An income statement (also commonly known as a profit and loss [P&L] or earnings statement), answers a very important question: Is your company profitable? The accuracy of your P&L is critical to ensuring your business is running as efficiently as it could be and to identify opportunities for increasing revenue and/or decreasing costs.
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Business owners know steady cash flow is critical to long-term survival. When owners struggle to collect payments, they have less cash on hand to manage operations, pay employees, or take care of other incurred expenses.
While collection problems are common for small businesses, employing some simple strategies to strengthen accounts receivable policies, practices, and technologies can have a dramatic impact on decreasing missed or late payments.
Here are three strategies to help you get paid by your clients more quickly and easily:
“My employees? Stealing from me? It couldn’t happen here…”
We’ve worked with a lot of restaurant owners here at Keeping Your Balance, and we’ve learned that restaurants are really somewhat unique in the business world. For starters, there are these pesky statistics about the success / failure rate of restaurants. Although some absurdly inflated percentages are often bantered about, the real numbers are bad enough. According to a report by Cornell University, no less than 60% of restaurants fail within their first year of operation, and by five years, that number increases to 80%.
As a business owner, it is likely that the growth of your business is one of your main goals. Growth can increase profit, allow you to expand into different areas, and give you the opportunity to bring on more team members. Growth is good, but it can impact the rules and regulations you must comply with as a business owner. These rules and regulations can change over time as your company grows and as you add on new types of employees. It is your responsibility asthe business owner to understand and comply with the labor laws that apply to your company.