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: ...