Did you take out a busines loan this year?

Did you take out a busines loan this year?

That lump sum that hits your bank account is NOT income.

This often gets miscategorized. Loan proceeds get dumped into an income category and now your books are overstating income.

This can result in:

Overpaying taxes

Incorrect picture of your real profitability

Difficult making decisions because the data is skewed.

Loan proceeds are actually a liability, not revenue and your books should reflect that

If you're not 100% sure your books are correct, give me a call for a free review.