What is a business budget and why do you need one? (affects pricing decisions -break even point, how much profit is necessary, how to decide what to pay yourself, etc) Key components to include in a budget How often to review and adjust Software good for creating business budgets Your monthly budget is the foundation [...]
If you’re a self-employed entrepreneur then you are responsible for paying your own taxes. In contrast, if you work for someone else under the classification of “employee”, taxes are automatically withheld from your paycheck before you see any money. Depending on your annual income and your circumstances, self-employed individuals and business owners may be required to pay taxes on a quarterly or monthly basis. […]
As an accountant, I’m always looking for ways to improve on the financial systems that I use to track the profitability of my business and those of my clients. So this month I began reading Profit First. It is authored by Michael Michalowicz and published in 2014. Mike isn’t a CPA or accountant, but he [...]
Disclaimer: This is a sponsored post. All opinions expressed are 100% mine. Whether you're a side hustler or a full time solopreneur, what sustains your business and keeps it thriving is profitability. In order to achieve that, you've got to keep expenses as low as possible. I participate in rebate programs, club memberships, and coupon shopping [...]
What’s one of the biggest struggles entrepreneurs have with managing their financial data? Keeping it up-to-date and in real time ALL THE TIME. I’ve seen business owners scramble to get their financial data together in order to meet a loan officer’s deadline or even to sell their business. In any case, whether your business is [...]
