Understanding the Income Statement

Understanding the Income Statement The income statement is one of the basic financial statements that disclose the financial performance of a company. Profit and loss statement (P&L), statement of income, and statement of earnings are other names for the income…

Read More

Cash vs Accrual Accounting

Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow? Accounting methods are rules and…

Read More

End of the Year Accounting Checklist

End of the Year Accounting Checklist updated from our previous blog posted on December 31, 2015 One of the things that you will need to do for your business at the end of the year is to close the books….

Read More

Reports to Use in QuickBooks

Reports to Use in QuickBooks QuickBooks (QB) is a very user-friendly and customizable accounting software. QB designed the many features to help the user enter all of the various transactions that occur within a business. After entering data, QB offers…

Read More

The Importance of the Income Statement

The Importance of the Income Statement There are four basic financial statements: Balance Sheet, Cash Flow Statement, Income Statement and Statement of Retained Earnings. External users such as investors, creditors, etc. use these statements to gain insight into the financial…

Read More

New Revenue Recognition Standards Are Now REAL

New Revenue Recognition Standards Are Now REAL For nonpublic companies, the new revenue recognition standards that the Financial Accounting Standards Board (FASB) implemented are now a reality.  FASB 606, Revenue from Contracts with Customers, is effective for fiscal years beginning…

Read More

Current Ratio vs. Quick Ratio

Current Ratio vs. Quick Ratio Liquidity ratios are an important tool used to measure how efficiently a company can pay off its debt.  The most common liquidity ratios used are the current and the quick ratio. These ratios help investors…

Read More

2018 Tax Changes for Small Businesses

2018 Tax Changes for Small Businesses When it comes to taxes, there have been a lot of rumors and speculations in the past year regarding what will change. At the close of the tax year, it is hard to know…

Read More