What is net income vs. cash flow and which should I be looking at for my business? Your Net Income is the amount you are taxed on for your business. It is found on your income statement in BluSavvy. Net Income equals sales minus Cost of Goods Sold (the wholesale cost of what you sold, [...]
Did you know the IRS requires you to keep bookkeeping records for your small business? I often times hear small business owners say "I don't need bookkeeping software" but that statement couldn't be more wrong. Also don't forget if you are in direct sales, you own a small business! You may get by and get [...]
Did you know that often times your small business is eligible for a mileage tax deduction? What’s Required When I’m Tracking Mileage For Taxes? According to the IRS, your mileage log must include a record of: Your mileage The dates of your business trips The places you drove for business The business purposes for your [...]
ARE YOU LOSING MONEY? The answer is probably yes if you are not spending just a few minutes a week entering your business receipts into your bookkeeping software. If you are like me, maybe you have entering your receipts on your to do list but it's way at the bottom of the list and keeps getting [...]
“I’ve started my own small business but have no idea how much money I’m making, cash just comes in and goes out.” Does that sound like you? If so let us help break it down for you. The amount of money you make is called your Net Income. Net Income = Sales – Cost [...]
As a direct sales consultant, you wear many hats and probably feel overwhelmed with no idea what you should be doing on the accounting side of your business. We would like to share with you some best practices of direct sales accounting. We have made a list of some of the responsibilities you have as CFO [...]
