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  (519) 763-2268

  (519) 843-1050

Guelph Office: 30 Norwich Street East - Guelph, ON - N1H 2G6

Fergus Office: 265 Bridge Street, Unit #3 - Fergus, ON - N1M 1T7

What is an Income Statement

The income statement is a powerful tool for assessing how your business is doing. As a realtor, regardless of whether or not you have incorporated, your income statement provides the details needed to evaluate how your business is doing this month, this quarter and/or this year. 

We often speak with realtors, who know what their total commissions are for the year, but that is not the full picture. Commissions are a great starting point but, if to bring in $475,000 of commissions, you spent $400,000 on dues, advertising, brokerage fees, vehicle expenses, phone expenses, etc, looking only at the revenue number could lead you down a very different and dangerous path.

The number we really need to look at is the profit before tax. When working with us, we will then deep dive into what this means for you. We can use this to make a plan for reaching your goals, whether for today or the future. We can look at what a small increase in either commissions or expenses can do to the bottom line. We can also incorporate tax planning into this discussion so you are prepared.

How nice would it be to be on top of your tax while at the same time meeting your wealth and financial goals? You can do both!

What is an Income Statement