No matter what goal you’re pursuing, maintaining balance in life is important. And if you’re a business owner, maintaining an accurate balance sheet is important! But sometimes it can feel like you’re doing mathematical gymnastics to get everything in place. This is when having a bookkeeping coach comes in handy.
To understand your balance sheet better, let’s define terms...
It’s almost the end of the year! Are you feeling overwhelmed about getting your financial books arranged in an orderly way to feel well-organized for 2016? Are you going to be ready for 2015 taxes? Do you need advice to get the ball rolling?
We have a list of recommendations to help jump-start the process. If you do not know how to do any of these – we will be glad to come and train you or do it for you so that it will be ready for your accountant. We have a great year-end review team! Here goes:
· Hunt down all of your receipts and organize them by month in folders or envelopes.
· Run a P&L for the year and click on each line item to review what was placed in that category. Look for inconsistencies and change categories as appropriate...
Did the horse you came in on turn out to be a bronco? Owning your own business can seem easy during the honeymoon period or a slow season, but watch out for the unexpected. There are several types of prospects that come through our doors looking for help with their finances.
If you are thinking of getting a loan or line of credit at a bank or have a potential buyer interested in your business, the first thing they want to see is your Balance sheet. You will need a “Balance Sheet Clean-up.”
When it comes to balance sheet messes, you often cannot fix it without causing other problems in prior periods.