Accounting 101

Profit

Profit is defined as the financial benefit realized when the revenue generated by a business activity exceeds the expenses, costs, and taxes associated with the activity in question. Profits are returned to business owners, who can choose to pocket the

Read More »

Speak with a professional or a CPA.

You don’t have to do it alone if you want to understand how business accounting works. That’s where CPAs and professional accounting services come in. If your budget allows, we strongly advise you to hire a professional to assist you

Read More »

Review and evaluate your processes on a regular basis.

Accounting methods, like other processes and strategies in your business, should be reviewed and evaluated on a regular basis. You should always have a controlled process in place for your business accounting because it’s an absolutely critical aspect of your

Read More »

Understand your company’s tax responsibilities.

Taxes are unavoidable. Fortunately, they are simple to prepare for. The best way to accomplish this is to educate yourself on your company’s tax obligations, maintain accurate records, and set aside revenue (or pay ahead in quarterly taxes). Paying taxes

Read More »

Payroll system

Are you going to hire contractors or employees? Maybe you’re doing fine on your own right now but want to expand in the future. You must nonetheless understand and get a payroll system. Payroll is another time-consuming but necessary aspect

Read More »

Operating Profit

The operating profit of a company is the total earnings from its core business functions for a given period, excluding interest and taxes. It also excludes profits from ancillary investments, such as earnings from other businesses in which a company

Read More »