Net income is the profit your business earns during a specific period. Retained earnings are what your business has kept from all its earnings across
As your business grows, there often comes a point where basic bookkeeping isn’t enough. You need experienced financial guidance, but hiring a full-time accountant or
Yes, net income can absolutely be negative. If your business spends more than it earns during a certain period, you’ll end up with a negative
Most nonprofit teams we talk to ask the same question about bequests: “A donor told us we’re in their will. Do we record it now?”
Warren Buffett once said, “Accounting is the language of business.” It’s a simple quote, but it explains something every business owner learns sooner or later.
Choosing the right accounting method matters more than many business owners realize. The wrong method can give you a misleading view of your profit, affect
The word “liability” makes a lot of business owners nervous. Many of them think it means a lawsuit or a major problem. But in accounting,
