Recent Articles From EvanCarmichael.com http://www.evancarmichael.com/ http://www.evancarmichael.com/Accounting/3625/The-Balance-Sheet--What-does-this-do-for-you.html http://www.evancarmichael.com/Accounting/3625/The-Balance-Sheet--What-does-this-do-for-you.html There are two main reports that are included in what are called your “Financials,” the Profit & Loss Statement, which we have covered in a previous article and the Balance Sheet. The Balance Sheet is another critical document which reflects the value of your company. On the Balance Sheet is listed your assets, your liabilities and your equity. So the accounts that are showing on this report are different from the accounts showing on your Profit & Loss Statement. In fact, the final bottom line number from your Profit & Loss is reported on your Balance Sheet. The profit or loss of your company becomes a part of the value of your company and is recorded on the Balance Sheet in the equity section. http://www.evancarmichael.com/Accounting/3625/Accounts-Receivables-Income-and-Deposits-Arent-they-all-the-same.html http://www.evancarmichael.com/Accounting/3625/Accounts-Receivables-Income-and-Deposits-Arent-they-all-the-same.html Many small business owners who do not have much accounting background will often times get accounts receivables, income and deposits confused, thinking they are all the same, and as long as I get the amounts into QuickBooks somehow, I will be covered. This, of course, is not true. In this article, we are going to discuss the differences in these three items and how to properly enter them, so you do not end up with duplicate entries, throwing off both your Profit & Loss and your Balance Sheet. http://www.evancarmichael.com/Accounting/3625/The-Dreaded-Bank-Reconciliation.html http://www.evancarmichael.com/Accounting/3625/The-Dreaded-Bank-Reconciliation.html In our experience with many small business owners, one of the most important accounting functions that needs to be done is avoided and usually not done at all, which is doing your bank reconciliations monthly. This month we are going to address how to do your bank reconciliation, and hopefully take the fear and frustration out of this process, so that you feel at ease and comfortable doing it. Doing your bank reconciliation is one of the most important accounting/bookkeeping functions you can do. Not only will you be assured of what your bank account balance is, but you can be assured that all of your income and expenses have been entered and that your books are most likely complete. The only thing the bank rec will not do is assure that the entries have been made to the proper GL accounts. http://www.evancarmichael.com/Accounting/3625/What-is-your-Profit--Loss-Statement-Good-for-Anyway.html http://www.evancarmichael.com/Accounting/3625/What-is-your-Profit--Loss-Statement-Good-for-Anyway.html Being involved with small business for the last 30 years, it has come to my attention that many of you could use some help in understanding how to use your Profit & Loss effectively in managing your business. Some of you may not even know that this is a tool to use in managing your business. So we are going to discuss just exactly what the Profit & Loss Statement is good for anyway. http://www.evancarmichael.com/Accounting/3625/From-Crisis-to-Change--Crisis-The-Best-Thing-That-Ever-Happened-to-Us.html http://www.evancarmichael.com/Accounting/3625/From-Crisis-to-Change--Crisis-The-Best-Thing-That-Ever-Happened-to-Us.html As we all know, we all hate crisis and turbulent times in our lives. We struggle! We fight against it! It just feels bad! But if each of us was to look back over our lives, and look at the WORST of times in our lives, I think most of us would say that it actually created some of the best of things in us or for us, and we just wouldn’t change that for the world. Those WORST of times became the most fabulous gift that the universe could have provided us. http://www.evancarmichael.com/Accounting/3625/What-to-do-next--Top-Ten-Priorities-in-this-Economy.html http://www.evancarmichael.com/Accounting/3625/What-to-do-next--Top-Ten-Priorities-in-this-Economy.html This month we are going to list what this author considers the priorities to focus on during this economy. As has been mentioned in previous Tips, our notorious “Rainy Day” has come, and so this is when we hope you have prepared for it. But if for some reason, you haven’t, then below are tips on how to get through this time. But whether you have prepared or not, these tips will help all of us stay on track and get through these times. http://www.evancarmichael.com/Accounting/3625/Characteristics-that-Make-for-a-Successful-Business-Owner.html http://www.evancarmichael.com/Accounting/3625/Characteristics-that-Make-for-a-Successful-Business-Owner.html In this Tips Letter we are going to give 10 characteristics that make for a successful business owner. When reading this, you can use it to determine maybe where you might have a need to hire someone to make up for an area of need for you. The truth is we all have areas we are strong in and areas we need support in, and that is just perfectly fine. Wisdom tells us to recognize who we are and then in our business, hire someone who has the strengths to fill the gap where we have need. That is how you can be very successful. http://www.evancarmichael.com/Accounting/3625/Keep-Every-Client-or-Customer.html http://www.evancarmichael.com/Accounting/3625/Keep-Every-Client-or-Customer.html In this time of financial stresses, it can be difficult to be in small business. One of the ways we can deal with this is to make every effort to keep every client or customer that we have. It is a lot harder to get new clients, than it is to keep the ones you already have. http://www.evancarmichael.com/Accounting/3625/Business-Failure--Not-an-Option--Part-2.html http://www.evancarmichael.com/Accounting/3625/Business-Failure--Not-an-Option--Part-2.html Last month we looked at ten of the most common reasons as to why businesses fail. This month we are going to look at ten others. There is a reason that the statistics are so high as to why businesses fail, but the good news is all the reasons are within your control and we can, by choice choose to succeed and avoid being the statistic. http://www.evancarmichael.com/Accounting/3625/Business-Failure--Not-an-Option.html http://www.evancarmichael.com/Accounting/3625/Business-Failure--Not-an-Option.html All of us in small business just don’t want to ever think we could be a part of the statistic that only two-thirds of new businesses survive for two years and 44% only survive to four years. There are many reasons that businesses fail and the thing of it is, most of them are within your control. We are stating some of the reasons that businesses fail here, but the encouraging thing about this list is, that you have full control of every single one of these issues, and so you just don’t have to fail, if you so choose.