Saving for tax payments isn’t a business owner’s favorite thing to do and often cause a little bit of anxiety for many trying to manage books on their own. So, let’s tackle how and when to tackle the beast of burden with a tax savings account. The first thing you want to do is ask […]
Exploring the Technical Terms of Accounting – Accounts Payable
Last month we explored Accounts Receivables and highlighting incoming billable funds from clients. This month we’re looking at Accounts Payable. SO! What does Accounts Payable Mean and How Does it Help Me? In short, accounts payable is the account that tells you who and how much YOU owe to your vendors. In a service-based business, […]
The Technical Terms of Accounting: Cost of Goods or COGS
Ever find yourself trying to quantify your goods and services? What does it take to put together that finished product? If you can’t break down the journey, you’ll have a hard time justifying the means. Enter… COGS or Cost of Goods. So! What exactly does the term Cost of Goods (COGS) and Gross Profit mean? […]
The Technical Terms of Accounting – Sales & Invoicing
What does Sales & Invoicing Mean and How Does it Help Me? You’re not a business unless you have sales income. Generating sales and an income is one of the primary reasons WHY you’re in business. Sales & Invoicing is my favorite account on any profit & loss reporting. This line of your report is […]
The Technical Terms of Accounting – Tackling Accounts Receivable
What does Accounts Receivable Mean and How Does it Help Me? Accounts Receivable (AR) is one of my favorite accounts because it highlights income for your business expected to be retrieved from current clients. AR is, in its simplest form, a list of who owes you money and how much they owe you, and this […]