Knowing your numbers is the difference between running your business and letting it run you, and one of the most important numbers you need to know is your profit margin.
Profit margin is the difference between the amount of money you’ve made and the money you’ve spent in the process.
One of the best ways to use profit margins as an indicator of a business’s financial health is to compare it to your industry’s benchmark profit margin. If your margins are higher than average, that’s good! But if they’re lower or worse yet in the negatives, you might want to reassess what you’re doing.
It is the last full month before the tax deadline, are you prepared to file? If you’re feeling stressed out about it don’t worry, you’re not alone! Our next and fifth tip is ensuring your financial statements are accurate! Without accurate financial statements, you won’t have a clear understanding of how your business is performing, how to identify your growth, how to calculate your deductibles, and so much more! Watch our quick video to learn more about why accurate financial statements are important!
Can you believe February flew by so quickly that none of us noticed?! We’re now in March and the Tax Deadline is approaching fast! It might not be crunch time quite yet, but that doesn’t mean you should put off filing your taxes until the eleventh hour.
Our next and fourth tip for the upcoming tax season is the importance of accounts receivables. As you know the pandemic hit everyone by storm last year and not everyone has been able to fully pay you for the services you have performed. So, what should you do when your goods or services are not yet paid for by consumers? Watch our quick video to learn more!
It is the last week of February! Soon there will only be a month left before the tax deadline - are you feeling the pressure? Don't worry, you're not alone! Our next important tip for the upcoming tax season is when purchasing a recording asset, you need to make sure it is recorded at full value! We made a quick video about it, so go check it out!
We’re just about halfway through February already! Meaning Tax Season looms ever closer to us. If you missed our previous tips where we talked about the importance of reconciling your bank account you can view these tips now!
Many people often make mistakes while preparing for tax season. One of those cardinal sins that occurs is the commingling of funds, which you could easily miss while performing your bookkeeping.
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