Discover the main differences between cost accounting vs financial accounting and why both approaches are important for strategic decision-making.

Learn the main differences between GAAP and non-GAAP accounting, their pros and cons, and when each is used.

Learn what a consolidated income statement is and how producing one can help business owners attract investment and streamline their business operations.

Learn the importance of prepaid expenses when presenting an accurate balance sheet and the benefits of prepaying common expenses like rent or insurance.

Learn what petty cash is, how much to keep on hand, how petty cash affects bookkeeping, and the pros and cons of keeping petty cash in your small business.

Tax basis vs book basis accounting, their pros and cons, and when to use each one.

Learn about standard costing, how it helps improve efficiency in companies, its benefits and potential drawbacks, and how to calculate your standard costs.

Learn how to process payroll in your business, how to calculate gross and net pay, and how payroll solutions can streamline the process.

Learn what the debt-to-equity ratio is, how to calculate and interpret the result, and how the D/E ratio can vary across different industries.

Learn what deferred revenue is, businesses that deal with deferred revenue, examples of deferred revenue, and why it’s considered a liability.

Learn how employee expense reimbursement is affected by the reimbursement plan you choose, and if or when expense reimbursement is subject to taxation.

Discover what bookkeeping is, why it’s important, and how to set up a bookkeeping system in your business using a spreadsheet or software program.

Creating a mechanic auto repair shop profit and loss statement tells you whether you’re in the black. See a sample P&L with revenue and expense examples.