The duties of an accountant revolve around financial record keeping, decision making, and other aspects that can ensure that the company thrives well in the market. An accountant must prepare and analyze the financial records of a company while managing data that can be analyzed and used for consultation. The accountant is to ensure that…
If 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…
Businesses operate to make profits while minimizing expenditure. To do so, companies need to document their expenses and income. A company can do this in various ways. One of the most effective ways that one can resort to doing so is by creating a financial statement. A financial statement provides information that can help assess…
If you own or manage a company or know someone that does, you know that businesses account for all the expenses made for their upkeep. It is crucial to keep a record of transactions made by them to maintain economic stability. Several unaccounted transactions cause an imbalance in financial statements such as balance sheets, leading…
When it comes to accounting and bookkeeping, Debit and Credit are the two words you shall come across the most often. You can have a better knowledge of the accounting process by learning how debit and credit function. It might even make it easier for you to understand complex accounting concepts. What is…
The fact of the importance of invoicing in our day-to-day business life is undeniable. As it helps to sustain the consistency of cash flow into your business. Acknowledging the diversified varieties of invoices, to increase the cash flow can be a game-changer in the business practices of your company. And this is how you can…
The Cost Of Goods sold is the direct cost of the goods produced by a firm. Now, what is the direct cost? It is the cost that can be related directly to any good or service. In this article, we will tell you everything about the cost of goods sold and how you can control…
Businesses run on the sole motive of keeping growing consistently and earning profits. But all days are not the same. They face some difficulties. What is important here is to constantly monitor the health of your business, the financial ratios and profit margins. The analysts need to constantly evaluate the firm’s ability to generate profits…
The Asset to Liability ratio of businesses can help assess their profitability and scope for growth accurately. Information regarding this ratio can help prepare financial statements for a company. Financial statements include the Balance Sheet, the Cash Flow Sheet, and the Statement of Income. One must have a clear understanding of assets and liabilities to…
Money is the primary component of a business. The prime goal of all business entities is to earn profit. The small business entities having low turnover or run by 1 or 2 persons. Need not keep a record of transactions as the transactions are limited. Yet, as the business grows. The entity has to record…
