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Life will only change when you become more committed to your dreams than your comfort zone. Unknown

Be strong enough to stand alone, smart enough to know when you need help, and brave enough to ask for it. Unkwnon

Magic happens when you do not give up, even though you want to. The universe always falls in love with a stubborn heart. Unknown

We mature with damage, not with the years. Unknown

A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing. George Bernard Shaw

These are the days that must happen to you. Walt Whitman

Experience is simply the name we give our mistakes. Oscar Wilde

The best revenge is to be unlike him who performed the injury. Marcus Aurelius

Don’t worry about losing. If it is right, it happens – The main thing is not to hurry. Nothing good gets away. John Steinbeck

You can only fight the way you practice. Miyamoto Musashi

The more sand that has escaped from the hourglass of our life, the clearer we should see through it. Jean-Paul Sartre

Everything has got a moral if you can only find it. Lewis Carroll Click to tweet

Mistakes are the portals of discovery. James Joyce

You do not write your life with words… You write it with actions. What you think is not important. It is only important what you do. Patrick Ness

In the depth of winter, I finally learned that within me there lay an invincible summer. Albert Camus

Keep your face always toward the sunshine – and shadows will fall behind you. Walt Whitman

Do not wait to strike till the iron is hot; but make it hot by striking. W. B. Yeats

If you fell down yesterday, stand up today. H. G. Wells

Experience is the teacher of all things. Julius Caesar

The one who falls and gets up is so much stronger than the one who never fell. Unknown

Without rain nothing grows. Learn to embrace the storms of your life. Unknown

You can chain me, you can torture me, you can even destroy this body, but you will never imprison my mind. Mahatma Gandhi

There is a direct correlation between an increased sphere of comfort and getting what you want. Tim Ferriss

You may not control all the events that happen to you, but you can decide not to be reduced by them. Maya Angelou

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Courage is the most important of all the virtues, because without courage you can’t practice any other virtue consistently. You can practice any virtue erratically, but nothing consistently without courage. Maya Angelou

You cannot escape necessities, but you can overcome them . Lucius Annaeus Seneca

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by Cristina Garza | Jun 28, 2017 | | Statement Clutch squares by VIDA VIDA Free Shipping Wiki TkLTvAKF

As accountants, we often hear the same question time after time from our small business clients,

To answer this question, one should rely on your company’s Income Statement rather than your bank balance.

Let’s start by understanding the Income Statement and its structure:

A standard Income Statement should include two parts:

1) Gross Profit: This is Revenue minus Direct Costs. This is typically found at the top of the income statement.

“Revenue” is income from your company’s primary sources of operation aka

For example, for a computer store, revenue might be income from computer sales and / or computer repairs charges. Alternatively, interest income earned from your bank account is not revenue

(typically this would be considered “other income”), because likely you are not a business that primarily earns money from bank interest.

“Direct Costs” (aka- Cost of Goods) are any costs attributable to generating income. For a computer store, some exam

ples of direct costs include the cost of purchasing the computer from a computer manufacturer, commission paid to salespeople, freight and postage related to shipping the computer to customers, or any merchant service fees attributable to each computer sale. Direct costs are typically variable costs as direct costs are positively correlated to the amount of products or services you sell. This means for every computer you sell / repair, your direct costs should increase.

2) Net Income :This is gross profit minus overhead expenses. This section is typically found at the bottom of your Income Statement.

“Overhead Expense” is anything not directly attributable to generating revenue. Some overhead costs include facility rent and utilities, repairs and maintenance, salaries and wages for office staff, and professional expenses. These costs do not attribute directly to generating sales, but are essential to the overall business operation. Even though these costs might grow as your business grow, they are not directly correlated to the number of sales your company makes. For instance, paying for your accounting staff will not directly increase computer sales, you need an accounting staff in order to keep your business operational. Therefore, accounting staff costs would be considered as an overhead expense.

What does it mean for me?

For a job to be considered profitable, it must generate enough gross profit. To break it down, the revenue you receive from the job should be sufficient to cover the job expenses.

For a business to be profitable, the gross profit from all active jobs must be sufficient to cover your overhead expenses.

So… Where’s my money?

The problem is that some businesses don’t see that profits from each job must cover company overhead first before flowing through to your company bank account. Although certain jobs generate more revenue than direct costs (i.e.- they put money in the bank) these jobs might not generate enough gross profits to generate profits after overhead expenses.

I have money in the bank, doesn’t that mean everything is okay now?

The cash balance in your bank at a point in time is not an indicator on company profitability. You may also owe some of that money to lenders or to owners- that money sitting in the account has someone else’s name on it! Also, due to timing and payment terms, certain cash outflow might not happen until later during the fiscal year.

For instance, insurance payments often are not divided in equal monthly payments. Based on the payment terms negotiated with your insurance company, your company might have to remit payments as a lump sum or as quarterly payments every fiscal year. The Income Statement, however, will take all of these “accrual items” into consideration, and it will provide a much accurate indicator of your company’s profitability.

Therefore, we always recommend clients to rely on an accrual basis Income Statement to determine company profitability instead rather than looking at cash balance at the bank.

What ties the Income Statement and the Balance Sheet together? The Statement of Cash Flow! Don’t worry! We will cover the Statement of Cash flow in another article….

TLDR

Looking at your Income Statement (vs looking at the bank balance) can help you better understand the profits of your small business.

At Accountingprose, we are small business experts and can provide your company beautifully tailored financial statements. Want to know more? Set a meeting with us today so we can help you achieve your financial goals!

“I think I’m making enough money….there is money in the bank…does that mean my business is profitable?”

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