In today’s business world, getting your business noticed can feel like trying to find water in a desert. That’s where strong assets come into play! Assets support every business by acting as the key growth components for business success. So, all businesses need to identify all of their assets in accounting. This article provides brief

If you run a business and manage your accounting properly, then you may know the value of transaction records and financial statements. It is a valuable thing to make any financial decisions, tax planning, and ensure compliance. There, we maintain multiple records for different clients’ transactions, and managing these records is a challenging process. To

In this digital era, everyone must have a unique idea to start their business. Some peoples are easily grow their business, and some people are not achieving business success. This is often due to the wrong money management or Financial management. It is not a monthly budget planning; it’s a financial responsibility, and that can

The reasons for starting a business vary from person to person as some chase independence, while some are dreaming to become successfull. A successful business is only possible when a business focuses on proper financial management and knows the importance of managing finances. So, financial management in business has become more than managing financial resources;

 A​‍​‌‍​‍‌ bank statement is one of your most detailed financial records. It clearly records your bank account’s inflows and outflows over a particular period. This write-up takes a deep dive into the essentials of a bank statement. We start this article with the definition like what is the bank statement, then move on to their

In business and accounting, equity is a very significant term. It is not only used by businesses but investors also use it to make decisions. The term “equity” has various meanings and can be used on different occasions, such as home value, investment, etc. Equity appears on the balance sheet report of the business, and

For any business one of the key fundamentals is financial transactions and how they track them. A journal entry is important for all law firms transaction whether they create them manually or with the assistance of any software. Journal entries are the key building blocks that provide various reality checks for business leaders, such as

Financial reporting is an accounting process that is primarily used to communicate financial information. Most companies perform some sort of external or internal financial reporting and sometimes both. It is one of the essential processes for both investors and businesses, as it provides important information regarding the financial performance of a business over a period

In business, it is very important to track the total revenue generated through the sale of goods & services. For any company, whether you’re selling products, services, or both, it’s critical to understand and see at a glance how your business is performing via Total Revenue. Total Revenue is a key performance indicator for all

Reconciliation‍‌‍‍‌‍‌‍‍‌ in accounting plays an important role as it typically entails matching two sets of financial records to verify their correctness and consistency. Among other things, this process enables one to detect errors, identify omitted transactions and explain the differences arising from timing or wrongly recorded entries. Frequent reconciliation strengthens the trustworthiness of financial data,

If you are a businessman or from account related background, you must have heard the term expenditure. In business, it is important to know how you earn and spend money. Every business has to sustain the cost to grow, operate, and maintain activities. In accounting terms, these costs are known as expenditure. Maintaining a proper

A​‍​‌‍​‍‌ profit and loss statement is one of the crucial financial reports that business startups and owners require. It reveals company financial operations in details through the reporting of income, expenses, and total results for a certain period. Business owners can use this statement to get financially performance insights, identify operational strengths, efficiently controlling costs,

A​‍​‌‍​‍‌ Partnership Deed is a legal document that records the terms and conditions of a partnership firm. It lays down in detail the rights, duties, responsibilities and profit sharing ratio of the partners. This kind of agreement is a must have business operation tool, it guards against the opposite of the understanding and also allows

For a successful business, it is important to understand your company’s finances. Predetermined overhead rate (POHR) is an important parameter related to manufacturing industry. In easier terms, it is a type of allocation rate used to estimate cost of manufacturing over a certain time period. It may sound technical but it is a powerful yet