Do you think all small business owners understand the financial aspects of the business. You will hope so but that is not always the case. Many business owners don’t understand the difference between gross profit and net profit. Some can’t plan the meaning of turnover. How about you? Do you understand what needs to be on your invoices once you’re VAT registered or the turnover threshold before your business is eligible for VAT?
Intuit, the maker of QuickBooks, released an infographic that some interesting information. I hope you will enjoy this really cool graphic.