The Filing Cabinet of Your Business
So, what is a chart of accounts?
Think of it as the digital filing cabinet for your business money. Every dollar that comes in or goes out needs a specific folder. Sales go in one folder. Rent goes in another. Payroll, loans, equipment, and owner payments all need their…
A lot of small business owners run their company by checking one thing: the bank balance.
If there is cash in the account, things must be fine. If the balance feels tight, something must be wrong. That feels logical, but it is one of the biggest financial blind spots in business.
Here is why. Your…
You look at your bank account and see cash. Plenty of it. Then your CPA sends over financials and says the business showed a loss.
Or maybe the opposite happens. Your bank account feels tight, clients still have not paid, and yet you owe taxes on what looks like a strong year on paper.
That…