How to Calculate Year Over Year Growth | Definition & Formula

  To make the best decisions for your business, you need to understand where you are financially, what areas of your products and services have grown, and where changes might be necessary. Having the right financial information in place can assist you in analyzing your business and crafting budgets that support future growth and expansion. […]

What Does a Bookkeeper Do? 11 Most Common Duties

  Growing a business means understanding the financial health of your company, and then making decisions that support expansion. The problem for many small businesses is that taking care of the financials is time-consuming. Too many business owners wait until tax time or when they need updated financials for financing to address their bookkeeping. Having […]

Owner’s Draw vs Salary | How to Pay Yourself

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  While we all have different reasons that made us decide to start a business, the truth is that we also need to make a living. Working for free is not a likely option for most business owners, but figuring out how to get a paycheck from your business can be challenging, especially in the […]

GoDaddy Cuts Online Bookkeeping | Here’s 7 Alternatives for 2023

  With GoDaddy announcing that it will no longer provide bookkeeping services as an option to its customers, many current clients are wondering what options are available, both for initially migrating their online data and for tracking their expenses and income moving forward. While it can be challenging to transition your bookkeeping to new accounting […]

Owner’s Equity Guide: Definition, Calculation, & Statement

  Running your business means investing time, energy, and capital. However, when you look at your financial statements, there isn’t a line item that indicates what you contributed to both start and keep your business running. Or is there? Today, let’s dive into this owner’s equity guide and learn how it translates your investment into […]

Accrual Accounting vs Cash Accounting | A Simple Guide

  Building a business involves understanding how cash flows in and out. Your financial statements are key to that process, but to make sure your financial statements can allow for accurate comparisons across time, you need to have a consistent form of accounting in place. With that in mind, let’s talk about what types of […]

Bookkeeper vs Accountant | What Makes Them Different?

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  Building a business takes hard work, but at the end of the day, you like to see your bottom line reflecting a profit as evidence of all your time and effort. Still, as your business grows, you may find there is less time for you to sit down and “do the books.” Outsourcing this […]

What Are Business Expenses? Examples, Types, & Tips

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    What Are Business Expenses? To successfully manage the finances of your company, you need to be clear about what is being spent and where it is being spent. That means tracking your business expenses, which are any costs incurred in the ordinary course of business. Every business, whether a Fortune 500 or a […]

What Is Annual Recurring Revenue? Definition, How to Calculate, & Examples

    Owning a business means understanding critical aspects of the finances and how to maximize every bit of capital to grow and sustain your company. This is even more critical with a SAAS, or subscription service business. With that in mind, let’s talk about annual recurring revenue, including what it is and why it […]

What Is Net Profit? Definition, Formula, Examples, & Comparisons

Two men with laptops reviewing documents.

    No matter what inspired you to set up your business or become an entrepreneur, the bottom line is that you are building a business to create income and profit. But how can you know if your business is successfully doing either of those things? It starts by understanding what profit is and how […]