Balance sheets and income statements are the two most important financial reports business managers need to run their company efficiently. These statements allow management to measure performance and ...

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...

Owner's distributions are earnings that an owner withdraws from a business based on the profit that the company has generated. Business owners may withdraw profits via distributions for personal use, ...

Discover the three essential financial statements required by GAAP: income statement, balance sheet, and cash flow statement, ensuring accurate financial reporting.

A balance sheet provides a snapshot of a company's assets, liabilities and equity at a specific point in time, while an income statement summarizes its revenues and expenses over a period to show ...

A balance sheet is a versatile document that offers a snapshot of a company's or individual's finances at a given point in time. Businesses can use balance sheets to develop plans for the future and ...

Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry. With over a decade of editorial experience, Rob Watts ...

While you may consider a balance sheet to be an essential financial statement for a company, assessing your own personal assets, equity and wealth in a well-laid-out financial report is equally ...

Some business owners are tempted to leave their balance sheets to their accountants, but it is important for leadership to understand how to read their balance sheets in order to keep an eye on their ...

When you want to know a company’s financial health, it helps to look at its balance sheet. But if you’ve never seen a balance sheet before or don’t know how to read one, all you’ll see is a collection ...

If you’ve ever looked at a balance sheet and immediately wanted to slam your laptop shut, you’re not alone. Most business owners don’t come from accounting backgrounds, and the sheer volume of numbers ...