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The break-even point is where your sales equal your costs no profit, no loss. It’s crucial because it shows how much you need to sell to start profiting. The formula is: Break-Even Point (in sales units) = Fixed Costs / (Selling Price per Unit – Variable Cost per Unit) But what does it mean and
Read moreRunning a small business means keeping a close eye on your money – both what’s coming in and going out. Without this, you might run short on cash or miss chances to grow. Bank reconciliation is your go-to tool for staying on top of your finances. This guide will make bank reconciliation simple, showing you
Read moreThis guide talks about a less known but handy way to do your accounting: the modified cash basis. It doesn’t matter if you’re well into your business journey or just starting; knowing your options for keeping track of your finances is crucial. This guide is also related to our articles on cash vs. accrual accounting,
Read moreJust as every ship captain needs a map, every business owner needs a Chart of Accounts (CoA). It’s your financial map, guiding you through the complexities of your business’s financial landscape. The Chart of Accounts is pivotal for recording, organizing, and reporting your business’s financial transactions. This article is related to other concepts such as
Read moreHere is our list of the best eCommerce platforms. Ecommerce platforms are content management systems (CMS) and website software that allow users to buy and sell products online. Examples include Squarespace, Shopify, and Wix. The purpose of these platforms is to allow businesses to fully manage their sales and marketing operations. These ideas are similar
Read moreHere is our list of the best fractional CFO companies. Fractional CFO companies, or chief financial officers, are highly skilled finance leaders who provide business leaders with strategic financial and operational support for their companies. Fractional CFOs typically work on a part-time or per-contract basis. The purpose of this list is to provide high-rated fractional
Read moreLiquidity, or the ability to meet short-term obligations, is the lifeblood of your small business. Just like a plant needs water to thrive, your business requires enough liquid assets to cover its immediate liabilities. Without this, even the most promising business can find itself in hot water. This guide is designed to explain the concept
Read moreYou’ve landed on our comprehensive guide to understanding the nuts and bolts of how to read a balance sheet. Understanding your balance sheet helps you see the clear picture how your hard work and decisions are shaping the financial stability and growth prospects of your business. Understanding your balance sheet is also related to understanding
Read moreRunning the finances of your nonprofit can seem tricky, especially if you’re new or not a big fan of accounting. Just like running a small business, it’s important to keep a close eye on your money. This means making sure you’re getting the most out of every donation, grant, and fundraising effort. We’ve put together
Read moreWelcome to our guide on the essentials of understanding owner’s equity for small business owners. The concept of owner’s equity in the realm of small businesses is all about understanding what truly belongs to you, the owner, after all your business debts are settled. The state of your equity is essential to consider when you’re
Read moreCash flow is one of the most important metrics to track in your businesses. Without solid cash flow you’ll be struggling to fund payroll, pay your vendors and lenders, and continue operations. Cash flow statements are used to gauge this metric. At their core, they show your cash balance at the beginning of a period,
Read moreBank reconciliations are one of the most important parts of your closing process to produce financial statements. We’re going to use the example of a company called GadgetFlow Inc. to walk through the steps of reconciling a bank account. This guide is also related to our articles on understanding journal entries in accounting, understanding and
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