Do you know how your business is doing? Do you use your bank balance to gauge your profits? That may not be an accurate yardstick. Debt service and personal draws reflect on your bank balance but don't necessarily correctly reflect your bottom line.
Many small businesses do not have a real idea of how their business is doing until tax time. The surprise of owing taxes is common. How can I owe taxes when I didn't make any profit? Again, cash flow is not necessarily a good measure of profit. Successful business owners keep up by viewing periodic financial statements, including balance sheets and income statements. Want to know where your money is going? Ask for a cash-flow statement.
A business loan or a personal mortgage usually require current financial statements for consideration. Even if you do not subscribe to any of our bookkeeping packages, I can prepare your financial statement from records provided by you. This is an example of consierge service, typically billed at a per-hour rate. Your efficient organization will save you money.
Call today and find out how to keep abreast of your business activity on a regular basis.