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One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Terms of Service
Welcome to Castle! These terms of service outline the rules and regulations for the use of our bookkeeping services.
By accessing this website and using our services, you accept these terms and conditions in full. Do not continue to use Castle services if you do not accept all of the terms and conditions stated on this page.
Castle offers professional bookkeeping services including transaction categorization, reconciliations, financial reporting, GST/HST filing, and other related services as agreed upon with the client.
2. Billing and Payments
All services provided by Castle are billed on a recurring basis unless otherwise
agreed upon. Payments are due upon receipt of invoice. We accept payment via credit card, debit card, and electronic funds transfer.
3. Cancellation and Refund Policy
Clients may cancel services at any time by providing 30 days’ notice in writing or via email. Refunds for prepaid services will be prorated based on the remaining unused portion of the services.
4. Privacy Policy
Our privacy policy outlines how we collect, use, and protect your personal information. We do not sell or share your information with third parties without your consent, except as required by law.
5. Liability
Castle will perform all services with reasonable care and skill. However, we do not accept liability for losses resulting from acts of nature, third-party errors, or misuse of financial information or reports by the client.
6. Amendments
Castle reserves the right to amend these terms of service at any time. Amendments will be effective immediately upon posting on this website.
7. Contact Us
If you have any questions about this privacy policy or our privacy practices, please contact us at:
Castle
316 1st Ave NE
Phone: 587-872-0602
Email: info@bookwithcastle.com
One blog post closer to clean books.
Each blog post from the Castle team is packed with practical tips, real-world experience, and clear answers to common bookkeeping questions. Whether you're sorting expenses or planning for tax time, you'll find guidance to help you run your business with clarity and confidence.
Bookkeeping for Small Business Owners — Part 21
Using Financial Reports to Make Smarter Decisions
Bookkeeping isn’t just about compliance — it’s about insight. The reports generated from your records give you a window into the health of your business. When you know how to read them, you can spot trends, prevent problems, and seize opportunities.
Key Reports Every Business Owner Should Know
- Profit & Loss (Income Statement) — Shows your revenue, expenses, and net profit over a period of time. It tells you if you’re truly making money.
- Balance Sheet — Provides a snapshot of what you own (assets), what you owe (liabilities), and what’s left over (equity). It’s the big-picture view of your financial position.
- Cash Flow Statement — Breaks down how money moves in and out, helping you anticipate shortfalls and plan spending.
How to Use These Reports
- Identify strengths and weaknesses — See which products or services drive profit and which drain resources.
- Spot trends early — Compare monthly or quarterly results to track growth or catch declines.
- Plan ahead — Use reports to guide hiring decisions, pricing changes, or new investments.
- Talk numbers with confidence — Having reports in hand strengthens conversations with lenders, investors, or partners.
Pro Tip
Don’t wait until year-end to review your reports. Monthly or quarterly reviews give you real-time insights and keep you in control.
The Big Picture
Reports aren’t just paperwork — they’re decision-making tools. When you learn to read your Profit & Loss, Balance Sheet, and Cash Flow Statement, you’ll understand your business at a deeper level and lead it with confidence.
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