As a business owner, all businesses need a profit to remain open. A non-profit need a profit, I know the term “non-profit” sounds strange if it needs to have a profit.
Profit is the money left over after all other cost, expenses, and eligible business spending. Profit for a non-profit remains in the business, but a for-profit business has the option to pay out the profit. The for-profit business can payout to its owners or payout to the shareholders (publicly traded), reinvest back into the business, called retained earnings. Profit is used to grow your business. Business owners use profit instead of debt to invest in our business. Because debt is the promise of future income/profits, and it limits what we can due until that balance in full. Your lender can also call that loan at any time (ready your loan or credit card terms of services).
Accounting is the heart of the business because maintaining money is vital to all functions in the industry. Accounting includes many services other than bookkeeping.
We, accountants, also help to organize and manage the business from an internal point of view as well as tax management. See my business services page for more information on what I offer. I walk with you as a Chief Financial Officer when you are ready.
Y. Michelle Coard - B&P Accounting Solutions