The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you […]
Boost Your Accounting Know-How with These Terms
The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You’ll be “speaking accounting-ese” in no time, and you’ll become a smarter entrepreneur too. Trial balance A trial balance is an accounting report that simply […]
QuickBooks Online vs. Xero – Which Is Right for Your Business?
If you own your own business, you already know that accounting needs to be a priority. Not only do you need to have the right numbers when it comes time for tax planning, but throughout the year, as well. Accurate bookkeeping is vital for running a successful business. That’s why you may be considering using […]
The Perfect Chart of Accounts for Your Business
Your “Chart of Accounts” is the list of accounts in your accounting software. The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need in order to […]