Profit & Loss

It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else. Profit can be called different things, for a start. It's sometimes called net income or net earnings.…
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Basic Accounting Principles

Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring…
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Be Confident of Your Set Priorities

Let's face it, we could all use a little help achieving our goals and improving our productivity. The key to doing this is to figure out what you want and make a list of your priorities.  The first step in accomplishing your goals is to…

Should You Hire a Bookkeeper?

It is required by law for businesses, whatever the size, to keep a record of financial transactions of the business. Keeping good and accurate records will not only support items on your tax return, but will also help you keep track of expenses…

What is Accounting anyway

Anyone who's worked in an office at some point or another has had to go to accounting. They're the people who pay and send out the bills that keep the business running. They do a lot more than that, though. Sometimes referred to as "bean counters"…
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Insurance Tips to Help Small Business Owners

When starting a new business, the details may seem overwhelming.  Many things that seem simple, like buying insurance, become more complicated when you add a business into the mix.  That’s why it’s important to understand what kind of…

Which Legal Structure Is the Right One for My Business?

There are several different types of legal set-ups for you to choose from.  Each have their own set of rules, advantages, and disadvantages.  Here is a quick overview of business structures you can choose from. * Sole proprietorship. …

Take Risks and Improve Your Business Success

In business, there is always going to be some element of risk.  No matter what your do, no matter how stable, there’s always a chance that something will go wrong.  It’s just that some business plans are more risky than others, but those…

Five Ways to Saving Money in Your Small Business

In today's market, being a successful small business owner means that you need to be frugal, yet you still need to be able to make money at the same time.  Here are a few ways for you to cut costs around the office.   1.  Make friends. …