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Word of the Week 'Gross Profit'

Word of the Week 'Gross Profit'

What is 'Gross Profit' Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. Gross profit will appear on a company's income statement, and can be calculated with this formula: Gross profit = Revenue - Cost of Goods Sold Gross profit is also called sales profit and gross income. BREAKING DOWN 'Gross Profit' Gross profit assesses a company's efficiency at using

My Business Needs Cash - 3 Accounting Software Musts to Manage Your Business Finances

My Business Needs Cash - 3 Accounting Software Musts to Manage Your Business Finances

Quickbooks Online, Plooto and Gusto If you are one of those business owners who uses excel or some other desktop function to manage your finances. It may be time to move into the 21st century as cloud accounting becomes more prevalent. Using simple accounting tools can make tax time easier, financial decisions easier and most importantly making decisions to increase the value of your business simpler. Most importantly these all make your business paperless. Here are a few f

Word of the Week 'Depreciation'

Word of the Week 'Depreciation'

What is 'Depreciation' Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to account for declines in value over time. Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses; however, businesses must depreciate these assets in accordance with IRS rules about how and when the deduction may

Word of the Week 'Income Statement'

Word of the Week 'Income Statement'

Income Statement What is an 'Income Statement' An income statement is a financial statement that reports a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period. BREAKING DOWN 'Income Statement' Also known as the profit and los

3 Ways to Eliminate Your Businesses Debt

3 Ways to Eliminate Your Businesses Debt

Determine what forced you into debt in the first place When you analyze your business, what forced you to borrow in the first place? Has everything you purchased had a purpose that helped drive revenue for your core competency? If you have a lawn mowing business and some of your debt is for ladders to clean gutters out. Seems like a needless purchase that not only cost interest, but takes away from the core competency or revenue generator for the business. Having trouble ma

"Word of the Week"

"Word of the Week"

"Word of the Week" Amortization What is 'Amortization' Amortization is an accounting technique used to incrementally lower the cost value of a finite life or intangible asset through scheduled charges to income. Amortization is the paying off of debt with a fixed repayment schedule in regular installments over a period of time for example with a mortgage or a car loan. It also refers to the spreading out of capital expenses for intangible assets over a specific duration (usua