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Controlling costs is essential to running a profitable business. If you don’t keep track of your operating expenses, it can become nearly impossible to catch issues that reduce your business’s profitability.
What do printer ink, client lunches and shipping costs all have in common? They’re business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses from your taxable income which can help your business’s finances at tax time.
Since 2019, 63% of businesses have seen a decrease in their revenue. So, if you’re focusing on keeping your business in good financial shape even more than before, you’re not alone. To help, we’ve compiled a list of common business finance terms and definitions that you may find while reviewing your small business’ financial statements. Use it as a reference while you’re working with financial experts like your accountant or while going over your books each week.
Business finances can be tricky, but managing your finances doesn’t have to be overwhelming. Keep an eye on your company’s financial health with our checklist of essentials to keep your business in good shape and manage your finances like a pro.
The primary value of your business plan is to create a written resource that evaluates most aspects of your new business
A basic understanding of accounting is important in helping you start and grow a successful small business. One of the most important financial documents business owners need to understand is the balance sheet.
Profit and Loss Statement (P&L): also known as an Income Statement; measures net income or loss over a defined period of time.
Gain insight into how your business is managing its cash flow over a specific period of time.
Explore SBA's low-interest disaster loans to help businesses of all sizes recover from declared disasters.
Understanding your optimal profit margin is vital for your business's growth. Armed with this data, you can devise strategies for your business's resources to plan for long-term expansion. Set optimal product prices and enhance your profit margin.
