PLS Balance My Books: BLOG

  When you start your own business, one of the most appealing perks is the freedom—especially financial freedom. You can pull money out of the business whenever you need or want it, taking an owner's draw whenever cash flow allows. While this may seem like flexibility at its finest, it can actually introduce more chaos than comfort into your financial life. Transitioning from random owner’s draws to paying yourself a regular salary can significantly impact not only your business’s financial stability but also your long-term growth and tax efficiency. For most small businesses, your tax structure often dictates how you pay yourself. If your business is structured as a sole proprietorship or single-member LLC, your income is considered pass-through and reported on your personal tax return. In these cases, taking owner's draws might feel simple, since you’re not technically on payroll. But this informal practice can cause significant confusion, muddying your financial picture a...

If you’ve ever stared at a cash flow statement and thought, “This feels like a puzzle with missing pieces,” you’re not alone. But here’s the thing: the cash flow statement might just be the most important financial report in your entire business. Why? Because profits don’t pay bills— cash does . Let’s break it down. 🔍 What Is a Cash Flow Statement? A cash flow statement tells the story of how money actually moves in and out of your business. It doesn’t care about invoices you should get paid for. It only tracks what has actually hit—or left—your bank account. The report is divided into three sections: Operating Activities This is your day-to-day business cash. It shows cash coming in from customers and going out for things like payroll, rent, or software subscriptions. Investing Activities Think long-term. Did you buy new equipment? Sell an asset? This section tracks cash tied to the growth of your business. Financing Activities This part captures money from loans, cr...

Legal teams. Finance departments. HR reps. Marketing strategists. IT backups. A whole infrastructure to catch mistakes before they happen, not clean them up afterward. Big companies are built to run — because they’re surrounded by systems, teams, and safeguards. But small business owners? We’re just out here winging it with a prayer, a spreadsheet, and a strong cup of coffee. Most small business owners I know are doing the work and the books. They’re answering customer calls while dropping off kids at school. They’re trying to understand tax deadlines, set pricing, run payroll, and somehow not collapse under the weight of it all. The difference between a struggling business and a thriving one often isn’t work ethic — it’s support .  And that’s why I believe small businesses deserve better. They deserve: Clear numbers and insights, not guesswork. Systems that support growth, not duct tape and crossed fingers. Partners who care as much about their success ...

Let’s be real: running a business is a lot . You’re juggling clients, employees, marketing, vendors, and the occasional fire drill. So if your bookkeeping has taken a backseat (or, let’s be honest, completely fallen out of the car), you’re not alone—and you’re not doomed. At PLS Balance My Books , we help small business owners across Oklahoma turn financial chaos into calm. If your books are months (or years) behind, here’s how you can start catching up—without the panic spiral. 1. Don’t Wait for a “Perfect Time” There’s never going to be a magical week where the phone stops ringing and your schedule clears up. The best time to deal with overdue books? Right now. The longer you wait, the harder it becomes to untangle. If you’re already overwhelmed, this is where a professional bookkeeper can step in and lighten the load immediately. 2. Start With What’s Most Important If you’re months behind, trying to do everything at once is a recipe for burnout. We recommend focusing on: ...

Let’s talk about something that doesn’t get nearly enough credit in the world of small business: the Chart of Accounts (COA). It might not be flashy, but if your financial system were a house, the chart of accounts would be the framing. You won’t see it once the drywall’s up—but if it’s wrong, everything starts to wobble. A well-designed COA helps you understand what’s actually happening in your business. What Is a Chart of Accounts, Anyway? Think of it as a financial filing cabinet. It’s a structured list of all the categories your business uses to track money coming in and going out: revenue, expenses, assets, liabilities, equity—the works. Every transaction gets filed under one of these accounts. But here’s the thing: not all filing systems are created equal . Why a Well-Designed Chart of Accounts Matters 1. It Gives You Clean, Actionable Data A good COA organizes your finances in a way that makes sense for your business. It separates what you need to know from what’s jus...

Let’s be honest—most small business owners didn’t start their companies because they just love bookkeeping. You're passionate about your products or services, serving customers, and growing your business—not spending hours reconciling transactions and decoding financial reports. But here's the thing: when your bookkeeping is a mess, your business feels messy. Cash flow gets murky. Tax time becomes a nightmare. And decisions get made based on guesswork instead of data. If this sounds familiar, you’re not alone—and the good news is that it doesn’t have to be this way. In this post, we’ll break down why bookkeeping gets so overwhelming for small business owners, how to get out of the weeds, and what systems you can put in place to finally feel on top of your numbers instead of buried by them. Why Small Business Bookkeeping Often Goes Off the Rails First, let’s acknowledge a truth: bookkeeping isn’t just about recording transactions. It’s about organizing chaos in a way th...

Running a spa or salon isn’t just about creating the perfect blowout, rejuvenating facials, or Instagram-worthy nail art. Behind the scenes, there’s a whole world of numbers, receipts, and reports that—let’s be honest—aren’t nearly as glamorous. But they are just as important. At PLS Balance My Books , we specialize in bringing financial clarity to small businesses—and yes, that includes the beauty world. Whether you're a solo esthetician, a boutique nail studio, or a bustling full-service spa, clean books can make or break your business. Here’s why professional bookkeeping is a must-have service in your industry. The Beauty Industry’s Hidden Complexity You’re juggling walk-ins, appointments, inventory, commissions, booth rentals, product sales, and maybe even tips. That's a lot of moving parts. And each one touches your books in a different way. For example: Product sales vs. service income must be tracked separately for accurate reporting and tax purposes. Commissi...