What Is Net Profit? Definition, Formula, Examples, & Comparisons

    No matter what inspired you to set up your business or become an entrepreneur, the bottom line is that you are building a business to create income and profit. But how can you know if your business is successfully doing either of those things? It starts by understanding what profit is and how […]

The 5 Best Financial Reporting Software for Small Businesses in 2023

  What is Financial Reporting?   Running a business involves knowing how to grow your market share and determine what has worked in the past while still making adjustments to meet future needs. Financial reporting gives you the ability to do just that by communicating your financial activities and performance over specific time periods. Companies […]

Profit and Loss Statement (P&L) for An Independent Contractor

  What Is A Profit and Loss Statement?   A profit and loss statement summarizes your revenue, costs, and expenses incurred during a specific period, thus providing essential information that demonstrates your company’s ability to make a profit. But as an independent contractor, you might wonder if there are any benefits to using a profit […]

Cash Flow vs Profit and Loss Statement (P&L): What’s the Difference?

What is a Cash Flow Statement vs Profit and Loss Statement? Learn it right here! Your financial statements are the key to understanding the financial health and profitability of your business. Without them, it can be a struggle to determine the best strategic decisions for your company to expand and thrive. But what does each […]