Accounting for small businesses is an important function that should not get overlooked. The accounting function encompasses three broad categories of necessary tasks: Recording the financial transactions ie: Bookkeeping. Classifying these transactions: Current Assets...
Do you know the importance of keeping good business financial records? The first one that might come to mind is to make the annual income tax reporting process go as smooth as possible. That is certainly a very good reason to keep the company bookkeeping records...
Single Vs. Double Entry Bookkeeping Most people have used a check register to track their checking or savings account transactions, both deposits and withdrawals. Your checking account register is the best example of a single-entry bookkeeping system. You track your...
Here are 2 Income Statement (P&L) Accounting Margins For Small Business Owners Profit & Loss (P&L) Statement Margins: Gross Profit Margin (GPM) = Gross Profit (GP) / Revenue GPM is a metric telling a business what the ratio of Revenue minus COGS (Cost of...