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A pro forma income statement is a financial document that predicts the expected financial performance of a business over a specific time period. As such, it’s a useful tool that business owners may use to estimate what their future expenses, revenue, and profits will be. Pro forma income statements may be used for a variety of purposes inclu...

While SMB accountancy tasks seem burdensome, you could discover they're more doable than they first appear.By dividing your accounting chores into smaller pieces and developing a schedule of activities to perform, you should be able to be on top of your bookkeeping responsibilities.Small-to-mid size business (SMB) accounting can get confusing at ti...

If you own a business or are just about to start one, you may have probably realized rather quickly that there are tons of details to consider. Most small business owners do not have a background in accounting, making it overwhelming for them. However, they still have to learn its ins and outs if they want to succeed in their business.   Whi...

One dilemma that many self-employed individuals face is the burden of proof of income, especially when applying for loans or claiming benefits, and even paying taxes. This is where a self-employment ledger comes into play. This article would help you understand self-employment ledgers and their use for your business. What is a Self-Employment Led...

  As a business owner, the income statement and balance sheet are both vital business documents. However, they are not one and the same, although a good income statement usually translates to a good balance sheet. In some cases, a business may have a great income statement but not a good balance sheet. Sadly, many business owners mi...

Accurate bookkeeping is essential for every business, regardless of its size. But keeping track of transactions and maintaining organized records can be a daunting task.  Fortunately, there are plenty of free bookkeeping tools available that can simplify accounting for small businesses, helping you stay on top of your finances. This article w...

Are you one of those individuals who have made a timeline of traveling the world after earning for a lifetime? Probably in your sixties? Let's be honest; even if you make it happen, you won't fully enjoy the bliss due to aging health concerns.  Things have changed! Unlike in olden times, you have many opportunities for achieving financial i...

Whenever revenue is received by a company but not yet earned, the term unearned revenue or unearned income will apply.   In other words, the revenue is received in advance of service or product provision.   Without an exception, unearned revenue has to be recorded as a liability.   Both companies and individual service provider...