Business Accounting
Keeping your books in order is key to running a successful business. Learn how to do it right with tips on managing debt, tax obligations, and more.
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How to Organize Business Expenses: 7 Important Steps
Wondering how to organize your small business expenses? These categories can help you budget and analyze your performance as well as make tax time easier.
· 7 min read
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How to Use Consolidated Financial Statements to Track Assets and Income
A consolidated financial statement is an excellent way to keep track of the assets and income of a group of legal entities owned by a parent—but you should be aware of the guidelines.
· 3 min read
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Should I Publish an Annual Report?
Annual reports are not only beneficial to large, publicly traded corporations. Armed with an understanding of what an annual report can accomplish, small businesses stand to gain similar benefits by publishing annual reports of their own.
· 3 min read
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Use a Cash Flow Statement to Keep Your Eye on Your Bottom Line
As a business owner, a cash flow statement, which shows the amount of money coming in and going out of an enterprise, is one of the main financial statements you should know about.
· 3 min read
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Gross vs. Net Income: What Is the Difference?
Are you a new small business owner looking to understand your tax return a little more? How are gross and net income related? Here are the definitions of various types of income and how they related to your small business' taxes.
· 4 min read
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Do I Need a Profit and Loss Statement if I'm Self-Employed?
Are you a self-employed individual who's not that concerned about financial statements? There is one financial statement you'll definitely need for federal and state tax purposes: the profit and loss statement the IRS requires from sole proprietors.
· 3 min read
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Single Step vs. Multi Step Income Statement: Which One Should I Use?
Single step income statement or multi step income statement? Both have advantages and disadvantages. Your choice of format depends on what you intend to use your income statement for, and what level of financial detail you're intending to provide.
· 3 min read
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What Is Gross Profit?
Gross profit is a key profitability figure for a small business. It's calculated by subtracting cost of goods sold from sales revenue. Here's how you can use gross profit, and the gross profit margin, to measure your business' production efficiency.
· 3 min read
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What Is a Profit and Loss Statement?
At its most basic, a profit and loss statement gives users information about a business's revenue, its expenses, and its net income.
· 3 min read
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What Is Cost of Goods Sold and How to Calculate It
Your cost of goods sold (COGS) consists of all the direct costs associated with producing your goods or services. Calculating costs of goods sold helps you determine the true cost of the merchandise or services you sell.
· 4 min read
