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If you’re like most small business owners, you probably wear a lot of hats. You’re the CEO, the marketing manager, the salesperson, and the accountant. It can be tough to find time to focus on your finances when you’re trying to run your business. That’s why hiring certified practising accountants can be the help you need. But making sure you’re taking part in writing a solid financial plan in place is a must for your business. With this plan, you know the roadmap for your business, setting the goals and ho
The Statement of Financial Position is also known as a balance sheet. This statement will provide an overview of your assets, liabilities, and net worth at the beginning and end of any given financial period. When creating this portion of your plan, you’ll want to include current assets such as cash, accounts receivable, inventory, or investments; long-term assets such as real estate and equipment; liabilities such as accounts payable, payroll tax, or loan payments; and equity, which is the difference betwe
Did you know that cash flow is one of the most important aspects of a business? Without it, you can’t pay employees or suppliers. To ensure your cash flow remains strong, this portion of your plan should include projections for sales, cost of goods sold, operating expenses, and capital expenditures for the upcoming year. Use historical data (as far back as you have it) to help you forecast those numbers. As your business changes, so should your projections.