A deduction is anything you spend or incur in your business that is an expense of some sort. It’s a deduction against the revenue of your business, whether it’s a cost of goods, an expense, or even a home office deduction.
There are a lot of moving parts to inventory, making it a big deal especially in the world of e-commerce.
If you don’t have inventory, you don’t have sales. You have to keep your eyes on your inventory levels so you don’t run out of it and in order to maximize sales.
In your business, what do you usually do by the end of each quarter?If you answered anything other than profit distribution, then now is the time to start considering it – seriously!
Many business owners are continually running on all cylinders in their business and they don’t understand what a good set of books could do for them. That’s why people need to have a clear vision of their business finances so they can reap the “play” benefits of owning a business.
As a business owner, there are hard questions you may need to ask yourself, but the problem is you may not know what those important questions are. And this is where the power of partnership comes in.
There’s an energy that starts to happen when you’re telling money what to do instead of money deciding what it’s going to do for you. It’s all about mindset. And Profit First will practically usher you into this new mindset of having control over your money and not the other way around.