For many founders, financials feel like a postscript — something to be dealt with at tax time, pulled together for a pitch deck, or handed off to a bookkeeper. But when used correctly, your profit and loss statement (P&L, also referred to as your Income Statement) is more than a summary of revenue and expenses…
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Missed the April 15 tax deadline for your business? You’re not alone. Remember: Filing taxes late doesn’t mean you’ve failed. But it does mean it's time to act quickly and strategically. Whether you were buried in day-to-day operations, your books weren’t ready, or it simply slipped through the cracks, it’s fixable. In this guide, we’ll…
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Are you wondering “can I loan my business money?” The answer is yes — and you should do it the right way. Whether you're covering startup costs, handling a cash flow gap, or helping your business grow without relying on banks or investors, loaning your business money can be a smart move. But here’s the…
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The sudden introduction of significant tariffs on imports from many of America's trading partners has the potential to create substantial disruption for small businesses. Tariffs can directly impact profitability, supply chains, pricing strategies, and customer relationships. To effectively respond, business owners in industries like consumer packaged goods (CPG), retail, food & beverage, and services must…
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Running a business means constantly juggling financial data, making critical decisions, and staying ahead of key financial trends. But what if you had an AI-powered Copilot ready to provide instant insights whenever you needed them? Today, we’re excited to introduce a powerful new feature in myPocketCFO: direct AI Copilot access available across your financial statements…
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In our experience working with hundreds of entrepreneurs, we've found that an accurate sales forecast can significantly tip the scales toward success for small businesses. In this post, we'll explain the basics of creating a sales forecast tailored specifically for multi-channel CPG businesses with diverse product portfolios. (We'll use an emerging wine business as a…
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Financial statements for small business owners are essential tools for evaluating your company's financial health, securing funding, and making informed strategic decisions. There are three primary financial statements every small business owner should understand: Balance Sheet Income Statement (also known as Profit & Loss or P&L) Cash Flow Statement Together, these form what's commonly referred…
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As the new year begins, closing your financial books for 2024 is likely a top priority. Many founders in our community have been asking how to efficiently finalize their year-end financials to ensure tax readiness, investor transparency, and better financial planning. To simplify this process, we recently hosted a webinar on how to close your…
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Staying on top of key business tax deadlines and other compliance items is crucial for small businesses to avoid penalties, stay in good standing, and maintain healthy cash flow. From tax filings to estimated payments and reporting requirements, missing a due date can lead to unnecessary stress and fees. To help you stay organized in…
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In the world of business, having a clear understanding of your financial vitals is just as important as knowing your health vitals. Financial vitals are essential for business owners, providing a real-time snapshot of your company’s financial health, allowing for better decision-making and proactive problem solving, helping you make informed decisions and proactively address issues…
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