In our previous blog, we discussed why it is important for a business to create financial reports. We also talked about 5 important ingredients that any SMB owner should consider while preparing the financial reports for their organization. In this blog, I will delve in detail about one of the most important ingredients of a Financial Report which is Profit. As it is rightly said,
Profit is not something to add-on at the end, it is something to plan for in the beginning
There are a lot of numbers you can look at in your financial reports, but what’s the bottom line? Well the fact is that profit is the bottom line – literally at the bottom of the most important financial report – your ‘Profit & Loss Statement’, or a ‘P&L’ as some call it. Profit tells you how much money you are left with after paying all of your expenses. This is a great place to check and see how your business is performing. If you take a look right now at your profit from the last 12 months, what do you see? Is it a big number? Or a negative number?
Continue reading Profit is the Bottom Line
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Which are the most important numbers to know to monitor the health of your business? How important is it really to create financial statements every single month?
Most of our SMB clients started their business because they are passionate about what they do, but usually they do not have any sort of professional training on how to manage financial side of their business before they start their business. As a result, while they know how to keep their clients happy and satisfied, they feel helpless about how to make sure their business is financially profitable to allow them to remain in business.
Continue reading Financial Reports: Important Numbers to Grow Your Business
After more than three years of debate and revision, the 20-year old reporting model for nonprofits is being replaced with a new and improved Accounting Standards Update (ASU). ASU 2016-14 presentation of financial statements of not-for-profit entities calls for big changes in the way not-for-profits report financials. It will change the way all nonprofits classify net assets and prepare financial statements.
FASB (Financial Accounting Standards Board) believes that this update will improve the financial statements of nonprofits and will provide more useful information to donors, creditors, grantors and other financial statement users.
This article lists the top 3 changes in nonprofits financial reporting that will be effective for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.
Continue reading FASB’S New Standard Aims to Improve Nonprofits Financial Reporting
For MSPs, support and customer service is just as important as the software and tools a business uses. In fact, even more important. But unfortunately, a growing labor shortage and an expanding skills gap have left many MSPs unable to find, hire or retain the technical talent needed to support complex SMB environments. For this reason, many MSPs are turning to third-party providers and vendors who offer NOC, helpdesk and other tech support services that can expand and augment an IT provider’s existing capabilities. If done correctly, these relationships can help MSPs greatly expand the scope of their services, extend coverage hours and refocus their internal teams towards more strategic tasks.
In this blog, we will talk about how outsourcing IT helpdesk services is beneficial for MSPs
Continue reading How MSPs Can Benefit From Outsourcing Their IT Helpdesk Services
A balance sheet is like a thermometer for SMB owners that provides a reading on the health of their business and ignoring it can be fatal to a business as it records all the assets, debts and shows the ‘net worth’ of the business at any given time. A company’s balance sheet gives a quick sense of the business’s health and liquidity as well as its ability to generate cash flow but it is only when the balance sheet is healthy.
So the question is, what should an SMB owner do to improve their balance sheet and make it a healthy one?
In this blog, we will highlight three helpful tips for SMBs to improve their balance sheet
Continue reading How SMBs Can Improve Their Balance Sheet