Robin from Flourish and Thrive Academy asked us: Q:  What Reports should be running each month? A:  There are 3 main monthly reports you should review. We call these your key Management Reports. Action Step:  Run the following Reports and analyze each line and how they relate to each other. Doing this regularly will help...Read More

Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...Read More