Cash accounting and accrual accounting are two concepts that are foreign to most people, but it’s important to understand the difference. As a business owner, if you manage your books on a cash basis, you will ultimately fool yourself. Why ...
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Reading financial statements isn’t something that should scare you. It is one of they key ways to evaluate your business’ health. We read a great article in Inc. Magazine the other day, which was so spot on we had to ...
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This is a Forbes.com article written by Matt Garrett
Net income is for your taxes, EBITDA is for investors, and Net Operating Income is for business owners.
When I started my first business, all I cared about was making money. ...
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This is an Entrepreneur.com article written by Matt Garrett
Entrepreneurs, investors and accountants all love to see updated income forecasts. While their projections are usually rosy, more than half of these businesses will fail within the first four years of ...
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I recently sat down for an interview with Matt Garrett, an entrepreneur who has started and sold multiple small businesses. He launched TGG Accounting in 2007 out of a desire to bring better financial management and higher success rates to ...
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I recently sat down in a meeting were we discussed the “TGG Way™” and our 20 beliefs about accounting. I know what you are thinking, stimulating stuff. However there are things that every accountant knows or learns over time, and ...
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The growth sustained during the first 5 years of operation for your small business can be an exciting time for business owners. Breaking down all of the financial data produced during the first five years of operation can be pivotal ...
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Many service companies use a static billing model to invoice their customers. They invoice the same amount monthly, bi-monthly or on some other set cadence. There are two common billing models that invoice in this manner: retainer and fixed-fee. These ...
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GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are considered the best way for large companies to maintain accounting records and financial reporting. These standards help ensure companies “play by the same rules” and produce financial statements ...
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When obtaining a loan for operations or the purchase of assets. There are certain costs related to the loan other than the principal amount. The two most common fees are loan or origination fees and the interest charged on the ...
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