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Since my last post I feel like this is the next question.⠀⠀⠀⠀⠀⠀⠀⠀⠀
What the heck is retained earnings?⠀⠀⠀⠀⠀⠀⠀⠀⠀
Retained Earnings (RE) = Net Income (Loss) - Dividends⠀⠀⠀⠀⠀⠀⠀⠀⠀
(Add your beginning balance if it applies to you)⠀⠀⠀⠀⠀⠀⠀⠀⠀
The word retain means to keep, preserve or maintain. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
So RE is money that you keep in order to reinvest into your company. It can be used to purchase new equipment, marketing or buying a new building. You can also elect to use it to pay off debt. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
If however, you have a loss you are then operating in a deficit and we all know that's not good. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
So what does your statement of retained earnings look like?
How many times have you said: “I’ll finally get to doing X” 🤦🏽♀️ ....and it gets pushed off indefinitely because thinking about it STRESSES you out 😫
I get it, all of the “behind the scenes” tech stuff is overwhelming & time consuming.
Yes, there are a lot of pieces between setting up automations, workflows, creating systems, and finding a way to connect all the pieces of your funnel together... But that’s WHY you need an expert to lean on that’s not overwhelmed with “all the tech” and jumps on implementing it for you.
Your business is growing & you desire that freedom & not to not be tied to your computer stressed out about landing pages and such.
You know that you can’t create that massive impact alone, you need to partner with someone to create impact TOGETHER. 🤓 💻 You need a Chief Tech Officer... ...who manages your systems & processes
...who has the right balance of analytical & creativity
...who can create you a landing page that converts
...who can handle all the tech needs within your business (yes even the small stuff)
I blew out the candles to a new chapter in my life. When I started to silence the noise and started to work, I began to see my dreams come to reality. I started to see a business with unlimited possibilities. As much as I wanted to share my process with everyone, it was more important to make sure the final result was a reflection of the mark I wanted to leave on the world. Only God knew why in 2014 I would take the steps to legally secure my business and business name. I was talking to a friend one night and it just clicked! Queen Chic Inspirations was going from local to global. I’m proud and also excited to announce the launch of “Queen Chic Inspirations” online jewelry and accessories boutique. We are here to offer a secure shopping website that has laid out everything you need to know to make your shopping experience great! I’m gearing up for the holidays with new unique pieces. Our gift cards are available on my store. I have made it easy for the men to purchase for that someone special. I know how most men generally dislike shopping. Please feel free to browse my boutique and let me know what you think. 🙌🏽🙏🏽👑 #blackbusinessowner#blackbusinesswoman#boutiquefashion#boutiqueowner#jewelry#accessories#fashion#style#chic#chicstyle ##chicstyling#blackgirlmagic#levelingup#queenchicinspirations#classywomen#classylady
Let's Support in Practice Not Just in Likes on Facebook. BlLACKSTERLING CELEBRATION Hosted by Ayanna's London Fine Dining Caribbean Restaurant London E14 9RG. Support Black Business. Jus-tickets, BlackSterling, Ayanna's London Early Bird Tickets jus-tickets.com
So what’s the purpose of closing your accounts?⠀⠀⠀⠀⠀⠀⠀⠀⠀
First to zero out all income statement and dividend accounts. This is important because it helps you to track how much money you had coming in for the year and how much you had going out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Secondly, it allows your retained earnings account to be in align with the balance sheet and the statement of retained earnings (RE)⠀⠀⠀⠀⠀⠀⠀⠀⠀
This is important because the statement of RE adds net income to get to the bottom line. That number is then used in the balance sheet.⠀⠀⠀⠀⠀⠀⠀⠀⠀
So to bring it all together if your income statement isn’t closed properly then your statement of RE is incorrect meaning so is your balance sheet. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Did that come full circle? I didn’t lose you did I? Lol drop a comment if any questions.
Can I tell you a little secret? There is nothing wrong with looking good and feeling good about yourself! Confidence is attractive! So why not add a little confidence to your daily wardrobe?😉 Before you ask, YES!! I KNOW you can pull it off!
Real estate can be a dirty business sometimes, but we love helping our clients find jewels @triadrealtygroup. We teach you how to create profitable transactions with longterm results. Interested in learning real estate? Click the link in my bio.
You should be attacking your credit card debt because of this reason. Stop paying just the minimum due. Here are two ways to get rid of credit card debt faster. 1. Consider rolling your credit card debt to a balance transfer card. These cards have zero interest for 18-24 months. Ideally, your credit score needs to be at least a 680 to even be considered. 2. Consolidate your credit card debt into a consolidation loan with a credit union. This will allow you to reduce your credit card debt significantly, plus, instead of being charged compounding interest, you’ll only pay simple interest. That will save you thousands in interest payments. Your credit score needs to be a minimum of 640 to even be considered. These are two great options to get rid of credit card debt faster, but as you can see your credit score plays a huge role. Don’t allow your bad credit to get in the way any longer. Take my DIY credit repair course today! Click the link in my bio and pay as low as $29 to gain access. Click the link in my bio now to get started! #WitnessRiches#TranscendFinancially
Guess what? I got the privilege of meeting Narissa, the owner of @ssbakingco and she gifted me with these tasty treats. ⠀
These bad boys are her “Kitchen Sink” creation with Triple Chocolate Cookie Dough, Ganache, an Oreo, and Chocolate covered Pretzel Pieces on top. Two Words: CHOCOLATE HEAVEN ⠀