Should I use cash or accrual accounting?

Cash accounting records income when received and expenses when paid—simpler for small businesses. Accrual accounting records when earned/incurred, providing a more accurate financial picture. Most small businesses start with cash; switch to accrual as you grow or if required by regulations.

What financial reports do I need to track?

Essential reports include: Profit & Loss (income statement) for profitability, Balance Sheet for assets and liabilities, Cash Flow Statement for money movement, and Accounts Receivable Aging for unpaid invoices.

How do I create a small business budget?

Start by reviewing past income and expenses. Categorize fixed costs (rent, salaries) and variable costs (supplies, marketing). Set realistic revenue targets, allocate funds by priority, and review monthly to adjust for actual performance.

When should I hire an accountant?

Consider hiring an accountant when: your business grows beyond simple bookkeeping, you need tax planning advice, you're seeking funding, or you're spending more time on finances than your core business. Start with a bookkeeper and upgrade to a CPA as needed.

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Business Finances

Master the fundamentals of small business accounting and financial management. From creating budgets to understanding financial reports, gain the knowledge to make informed financial decisions and grow your business sustainably.

16 articles

Explore Business Features

Key Topics

Accounting Basics

Foundation concepts every business owner needs.

Budget Creation

Build a budget that drives business growth.

Financial Reports

Understand the reports that matter for your business.

Profit Margins

Calculate and improve your business profitability.

Cash vs Accrual

Choose the right accounting method for your business.

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16 articles to help you master business finances

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