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prepare an income statement

How to Prepare an Income Statement?

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…

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liabilities in accounting

What are Liabilities in accounting?

In 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…

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tax deductions for Small Businesses

Crucial Tax Deductions For Small Businesses

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…

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accounting software, bookkeeping, FreshBooks, ProfitBooks

7 Top Alternatives to FreshBooks Accounting Software

In 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…

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golden rules of accounting

Three Golden Rules of Accounting & Examples

An 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…

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Intuit Quickbooks Shutting Down India Business

Why QuickBooks closed down India business?

How 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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