As an accountant, you prepare three primary financial statements representing a business. The income statement reports the profit-making activities and bottom-line profits or losses generated by your company over specified periods. The balance sheet is…
Browsing CategoryAccounting Basics Series
What is Personal Accounting – Crucial Things You Need To Know
What Is Personal Accounting? As an entrepreneur, you need to keep score – not only for your business – but for yourself. Personal accounting is the accounting and bookkeeping you do for your finances and…
Bookkeeping Basics
What’s The Difference Between Accounting and Bookkeeping? It is a common misconception that bookkeeping and accounting are the same things. While they both have to do with finances, one function of an accountant’s job is…
CPA or Controller – What’s The Difference?
CPA or Controller? Do you need a CPA or a controller? Accounting is a common occupation for those who want to use mathematical skills. There are many career paths within this profession, ranging from entry-level…
What is Bookkeeping?
What Is Bookkeeping? In a nutshell: What does a bookkeeper do? They work all day long and ensure the company’s finances are balanced by balancing budgets, recording transactions, and analyzing cash flows. The accounting department…
What is GAAP?
Following GAAP and knowing the rules and their proper application will help make your financial statements useful and keep you out of hot water. If you are looking for bite-sized chunks of accounting – given…
Accounting Basics – What You Need to Know!
From the time we’re children, most of us learn to count. In turn, we start saving and spending money as adults to balance our checkbooks and improve our lives! No business, small or large, can…