After years of research, courage, and innovation you have finally made a product or service you are proud of. Your creation is ready to be out in the world to buy or use, the website looks applicative; you are ready to make it live. Now the only problem which is bothering you is which payment…
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We refer to an income statement as a financial statement that provides insight into a company’s financial performance. The Income statement is mostly referred to as a profit and loss statement but is different from a profit and loss report. It lists the revenues and expenses made by a company during a certain period. An…
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In their original meaning, Liabilities refer to several obligations, in terms of services or monetary compensation, that an entity owes to others. It refers to something that is to be lost by the possessor. In terms of liability in accounting It refers to a company’s financial obligations that it owes to its investors, business partners,…
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If you own a business, your gains are subject to taxes by the government. Business owners often lose a big part of their gains to income taxes. Therefore, business owners need to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate to a faster…
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If you are an individual who had lived a life, you have fun stories to share and experiences to talk about. Your friends and family have heard your stories before, it’s time for you to have a podcast. From CEO to college students having a podcast can be an experience of a lifetime, Podcasting…
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How would you feel when the most critical software that you use to run your business suddenly announces that they will no longer serves you? This is what happened when Intuit QuickBooks announced that they are going to shut down their India business. As a founder of a competing accounting software (ProfitBooks), I was surprised…
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As a business owner, you must understand that record-keeping of revenues, expenditures, and net profits is crucial for your company’s optimal financial health. In other words, maintaining the books is an important responsibility of an accountant or a business owner. You must close the books periodically, which in simpler terms refers to balancing the income…
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We all have heard the terms invoice and bill. However, I’m sure that not many of us are fully aware of the subtle differences between an invoice and a bill. Even I wasn’t, for several years after I started working. After running my business for over a decade, I’ve seen the confusion on people’s faces…
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Podcasts are like the Swiss Army knives of knowledge, fitting an entire library of insights into the palm of your hand. Consider the following scenario: you are an entrepreneur who has recently started a new firm or has been running one for quite some time. You can barely find time for yourself in your busy,…
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