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The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of your company. Subledgers and the General Ledger [...]

Income Statements An income statement, otherwise known as a profit and loss statement, is a summary of a company’s profit or loss during any one given period of time, such as a month, three months, or one year. The income statement records all revenues for a business during this given period, as well as the [...]

A balance sheet is a snapshot of a business’ financial condition at a specific moment in time, usually at the close of an accounting period. A balance sheet comprises assets, liabilities, and owners’ or stockholders’ equity. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or [...]

Do you need more money to expand your business? If yes, you need a business plan. If you are starting a business, despite the work involved, a business plan can prepare you for the obstacles ahead and help ensure your success.

Creating a business plan forces you to contemplate possible obstacles to your business and prepares you to find solutions that will help you to overcome them. Most of many small companies fail to create, however, many business owners are adamant tha…

The Entrepreneur Magazine ’s Calendar for February 2009: Financial planning is a critical discipline that allows you to ensure the financial fitness of your business. Implement the following: