The profit and loss (P&L) statement (also known as an income statement) is one of the four basic financial statements that presents the revenues, expenses, and net income of a business. In basic accounting, the P&L statement is always one of the first financial statements to be prepared. It measures the performance and profitability of…
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How to Become a BBB Accredited Business in 3 Steps
The Better Business Bureau (BBB) is a private, nonprofit organization that offers accreditation to companies that meet its standards for trustworthiness and quality. To get BBB accredited, review the standards for accreditation, apply online, and pay the required fee once you’ve been approved. In this article, we explore how BBB accreditation works and how it…
What Is a CRM Dashboard? (+ Examples)
Customer relationship management (CRM) dashboards present a snapshot of sales activity, performance, goal progress, tasks, and pipeline health in a simple, centralized format. Sales managers use CRM dashboards to evaluate key performance indicators (KPIs) and other top priority data metrics in a sales operation—enabling them to optimize strategies based on these reports. This article explores…
What Is Mobile Device Management (MDM) & How it Works
Mobile device management (MDM) describes how companies manage the administration and security of mobile devices (cellphones, tablets, laptops, etc.) issued to employees. All businesses—especially smaller ones, due to the higher level of vulnerability—should establish a solid system that ensures reasonable control over all company hardware, software, and data. This should start from when the devices…
What Is a Cash Flow Statement in Accounting? (Examples & FAQs)
The cash flow statement in accounting is one of the four basic financial statements. It presents the cash inflows and outflows of a business’s operating, investing, and financing activities. Reviewing it can give you information about your cash flow as opposed to net income. Below is a cash flow statement example: The cash flow statement…
What Is a Keogh Plan: Contribution Limits, Rules & Deadlines
A Keogh plan, also known as an HR-10 or qualified retirement plan, is a retirement plan that allows self-employed individuals up to $61,000 per year in tax-deductible contributions. It used to be very popular among high-income earning self-employed workers, but this was before they were eligible for more common retirement plans. How a Keogh Plan…
What Is a Balance Sheet? Definition & Illustration
A balance sheet displays a company’s assets, liabilities, and owner’s equity at any given point in time. It provides a snapshot of what a company owns and owes as of the balance sheet date and the amount invested by its owners, so note that the owner’s equity isn’t equal to the company’s fair market value….
What Is Owner’s Equity in Accounting?
The owner’s equity of a business is the residual amount left after deducting all liabilities from book value of company assets. It isn’t a measure of the value of a company, but rather a way to track both paid-in capital and retained earnings. Paid-in capital or contributed capital are contributions of the business owners while…