Fixed assets are items that are used in your business’s ongoing operations for longer than a year. These items should not be “expensed” or shown on the Profit and Loss…
What are Financial Statements and Why Do I Need Them? The Balance Sheet
Many business owners think the terms Income Statement and Financial Statement are interchangeable. The Income Statement is indeed one part of a Financial Statement package, but owners should know there…
Cash Basis vs. Accrual Basis Accounting
You may have heard the terms Cash Basis or Accrual Basis, and when you register your business with your state, you will likely be asked which method you plan to…
Choosing a Business Structure
There are several different legal structures in which you can form your business. The four main types are listed here: Sole proprietor A sole proprietor is someone who owns an…
Starting a New Business
Starting a business can be one of the most exciting things you do in your life. You have a great idea and you have figured out a way to make…