Best Accountants in Mckinney, TX

We are all told to review our financial statements every month but did you know that your profit and loss statement has been lying to you all along? 4 ways your P&L has been leading you astray 1. It doesn't include all aspects of your #cashflow If you make a product and buy raw materials then the raw materials are a part of your balance sheet as a liability and won't show up until you sell the actual product. Yet you've still paid cash to buy the inventory. 2. It doesn't include your core capital Your core capital is your working money and doesn't show you what you have or what you'll need. 3. It doesn't' tell you how much it costs to produce your product or service. Every product has a cost and you'll need to know what that cost is so you know if your running at a profit. What's your cost of goods sold? 4. P&L show profit but not how much if you have the cash to pay yourself. Managing your salary out of the profit will put your business on life support. Instead of managing your business from your P&L look to creating and maintaining a #smallbusinessbudget that can show you where your money is going what's coming in when it comes in and when you can spend it. #smallbusiness #entrepreneur...