The words Profit and Income can confuse some people as they may think these two words mean the same thing, but they don't. Profit refers...

Chart of Accounts - What is it? What does it do? Why do I need it? How do I make it? The Chart of Accounts - What Is It? The Chart of...

Since we are headed into the 4th Quarter for 2022, you might be wondering if the IRS has changed the rules regarding the tax deduction...

Cash flow is the total amount of money that comes in and out of a business. It is a key indicator of the financial health of your...

There are a few words that an accounting professional like myself really, really doesn't like and two of those words are in the title of...

As an accounting professional for over 25 years, I have had the pleasure of working with several business owners. As a business owner...

If you are an Independent Representative for a direct selling company, you are a business owner. Many people forget this because in some...

Most entrepreneurs have heard of a Balance Sheet. In this short post, I am going to share a few things you should know about this...

Most entrepreneurs have heard of a Profit and Loss Statement which is also known as an Income Statement. In this short post, I am going...

The most common financial statements used are the Profit & Loss and the Balance Sheet.⁠ The Profit and Loss Statement shows if your...

Many business owners wonder just that; Is this business expense a tax deduction?⁠ The quick answer is MAYBE. I know that is not what most...

Why are receipts of your expenses so important? Because they are the main paperwork (aka proof) of your business expenses. There are...

Many people are using Direct Marketing companies to make a side income or a full time living but may be confused as to what tax...

One of the things you notice when you start decluttering is how so much of the clutter in your home reflects the clutter in your mind.

Many business owners/entrepreneurs ask me why the financial statements for their business are so important. Honestly, that is a wonderful...

Working at home has many benefits. However, there is some downsides as well. Not the usual ones might think either.

Many entrepreneurs work from home either by choice, or by necessity. Now, with the COVID-19 pandemic, several companies have their...

If you own a business as a Sole Proprietor, you will probably have Owner's Equity. Often, to start a new business, the business owner...

Many people get liabilities and expenses mixed up or think they are interchangeable in accounting. Technically speaking, that is incorrect..

Bookkeeping, in general, can be challenging for a business owner. Learning some bookkeeping terminology can help.