Starting a business can open up exciting opportunities for bringing ideas to life and growing something that reflects one’s vision. However, new ventures often come with challenges. In particular, managing finances is one of the more difficult aspects for new entrepreneurs. … [Read more...]
Streamline Your Business Finance with Professional Third-Party Accounting Services
Successful organizations place a premium on sound financial management. However, even the most seasoned business owners might feel powerless in the face of the complexity of financial chores and the ever-changing legislation. This is when the help of an outside accounting firm … [Read more...]
5 Mistakes Businesses Make When Managing Accounts Receivables
Managing accounts receivables is a tough task, but it is one that should be done consistently and effectively. When you make mistakes, you could affect your company’s financial standing and even the relationships you have with your customers. This article highlights the key … [Read more...]
How to Compute Your Business Profit
What is a business profit? Business profit refers to the excess of the business' total income less all expenses within the accounting period, which may be presented monthly, quarterly or annually. However, please be informed that a loss, instead of a profit, will be the result if … [Read more...]
What is the Difference between Income, Revenue, and Gain?
What is the difference between income, revenue, and gain? These accounting terms are usually presented and seen in the income statement. They may have similarities, but they are actually different from each other. Financial statements preparers, accountants, and other accounting … [Read more...]
What is the Difference between Cost and Expense?
What is the difference between cost and expense? These two economic or accounting terms are often used interchangeably. We read them in accounting and financial reports. And as business owners, we have to learn how to differentiate the two. The following are the differences … [Read more...]