Have you ever tried to create a budget for your business, only to find that it’s more complicated than you thought? It can be tough to know where to start or even where to cut corners. But don’t worry – we’re here to help. This post will outline how to build a spending plan for
Author Archives: Corey Lord
I’m sure you’ve heard the saying, “you get what you pay for.” Well, that’s true when it comes to choosing a CPA. Not all CPAs are created equal, and if you want the best possible service and advice, working with an accounting firm with deep experience is essential. At Lord CPAs, we pride ourselves on
Starting a small business is no easy task. It takes hard work, determination, and most importantly, a sound business plan. Too often, small businesses fail because they are not profitable enough to stay afloat. To ensure the longevity of your small business, it is important to aim for a 10% profit margin. This number may
Profit and loss statements, or P&Ls, are essential financial reports for all businesses. The profit and loss statement is a proof of your business model because it shows how well your expenses and costs are covered by your revenues. The report also breaks down the company’s expenditures by category, such as cost of goods sold,
In order to make a business successful, it is important to understand the difference between profit and cash flow. Profit is what a company earns after subtracting all of its expenses from its revenue. Cash flow, on the other hand, is the actual amount of cash that comes in and goes out of a company