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Controlling costs is essential to running a profitable business. If you don’t keep track of your operating expenses, it can become nearly impossible to catch issues that reduce your business’s profitability.
What do printer ink, client lunches and shipping costs all have in common? They’re business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses from your taxable income which can help your business’s finances at tax time.
If you’re focusing on keeping your business in good financial shape even more than before, you’re not alone. To help, we’ve compiled a list of common business finance terms and definitions.
Business finances can be tricky, but managing your finances doesn’t have to be overwhelming. Keep an eye on your company’s financial health with our checklist of essentials to keep your business in good shape and manage your finances like a pro.
A basic understanding of accounting is important in helping you start and grow a successful small business. One of the most important financial documents business owners need to understand is the balance sheet.
Profit and Loss Statement (P&L): also known as an Income Statement; measures net income or loss over a defined period of time.
Gain insight into how your business is managing its cash flow over a specific period of time.
