IQ Virtual Bookkeeping Services

Tbh, I think the Statement of Cash Flows is the most confusing financial statement for most small business owners, but it's absolutely crucial to keeping your business afloat.

According to SCORE, 82% of small businesses fail because of cash flow problems. OOOF! 😬

Your cash flow statement does exactly what it sounds like: it shows how cash "flows" through your small business.

→ Cash from operations (your day-to-day biz)
→ Cash from investing (buying/selling assets)
→ Cash from financing (loans, owner draws, contributions)

Even if your P&L shows that you're making a profit, your cash flow statement can show whether you *actually* have enough cash for everything you need to spend on (like payroll + bills!).

Sound confusing? I'm on a mission to help as many small businesses as possible understand their numbers!

Balance Sheet. ⚖️

You've definitely all heard of a balance sheet before... but what does one actually look like for YOUR business? 👀

It's a snapshot of *exactly* what your business has at a certain point in time.

Your balance sheet shows:

→ What you own (assets)
→ What you owe (liabilities)
→ What’s left over for you (equity)

In other words, it's showing how your assets (things like the cash in your bank account) stack up against your liabilities (like your credit cards + loans). The difference is your equity!

When I send my clients their balance sheets, we're looking at how those balances have changed over time to answer questions like:

→ Can I afford to take on debt?
→ Is my business too heavily leveraged?
→ How much of my business do I truly own (after accounting for all of my liabilities)?

Tomorrow I'm breaking down my personal favorite financial statement, your P&L!

But in the meantime, if you need your bookkeeping done so that you *can* run your financial reports, hit that link in my bio.

Have a safe and spooky holiday! 🎃👻

If you're nervous to book a call with me because you don't know what to expect, here's what I ask on EVERY call:

→ Do you have a current bookkeeping system in place?

There's zero judgment on my end if you don't, or if your current DIY spreadsheet is a mess. I'm trying to get a baseline of where your business is so I can figure out the best way to get your bookkeeping back on track! 📚

→ How is your business organized?

Your bookkeeping needs can change depending on whether you're a sole proprietor, LLC, S corp, or partnership!

→ Do you have employees on payroll, pay any contractors, or collect sales tax?

Your answer to this question lets me know if you'll need payroll tax filings/reconciliations, 1099 filings, and sales tax filings.

→ Are you currently working with a tax accountant?

If you don't have an accountant you love, I can give you recommendations for great tax pros who have experience in your industry! 💰

Feeling less nervous about your call now? GOOD!

🖥️ Click the link to schedule a call today! 📆

https://calendly.com/maurashockey/30min