By Dawn Fotopulos
Why achieve this many company vendors dread taking a look at the numbers? They make excuses...They shouldn't have time...That's what the accountant is for....But the easy fact is that nobody else will ever be as invested of their corporation as they are—and they should take regulate.
As a small-business proprietor, monetary statements are your most vital tools—and if you happen to have no idea find out how to learn them and comprehend their implications, you can't in all likelihood steer your online business effectively. Accounting for the Numberphobic demystifies your company's monetary dashboard: the internet source of revenue assertion, funds circulate assertion, and stability Sheet. The e-book explains in undeniable English how every one dimension displays the general well-being of your business—and affects your judgements. you will find:
How your web source of revenue assertion is the main to transforming into your earnings • how you can establish the break-even aspect that suggests your online business is self-sustaining •...
Read or Download Accounting for the Numberphobic. A Survival Guide for Small Business Owners PDF
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Additional info for Accounting for the Numberphobic. A Survival Guide for Small Business Owners
In the case of the T-shirts, direct materials include things like fabric, yarn, and thread. Direct labor costs include screening the designs, cutting, and assembling the T-shirts. These are direct costs because they are the expenses required to build a finished product that is ready for sale. COGS is considered a direct variable cost because it varies with the number of units sold. These direct costs will look different for each product the business sells. For example, it just so happens that the seashell T-shirts require twice the amount of screen printing as the butterfly shirts, making them more expensive to manufacture.
Many have come to me with tears in their eyes because, armed with the knowledge I share in this book, they knew their days of hopeless struggle were behind them. Hundreds of businesses that were ready to close their doors are now profitable and growing as a result of what’s captured between these few pages. HOW TO THINK ABOUT THIS BOOK Have you ever watched the classic movie The Wizard of Oz? Do you remember the scene when Dorothy, the Scarecrow, the Lion, and the Tin Man were shivering in their shoes in front of the Great and Powerful Wizard?
They don’t realize that an accountant’s role is similar to your car mechanic’s. CPAs know all about the metrics and gauges that measure business operations and health. They can provide plenty of helpful information for performing “routine maintenance” on your business and helping you avoid the crosshairs of the IRS. But at the end of the day, your CPA is not going to manage your business any more than your mechanic is going to drive your car. You are the one who needs to know how to read your “financial dashboard” so you can get where you want to go.