This is just for my entertainment and curiosity of what others think… this is a company who wants me to start their books keeping services in 2024 and these numbers shocked me compared to what they actually have in their accounts…
A company profit and loss as of today reports…
Gross profit $352,695.51
Net profit $97,942.76
How much would you guess this company had in their checking and savings account??
Current totals as of today…
Checking $1,865.32
Savings $5,213.33
not enough info to say if it’s good or bad.
using my own experience as example. I have my business set up as s corp so i set my own wage as an ‘employee’. i set my wage so that my business checking account has just enough money so that there is no cash flow problem but not to the point business checking account starts accumulating money in there.
I don’t use business savings account. I actually don’t know why a business would need that.