All Posts in "Company Business"

A Slice of the Pie Financial Statements

Pie and bar graphs are two different types of graphs that display numerical data. Both types of graphs have their pros and cons, so it’s important to choose the right one for your data.

A pie chart is a circular chart divided into slices to illustrate numerical proportion.

Pie charts are used to show proportions of a whole. They’re most effective when dividing data into only two or three categories, but can also be used with more than four pieces if the labels are small enough to fit in the center of each sector.

Pie charts are best for showing percentage increases or decreases over time; however, they don’t do well with large numbers since it’s difficult to see how much one slice represents in relation to another.

A bar chart is a rectangular chart that illustrates numerical data by displaying the height of bars, which are typically horizontal but

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Harvey Olsen by — February 18, 2023 in Company Business
Industry Appropriate Financial Statements

If you’re in business, it’s likely that you’ll need to understand and prepare financial statements. Financial statements are required by law and other businesses, so you can’t get away without them. But what are the right documents for your industry? We’ll talk about the balance sheet, income statement, cash flow statement and how each of these documents can be used.

Balance sheet

The balance sheet is a snapshot of the company’s financial position at a given point in time. It shows the company’s assets, liabilities and equity. Assets are things that provide future benefit to the business such as cash and inventory; liabilities are debts or obligations owed by the business such as accounts payable; equity represents owners’ investment in their company after deducting all its liabilities from its assets

Income statement

  • The income statement is a summary of revenue and expenses for a specific period. It shows the company’s
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Harvey Olsen by — February 11, 2023 in Company Business
Business Financial Statements

A business financial statement is a report of the company’s financial performance and condition. These statements are prepared from information contained in the books of account and consolidated with other information that has been gathered from sources external to the company.

Income Statement

The Income Statement is a financial statement that shows the revenues, expenses and profits of a business over a given period of time. It’s important to understand how to read an income statement because it will help you make better decisions as a manager or investor in a company.

The following sections will explain what each line item on an income statement means and how you can use this information to assess whether or not a company is performing well financially:

  • Gross profit (or gross margin): This is calculated by subtracting cost of goods sold from total revenue
  • Operating income/net operating profit after taxes (NOPAT): This represents
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Harvey Olsen by — February 2, 2023 in Company Business
Everyday Tax-Hack For Small Business

There are many ways to save money and many ways to make money, but there’s one thing that all businesses have in common: taxes. Whether you’re a small business owner or an employee of a larger company, the IRS is always looking out for its cut—and it’s not the only cost of doing business. Whether you have employees or not, your expenses can add up quickly depending on what kind of business you’re running. Fortunately, there are some easy-to-implement tax strategies that can help keep things under control when it comes to both employee payroll taxes as well as deductions for capital equipment purchases and other costs associated with running your own business.

Don’t Pay Too Much on Your Mortgage Interest

Mortgage interest is tax deductible, but the mortgage interest deduction is capped at $750,000. The deduction is phased out for high earners and not available for second homes. If … More >>>

Harvey Olsen by — January 28, 2023 in Company Business
Corporate Tax Planning Advice

As a business owner, you know that your day-to-day responsibilities include making sure your employees are up to date on their training, scheduling and organizing payroll and other essential tasks. But do you know how to plan for taxes? It’s important to think about the tax implications of your business decisions because every year, businesses pay a combined $100 billion in corporate income taxes. Those dollars would go a long way toward funding infrastructure, education and programs for all Americans if they were not diverted into government coffers.

Talk to your accountant or tax advisor.

A good accountant or tax advisor can help you identify deductions and other tax planning opportunities. They may also be able to assist you with business finances, personal finances, and other areas of your business.

Make a list of your business expenses and income.

  • Keep a record of all business expenses.
  • Keep a record of
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Harvey Olsen by — January 15, 2023 in Company Business