What should the income statements look like?
An income statement can be defined as a financial report which showcases details of income and expenses over a reporting period. People also know it as a profit and loss statement, and they prepare it quarterly or annually. Income statements are essential as they show a company’s financial performance over a certain period. Moreover, the […]
Small Business Tax Tips: Maximize Your Savings while Remaining Compliant
Managing taxes is a vital component of running a successful small business. You may be a sole proprietor, LLC, or corporation; the management of tax obligations on time can help avoid high penalties and ensure you retain more of your well-earned revenue. Here is an important part of small business tax tips specially designed for […]
Cost of Quickbooks Online
Quickbooks is a popular software for small businesses in 20204. It can be used for bookkeeping or spreadsheets grown in multi-headed hydra. You would need a better option than your present software. Quickbooks is a good choice as it doesn’t cost that much. In this article, we will discuss the cost of QuickBooks online and […]
Retained Earnings Formula: A Quick Guide for Businesses
Retained earnings also called net profits of a company choose to keep after paying dividends to shareholders. It plays a key role in funding growth initiatives for research and development. It also improves financial stability by paying down the debt. Retained earnings are present on the balance sheet under shareholder’s equity at the end of […]
All You Need to Know on Cash Flow Statement
Managing cash flow helps in giving insights to a business along with its performance and flexibility. Additionally, strong cash flow statements allow businesses to take advantage of opportunities in a quicker and surplus way back to business making it profitable and more stable. A cash flow statement helps in operating, investing, financial activities and income […]
All You Need to Know on Cash Flow Statement
Managing cash flow helps in giving insights to a business along with its performance and flexibility. Additionally, strong cash flow statements allow businesses to take advantage of opportunities in a quicker and surplus way back to business making it profitable and more stable. A cash flow statement helps in operating, investing, financial activities and income […]
Comprehensive Guide to Deferred Tax
Deferred tax is a pivotal concept in accounting that often leads to confusion but plays an essential role in financial reporting. It represents the discrepancy between the tax expense shown in financial statements and the actual tax due to authorities. This difference arises because of variations in timing between when income or expenses are recognized […]
Accountant vs Controller: the difference you need to know
The life of an accountant isn’t as glamorous as it seems, but few career paths match the combination of solid pay, low stress, job security, and opportunity for advancement. Few accounts worry about burning out and feeling to switch industries and move into a position of prominence and importance in an organization. One of such […]
Tax Smarts for Solopreneurs: Your Go-To Guide for Income Tax
You may own a huge restaurant, sell things online, work as a freelance photographer, or run a medical clinic. However, as far as the government is concerned, you are just an independent contractor. Additionally, every Indian citizen, whether or not they work for themselves, who makes more than ₹2.5 lakh in revenue annually, must pay […]
A brief on how to solve net income
Net income, also known as net profit, plays a crucial role in calculating profit and loss statements by showing what the business has earned after accounting for expenses such as taxes, cost of goods sold, and overhead.Here comes the main answer to your concerns, which is how to solve net income, which shows how the […]