When you hear the phrase internal controls, it might sound like something reserved for corporate giants with entire departments dedicated to accounting. But here’s the truth: internal controls are just as important for small businesses. Why? Because in a small business, the margin for error is tighter. A little mistake (or worse, a bit of […]
Category Archives: Reporting
17
Feb
Feb
If you have ever looked at your financial reports and thought, “I know these numbers matter, but I’m not sure what they’re telling me,” you are not alone. Understanding your numbers is crucial for making informed decisions. In What Your Numbers Are Trying to Tell You (But Often Don’t), we explored why business owners often […]
03
Feb
Feb
Most business owners want to use their financial reports. They just don’t trust them. Or they glance at the numbers, feel a little uneasy, and move on. The story feels unclear, or the numbers seem to contradict what they’re experiencing day-to-day. Your numbers really are trying to tell you something. The problem is: they often […]
02
Sep
Sep
If you’re a custom home builder or contractor, you’ve probably heard your bookkeeper or CPA mention “cash basis” and “accrual basis” accounting. If your eyes glazed over at that moment, don’t worry, you’re not alone. Let’s break it down in plain English, using real examples from the construction world. Understanding the difference can help you […]
04
Feb
Feb
If you are a construction business owner, you have probably heard the term Work in Progress (WIP) thrown around. What exactly is WIP, and why do you need to understand it? WIP is more than just another accounting term; it’s a resource that helps you track your projects, manage cash flow, and stay profitable. Let’s […]
08
Oct
Oct
In construction, understanding and improving your profitability is crucial. One key way to gauge your financial health is by examining your gross profit margin, which reflects how efficiently your core operations are performing. Here are four practical strategies to help you increase your gross profit margin and set your construction business up for success. Work […]
06
Aug
Aug
You’ve heard about KPIs (Key Performance Indicators) and know that other businesses use them to measure success. Should you be tracking them? This guide will explain what KPIs are, provide some examples, and give advice on how to use them to make better decisions. What are KPIs? KPIs are metrics that measure how effectively a […]
14
May
May
Your business is growing, but you can’t isolate where the growth is coming from. Your financial reports don’t seem to have the answers you need. If that is the case, you may benefit from tracking different divisions of your business. How do you get started? Here are some helpful suggestions. Decide what you want to […]
06
Feb
Feb
Gathering your documents for taxes may not be your favorite task of the year, but fear not – with the right information in hand, you can make the process way smoother for both you and your tax accountant. Here’s a guide to the reports you should gather to have what you need for your taxes. […]
10
Jan
Jan
Financial reports are essential for understanding your business’ financial health. However, verifying their accuracy is critical to make informed decisions. Accurate reports at year end are incredibly useful to your tax accountant as well. Your financials can help them build a basis for an effective tax strategy throughout the year. In this article, we will […]