For the purpose of forming the financial result of the organization’s activities for the reporting period, income and expenses are differentiated between the reporting periods. Income and expenses related to this reporting period are reflected in the current income and
The income statement is a document that is showing information about profit (income), loss (expenses), as well as the difference between the above indicators of cash for a certain period. You can use the report to analyze changes in the volume
The work of the accounting department of any company is not only limited to storing data about the company’s property and finances. The accounting law requires documentation of each accounting transaction. To comply with the law and generate accounting reports
Tax season is just around the corner. For some reason, most taxpayers consult their tax professionals the week before the due date of tax paying. Try to imagine the usual scenario: last-minute efforts of collecting files, digging pertinent documents, and
Business is an economic activity taken up to earn profits and to optimize the capital for the owners. A business cannot operate in seclusion. The main reasons for every business are producing profit; thereby, the business owners invest money and
Quickbooks Accountant was developed by Intuit to facilitate an efficient and highly advantageous accounting experience. This was designed and introduced to the public with the sole intention of equipping accountants with the most favorable tools for an invoice, navigation, and
The program for professional bookkeepers and accountants Wave Accounting was launched in 2009 in Canada. The package of software provides a set of financial and other online services for small and medium businesses. Wave accounting is absolutely free. The package
Trade payables are short-term liabilities for which the amount to be paid is more often known than uncertain (such as for reserves). Businesses, almost without exception, take into account any type of trade payables in their statements of financial position.
One of the most important indicators of any company’s performance is a cash flow statement. It includes the flow of financial resources to the organization, i.e., the sources of funding for its activities and their allocation for internal and external
A line of credit is a type of bank loan that has a number of specific features. In this case, the bank (lender) sets only limits on the maximum amount and the deadline for repayment of the loan. The client
