business Expenses
Starting the New Year right involves a thorough review of your business expenses. This is not just about cutting costs, but optimizing resources to ensure every dollar spent contributes to your business’s growth and success.
Understanding Your Balance Sheet: Essential Numbers for Small Business Owners
A balance sheet is a crucial financial statement that provides a snapshot of a company's financial position at a specific point in time. It outlines a company's assets, liabilities, and equity, offering insights into its financial health and stability.
The Average Collection Period: A Crucial Metric for Small Businesses
In the dynamic world of small businesses, cash flow is essential. A healthy cash flow ensures that you can meet your financial obligations, invest in growth, and keep your operations running smoothly. The Average Collection Period (ACP), a key financial metric, plays a pivotal role in maintaining a steady cash flow.
Demystifying the Statement of Cash Flows: Essential insight for small business owners
As a small business owner you might have experienced the puzzling scenario of showing a profit yet having little cash in the bank. It's a common concern, and the answer lies in understanding your statement of cash flows.