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The Profit and Loss Statement, also known as the P&L or Income Statement, shows a company’s financial performance over a specified period. There are two different types of Profit...

Depreciation is a financial concept for businesses that can be used in both bookkeeping and tax. For bookkeeping, it can accurately reflect the wear and tear of fixed assets over time...

When you outsource your bookkeeping, you allow a third-party bookkeeping or accounting service to keep track of your business finances and manage the bookkeeping for you. In this post...

A balance sheet is one of the three main financial statements which can be used in assessing the state of a company’s financial health at a point in time. It is an essential tool...

Cash Basis Cash basis is a method of accounting that recognizes revenue when cash is received and expenses when cash is spent. Even if an invoice is sent out to a customer or a bill...

Having a business bank account provides many benefits for small business owners and is essential in the growth of a business. Not only would having a business bank account make the...