How to Open a Salon: A Comprehensive Guide

So you’ve made the exciting decision to open a salon… What’s next? We’ve developed a guide to help answer that question, taking you from your initial idea to opening day and beyond, covering everything from market research to business management essentials. Whether...

Balance Sheet vs. Income Statement: How Do They Differ?

There are several financial statements produced by businesses to indicate their financial health: the income statement, balance sheet, and cash flow statement. A cash flow statement reflects the actual amount of cash a business has on hand, helping to assess the...

Using the Indirect Method to Prepare a Cash Flow Statement

A cash flow statement is one of the primary resources used to assess a business’s financial performance, and you can prepare it using either the direct method or the indirect method. Because the indirect method utilizes existing financial documentation, it is...

Profit and Loss Statements: What Are They and How to Create Them

As a business owner, you’ve probably heard about the terms income statement, profit and loss statement, or P&L. And you might have been perplexed by these terms and wondered what exactly they mean. Good news: They all refer to the same thing—the financial...