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It should be well-understood that effective planning is a key ingredient in achieving business success. Winston Churchill famously said, “He who fails to plan is planning to fail.” Among the elements of effective business planning, tax planning is critical to obtain optimal financial performance.   What is Optimal Financial Performance  Financial performance is an assessment of a company’s financial health through the analysis of its assets, liabilities, expenses, revenues, and profit. The analysis is conducted utilizing the company’s balance sheet, cash flow…

No business can ignore or be nonchalant about its financial health and still survive. Financial health is critical, and moving forward successfully requires regularly and rigorously analyzing your business’s financial health.  What is Financial Health and Why is it Important  “Financial health” simply means the financial condition of a business. It includes the volume of money flowing into a business compared to the amount of money flowing out of the business, along with its liabilities and debts. These must be…

Business clearly isn’t only about numbers. But numbers do matter significantly. If cash flow and profit numbers don’t work, there is just no business. Thus, as it has frequently been said, “Know your numbers.” Gathering and recording the business’ numbers are key duties of your bookkeeper, so to get the data you need to make good decisions, it is critical not to do business bookkeeping wrong.  What is Bookkeeping  Every business should have current, organized, and reliable data. That data is the…