After all, who wouldn’t want to know how profitable they are at a glance? It tells you whether you’re making money, helps you attract investors, funds your day-to-day, and aids in getting financing.Ĭonsidering the importance of being profitable, you’d think that most business owners would stay on top of it. You likely also understand how important it is for your business.
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You probably know how to calculate your profitability: Revenue minus expenses. You Can Quickly Determine How Profitable Your Business Is 5 Ways to Get Your Team Excited About AccountingĤ.Common Cash Flow Problems Facing Small Businesses and How to Solve Them.Stop Waiting to Get Back to Your Desk: Embrace Easy Accounting Anywhere.Failure to keep accurate records means that you leave hard-earned cash on the table and in the hands of the taxman. For example, if your home office is 20% of the size of your home, you can claim back 20% from utilities, maintenance, and so on.īut you can only get money back if you track, categorize and disclose these business expenses. Home-office expenses: if you have home offices you may qualify for home-office write-offs.Travel expenses, e.g., fuel to attend a client meeting.You see, many expenses are tax-deductible which means you could get your money back. No running around, no stress, and no worrying about whether you’re losing money. Scrambling to find those invoices and receipts on laptops and shoeboxes is not uncommon.īut this doesn’t have to be your experience.īy keeping meticulous records, you’ll have everything ready come tax time. Tax season is a dreaded time of the year for those who aren’t prepared. You’re Better Prepared for the Tax Season and May Get Money Back Ultimately, you improve your money management.
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You’ll not only save money-which has a positive impact on your bottom line-but free up cash that you can invest in other crucial business areas, e.g., your marketing department.
The entire process helps you become more financially aware.Īrmed with this knowledge you can fix bad spending habits and make better ones.
These daily figures become your marker to see whether you’re over or under your monthly budget. By tracking business expenses daily, you can also control costs, and see what you’re spending your money on and how much you’re spending.
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