Several important tax law updates take effect in 2026, impacting reporting requirements, deductions, and mileage reimbursement rates. Understanding these changes now can help business owners plan proactively and avoid surprises at tax time.

Lakesite Accounting was proud to be represented at the Asheville Business Summit, where Heather and Sara connected with local business owners and leaders from across the region. The event highlighted the growing need for bookkeeping support and the strength of Asheville’s small business community.

At the Global Leadership Summit, Bree was reminded that true business growth is built through consistency, not flashiness. Sustainable leadership success often comes from faithfully showing up and executing the fundamentals every day.

Cash and accrual accounting differ not in what you track, but when you track it. Understanding the timing of your transactions can make a significant difference in how clearly you see your business’s financial performance.

Summer downtime is the perfect opportunity to take a strategic look at your business operations. From auditing finances and inventory to refining marketing efforts, a little planning now can lead to stronger performance all year long.

If your business is growing but cash still feels tight, working capital may be the missing piece. Understanding how your short-term assets and liabilities interact helps you keep operations running smoothly and bills paid on time.

Knowing how to read your P&L helps you understand whether your day-to-day operations are truly profitable. By breaking out fixed and variable costs, you can calculate your gross margin and make more informed business decisions.

Your Profit & Loss and Balance Sheet work together to tell the full financial story of your business. When you understand how these reports connect, you can make informed decisions about profitability, growth, and long-term stability.

In this edition, we break down Variable Costs, Fixed Costs, Cost of Goods Sold, and Overhead costs. Understanding the differences between these costs helps you see where your money is going and how it impacts your profitability.