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As the owner and manager of your business you earn income from two sources: the salary you make as an employee of your business and the profit you make as the owner. Conflating the two leads to inaccurate conclusions about the success of your business. Payroll Is Not Reality The smart business owner manipulates his […]
Edit for clarification – By default, an LLC is treated for tax purposes as either a Sole Proprietorship (single owner LLC) or a Partnership (multiple owner LLC.) You can, however, elect to be treated as a corporation and then elect that corporate status to be S Corp. These are two separate elections and the IRS […]
The folks over at FreelanceSwitch have a slick Freelance Hourly Rate Calculator. I say slick, because it’s a nice piece of software, but I think it gets the order of things backwards. It’s actually pretty common for small businesses (and consultants and freelancers) to attempt a cost-plus approach to setting prices. It’s easy to add […]
Lagging Indicators are those pieces of data that tell us what happened. They’re history. The most common collection of lagging indicators that business owners are familiar with are the financial statements – Balance Sheet, Income Statement and Cash Flow Statement – along with the other management and financial reports pouring forth from the accounting department. […]