We refer to an income statement as a financial statement that provides insight into a company’s financial performance. The Income statement is mostly referred to as a profit and loss statement but is different from a profit and loss report. It lists the revenues and expenses made by a company during a certain period. An…
DetailsIn their original meaning, Liabilities refer to several obligations, in terms of services or monetary compensation, that an entity owes to others. It refers to something that is to be lost by the possessor. In terms of accounting, it refers to a company’s financial obligations that it owes to its investors, business partners, suppliers, and…
DetailsIf you own a business, your gains are subject to taxes by the government. Business owners often lose a big part of their gains to income taxes. Therefore, it is essential for business owners to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate…
DetailsIn the modern business landscape, business owners have to keep track of a lot of moving parts. Even small businesses cannot keep track of all their accounts payable, accounts receivable, payments, etc. without the help of proper bookkeeping software. Today, there is a huge and diverse menu of accounting software that you can use for…
DetailsAn organization must track its accounts accurately based on golden rules of accounting to have a good understanding of its financial condition. The organization must record all its transactions under appropriate accounts to do so. If an investor or third party wants to take a look at the company’s finances, it will head to the…
DetailsDo you which is the most underrated yet one of the most powerful and promising tools that play a great role in the success of a thriving business? It is a well-functioning and efficient software for all your business needs. Accounting software that meets all your business requirements helps the business to stay on top…
DetailsPodcasting has become the most trending and powerful marketing tool in the last couple of years. Having a podcast is a great way for a creator to market his product. It helps to tell a story and establish some kind of network and authority in the industry. If you are a creator, an artist,…
DetailsTracking business expenses might seem something as complicated as quantum physics if you don’t have the right tools in your kit. These are the tools that enhance your money management habits, tools that minimize your tracking efforts. Without these tools, you are nothing but an unequipped warrior on a battlefield. Managing your business expenses can…
DetailsHow would you feel when the most critical software that you use to run your business suddenly announces that they will no longer serves you? This is what happened when Intuit QuickBooks announced that they are going to shut down their India business. As a founder of a competing accounting software (ProfitBooks), I was surprised…
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