A well-structured Profit and Loss statement is essential for mortgage brokerages. Focus on income tracking, managing costs of goods sold, monitoring general expenses, and using branch classifications for detailed financial insights.
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Understanding the basics of your financial statements is a simple but extremely powerful tool for small business owners. Unpack the theory behind complex statements like your Profit and Loss and Balance Sheet in order to truly understand how to build a profitable business.
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Tracking and understanding your mortgage brokerage using a branch P&L (Profit and Loss) model can provide insights into your mortgage business, leading to faster growth and more profitability in uncertain times.
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Brokerage owners and independent loan officers alike rely on commissions from loan origination to survive. Learn the most common forms of loan officer compensation and typical loan officer compensation plans to grow your brokerage today!
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By monitoring these key metrics, mortgage brokers can predict income more accurately in the future, understand their loan officers' productivity, and identify areas for improvement!
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Credit card processing fees are typical for anyone accepting payments online or in person. They're a tax-deductible expense, and adequately recognizing them in your accounting software, like QuickBooks Online, is essential!
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Benefits are vital to creating an excellent workplace, but accounting for them in QuickBooks online can be incredibly confusing. What's the proper entry for accounting for health insurance in QuickBooks?
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Your financial story can bring an incredibly impactful change to your business, but it has to be unlocked. When you combine your intuitive understanding of your business with accurate, concise financial information, your financial story becomes clear, allowing you to make informed decisions and create a successful business.
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Net Profit Margin, Current Ratio, Debt Ratio, Return on Assets, Inventory Turnover Ratio - there are tons of financial ratios that can serve a small business owner in understanding their business on a deeper level. The question remains, what financial ratios should small business owners look at?
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Debits and credits are the foundational components of the accounting language, but they can be incredibly confusing to think and talk about. What are the basics? How does accounting actually work, and how can a better understanding help my business?
Read MoreCost of Goods Sold (or COGS) are expenses directly related to a business's income. Why is this important for a small business owner, and how can a deeper understanding of COGS help guide financial decision-making?
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Cash flow statements show stakeholders how well a company manages its cash. They may not seem essential or beneficial to your business, but accurate cash flow statements are crucial to keeping track of your business's operations. Learn more about cash flow statements, why they're essential, and how to read them.
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Managing and measuring Free Cash Flow can provide many insights to any small business. It's easy to calculate, shows how your business is utilizing its money and can help paint the financial story of your business.
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A statement of Profit and Loss is a financial statement that allows a business owner to quickly and clearly understand their income and expenses. Statements of Profit and Loss are broken up into a few categories, and when understood effectively, they're incredible tools for growing a business!
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A balance sheet is an incredibly important tool that can help business owners understand their financial position and make critical decisions about the future of their company. Understanding a balance sheet can be difficult, but this guide clearly explains the formatting of a balance sheet to help small business owners quickly understand the financial statement!
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