In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.
Cash flow management can make-or-break a company, and if you aren't properly managing the flow of your money, then you are setting your business up for failure. If you want to achieve long-term success with your company, then you need to make sure that you have cash available at all times.
As a small business owner, it is imperative that you correctly manage the cash flow of your business. Otherwise, you might find yourself in a situation where payments are due, but the money is not available. It can be difficult to manage the cash flow on your own. An alternative is to enlist the services of an experienced Certified Public Accountant (CPA) to help with financial management.
Many small business owners pay too little attention to their financial statements. Unfortunately, these owners don’t understand just what the statements have to offer. Small business owners should become familiar with three basic financial statements – Balance Sheet, Income Statement, and Cash Flow Statement.