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Most individuals are aware that accounting and bookkeeping are connected to finance, but they mistakenly assume that the two fields are identical. While it is true that these fields are both pillars of business finance — that is, they play a..

If you own an LLC, it’s important to ensure that you are actually eligible for its legal and financial protections. After all, these protections come with conditions. You need accurate financial records to demonstrate compliance with state requirements of LLCs. Without..

As a professional accountant, you understand the stress of dividing your time between multiple clients. Creating reports, tracking transactions, and communicating back and forth is time-consuming work. The shuffle of switching between clients and projects takes up time that you might..

If you went into the consulting field, you know that countless business owners are out there looking for somebody to trust with their finances. These people need a consultant with experience and integrity. Despite the abundance of hopeful clients, a large..

A business rests on its financial structure. Success requires sound management of finances, expert analysis, and informed strategy. Most people know this process has something to do with the fields of bookkeeping and accounting, but tend to incorrectly use the two..

Definition Accounting is about hard numbers, but human errors naturally occur from time to time. If you own a business, you may wonder how accountants handle these errors and accurately balance your books despite them. Often, the bookkeeper can simply scan..

Definition Companies have two options for acquiring assets: using its own capital, or borrowing funds from a third party. The balance between assets owned and borrowed has implications for the company’s financial future and level of risk. It is worth becoming..

Definition and formula Business owners need to know what they own and what they are owed. In order to manage their assets, business owners must learn a hard truth: that what they own (and are owed) tends to depreciate over the..

Liabilities Definition Virtually every business deals with liabilities, or items that it owes or has borrowed. According to the exhaustive definition, liabilities represent probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or..