July 25, 2018

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 calcula...

July 20, 2018

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...

July 17, 2018

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 purpo...

July 11, 2018



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...

July 9, 2018

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 s...

July 5, 2018

"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 repaymen...

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October 31, 2019