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Category: Accounting

How to Read Your Income Statement

Larry K. AndersonMay 25, 2018

The income statement of any business is probably the most important report of all.  It is a snapshot of the financial performance of your business over a period of time, such as a month or year.  You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you […]

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Uncovering the Layers in your Financial Statements

Larry K. AndersonOctober 20, 2016

Your business expenses have layers of meaning to them. When you can understand how expenses play a part in profit, you can manage them better. Here’s how to uncover the layers of your business expenses. Let’s start with the most direct expenses. Direct Costs If you have inventory you will have a balance in the […]

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Boost Your Accounting Know-How with These Terms

Larry K. AndersonOctober 20, 2016

Impress your accountant and friends with these accounting-related definitions: Fiscal Year Most companies report their results on a calendar year, from January 1 through December 31. Some companies use a different year for reporting, and that’s called a fiscal year.  For example, Intuit’s fiscal year runs from August 1 to July 31.  A nonprofit commonly […]

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The 10 Biggest Money Leaks in Your Accounting System

Larry K. AndersonJune 16, 2016June 19, 2016

A Free Report The last thing most entrepreneurs want is for their hard-earned dollars to go down the drain because of a money leak in their business. Since so many entrepreneurs are working harder than ever before earning their living, it just makes sense to shore up every profit leak possible. But you might not […]

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