Blog - Good Cents Bookkeeping

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Financial Professional Red Flags

Financial Professional Red Flags

When outsourcing your business’ accounting and bookkeeping, it’s imperative to be aware of any financial professional red flags that may indicate members of your financial team are either not a good fit for you and your business, or they’re not producing quality work.

How to Shorten Your Cash Flow Cycle

How to Shorten Your Cash Flow Cycle

One of our goals as business owners should be to shorten our cash flow cycle so it’s as small and efficient as possible (remember you want your money to work for YOU; the quicker it’s in your bank account, the quicker you can put.it.to.work. ). 

What is a Profit and Loss Statement? (And why is it important?)

What is a Profit and Loss Statement? (And why is it important?)

The Profit and Loss Statement (aka the P&L) is one of the most important financial reports you’ll need to generate for your business. The purpose of the Profit and Loss Statement is used to summarize the expenses, revenue, and overall profit for a business during a fixed period of time (such as a month, quarter or year). An accurate P&L will tell if you made a PROFIT or had a LOSS.

The PPP and Taxes

The PPP and Taxes

On Thursday of last week, the IRS issued Notice 2020-32, which presents new challenges for business owners as they move forward with their PPP funds. Here’s what it means for you and your business: