Quarterly Taxes

A draw (or owner's draw) is money or assets that a business owner takes out of the company for personal use. It's not a salary or expense — it's a distribution of equity that reduces the owner's stake in the business. Draws are common in sole proprietorships, partnerships, and LLCs where owners aren

Year-end close is the process of finalizing your books at the end of your fiscal year. It involves reviewing all accounts, making necessary adjusting entries, reconciling balances, and preparing final financial statements for tax filing and annual reporting. Once closed, no changes should be made to

Net assets is the difference between total assets and total liabilities — it's what your business is worth on paper. For nonprofits, net assets replace the concept of equity or retained earnings.

Inventory turnover is a ratio that measures how many times a business sells and replaces its inventory during a period. The formula is: Cost of Goods Sold ÷ Average Inventory. A higher turnover means inventory is selling quickly. A lower turnover suggests slow-moving stock that may be tying up cash.