Financial Services -

Terms -

Anyone can benefit from a review of the basic financial terms.

Most people navigate around them. So, let’s fix that!

Finance Logo

What People Are Saying

W-2 or W-4 “I don’t know, whatever”

W-2 = End of the year, taxes. Provided by employer to use in preparing your taxes.

W-4 = New job document for with-holding preferences. Or updating federal and state withholding amounts.

I have been trying to come up with a cute way for people to remember the difference that works, but so far, the only thing I have is…

The W2, the smaller number is for taxes.

Riveting isn’t it!

I use “QuickBooks”!

Do you know which one you use?

Online or Desktop?

Or Another source of a Bookkeeping /Accounting Software. It’s totally fine if you use a different software. Some are actually better.

More to come!

Yes, the “Quarterly’s”

I paid my quarterlies…. For my personal taxes because I am self-employed or I have a partnership or additional investment income each month on the following dates: 1/15, 4/15, 6/15, 9/15.

I paid my quarterlies too…. My payroll quarterlies. Same dates as above.

So, when someone makes the “quarterlies” statement, which one do they actually mean. A lot of time they have no idea that there is a difference.

“Assets, Liabilities”

Um… this means my cars, trucks, right?

This is partially correct.

The summary of the assets and liabilities report is called the Balance Sheet. Which is also needed for a bank loan if you have a business, but also an important guide to how accurate your financials are.

Balance Sheet shows a summary of the balances of all cash accounts, credit cards, accounts receivable, accounts payable, loans due and Income/Loss for the period of the report.

Most of the financials I look at have issues on this report. The cash balances don’t agree with the bank. Or the credit cards don’t reconcile to the credit card reports, the loans you owe reflect the entire payment paid instead of applying the principal only and this goes on.

“I do the bookkeeping for my husband’s company”

I kind of know what I am doing, but I make do….

That is a common statement among the small business community.

It is absolutely “frightening” for an accountant to hear that.

However, they make it work and submit their financials to their accountants at year end, get their taxes done and think that’s all that is necessary.

A CPA/Accounting office isn’t concerned about all the details in your financials, they summarize based on tax categories.

In order to get a better look at your business you need to set up your financials to give you an appropriate picture.

“Financials, P + L, Profit and Loss”

You are a small business, and you go into the bank and request a loan, they say “no problem”! We just need your latest P/L .

Okay…… so that means ???

The “P + L” is a Profit and Loss, also known as an Income Statement. This shows all the income you generated, minus cost of goods and expenses for a period of time you requested. The result is your Net Profit / Loss.

Our Services

  • Getting Organized, the basics, expenses, using the calendar method, spreadsheets.

  • All the same as personal, but with financials, operational systems, online banking, accounting software.

  • 1:1 Coaching, Consulting = getting your financials up to date then teaching you to carry on, Courses and Events.

  • A short background, plus a contact us form to connect.