Bookkeeper vs Accountant | What Makes Them Different?
Building a business takes hard work, but at the end of the day, you like to see your bottom line reflecting a profit as evidence of all your time and effort. Still, as your business grows, you may find there is less time for you to sit down and “do the books.” Outsourcing this […]
What Are Business Expenses? Examples, Types, & Tips
What Are Business Expenses? To successfully manage the finances of your company, you need to be clear about what is being spent and where it is being spent. That means tracking your business expenses, which are any costs incurred in the ordinary course of business. Every business, whether a Fortune 500 or a […]
What Is Annual Recurring Revenue? Definition, How to Calculate, & Examples
Owning a business means understanding critical aspects of the finances and how to maximize every bit of capital to grow and sustain your company. This is even more critical with a SAAS, or subscription service business. With that in mind, let’s talk about annual recurring revenue, including what it is and why it […]
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 […]
NonProfit Accounting: The 4 NonProfit Financial Statements
With charities popping up around the globe to address social challenges, including food insecurities, shelter, economic infrastructures, healthcare, education, and innovation to address pollution, accounting needs to keep up and reflect the realities of these businesses that are not focused on making a profit, but are determined to make a difference in their communities on […]
Profit and Loss Statement for Your Rental Property Free Template
As a business owner, you are working to achieve a sustainable business model, one that generates profits over time. However, to know if your business is profitable or not, understanding your financial statements is critical. For Profit and Loss Statement (P&L) for a Rental Property, your P&L statement will follow a similar format to a […]
Year to Date Profit and Loss Statement (P&L) Template
Curios to learn about your year to date profit and loss statement? Your profit and loss statement (P&L) is one of the key financial documents that keeps you informed and allows you to make critical decisions for the growth of your business. This includes essential decisions that drive revenue growth while also being mindful of […]
