Small Business Accounting

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The Income Statement: An Essential Tool for Tracking Business Profitability

By |May 31st, 2019|Small Business Accounting|

Your company's income statement is also sometimes called the "profit and loss statement." This is one of the three primary financial reports that you should complete and review regularly to ensure that your company's financial health is up to par. The other financial statements that should be on your list include the statement of cash [...]

When is the Right Time to Consider Outsourcing Payroll Services?

By |May 15th, 2019|Small Business Accounting|

Whether you have 100 employees or only a handful, there's no denying that processing payroll takes a lot of time that you could devote to increasing business revenue. Instead, you're spending time completing a necessary task - but one that isn't billable. Perhaps you are considering outsourcing payroll, but feel uncertain as to whether it [...]

Why a Cash Flow Statement is Important to Your Business Success

By |April 30th, 2019|Small Business Accounting|

The goal of any business should be to have more cash coming in the door than going out. Cash is used to cover your overhead, fund your payroll, purchase equipment, and pay your suppliers. Essentially, your business isn't going to survive for long if it runs out of cash. Your company's cash flow statement includes [...]

Why an Accurate Balance Sheet is Critical to Your Small Business Success

By |April 17th, 2019|Small Business Accounting|

A balance sheet is one of the most important and useful documents for determining the financial health of your business. At Chicagoland CPAs, we like to think of the business balance sheet as a basic accounting equation. That means that a company's assets should be the same amount as its liabilities and shareholder equity. However, [...]

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