However, the way the two accounting standards classify cash flow activities differs. Income statements also called profit and loss (P&L) statements confirm how profitable a company is. These statements also show the total change from the beginning to the end of the period. Investing activities refer to investments the company makes using cash, not debt. […]

Outsource bookkeeping is a smart business strategy that allows companies to offload their accounting responsibilities to external service providers. It provides cost savings, expertise, accuracy, and the opportunity to focus outsourced bookkeeping on core business objectives, making it an attractive option for businesses of all sizes. An outsourced bookkeeper handles various financial tasks on behalf […]

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Financial statements, such as profit and loss statements and balance sheets, can be generated to provide valuable insights into a therapy practice’s financial health. Analyzing these reports over time can help therapists assess practice performance and identify areas for improvement. When you let someone else handle the finances, you can dedicate more time to your […]

The other half of the HVAC Bookkeeping COGM formula accounts for the work in process or WIP Inventory. WIP is a current asset in the company’s balance sheet and represents the total value of all materials, labor, and overhead of unfinished products. COGM is a critical component of profit and loss statements and measures the cost […]