Insights & Resources

Knowledge is power. Here are some key concepts to help keep your business healthy.

5 Common Bookkeeping Mistakes

  • Mixing Finances: Keep personal and business funds separate to prevent confusion, simplify taxes, and protect your corporate veil.
  • Skipping Reconciliations: Regular checks catch errors and fraud early, ensuring you always know your true cash position.
  • Poor Record-Keeping: Organized records are essential for claiming all deductions and surviving audits stress-free.
  • Ignoring Cash Flow: Profit doesn't always mean cash in the bank. Tracking money in and out is vital for survival.
  • DIY Bookkeeping: Outsourcing saves time, reduces stress, and provides expert insights.

Financial Statements 101: A Beginner's Guide

Statement What It Shows Why It Matters
Profit & Loss (P&L) Revenue, costs, and expenses over a period. Reveals your business's profitability.
Balance Sheet Snapshot of assets vs. liabilities at a specific moment. Shows what your company owns and owes.
Cash Flow Statement Movement of actual cash in and out over time. Crucial for understanding liquidity & solvency.