Financials

Today I'm talking about... Hey there. Today we're talking about accounting policy. What are accounting policies? Those are the rules you follow when you keep your records. Now there's some policies you need to have in place because they're required by the IRS. For example, you need to have in place a policy for how you capitalize asset, you need to have in place for reimbursements, you need to have

Today I'm talking about... During the course of your business, you often buy things. You might go to Office Depot, Staples, Walmart, wherever you buy your office supplies from. Some items you buy are really inexpensive. For example, a pen, pencils, they cost $5, $10, $15, $20. And sometimes you buy more expensive items like computers, equipment’s you need for your business, and things of that nature. So, when you buy more expensive

So today we're talking about audit proofing the business. Record keeping is very fundamentals of keeping good, audit proofing your business. Record keeping is a discipline of keeping track of what is going on in your business. The goal of good record keeping is to, one provides information that helps you make good business decisions and two meet your legal obligations to the tax authorities. Record keeping is useless if

  A business is a linked sequence of activities that transforms inputs into sellable outputs. In order to build a valuable business, you need very defined inputs, processes and outputs. The more specific you are about what you do, the easier it is to scale and the more profitable you are. If you know exactly what your customers expect from you, then you know how to compute your targeted profitability.

As an entrepreneur, how do you effectively assess ongoing operations? How do you know you are truly profitable? Looking beyond the numbers in your financial software, is fundamental for growth and development. In other words, you need to know how to evaluate the data in your financial software to draw out meaningful conclusions. This is known as financial analysis. What is Financial Analysis? Financial analysis is the process of evaluating