Report Analysis - How to Read the Statements

Net Profit

No other business term is so misunderstood, misstated, misleading or deceiving as the words ‘net profit’.   Accounting defines net profit as the amount earned after all associated costs and expenses are subtracted from the […]

Accounting Concepts and Principles

Various Sets of Accounting Books

Accounting’s primary purpose is to measure economic activity.  There are several different methods to determine the economic value generated in your business each year.  In accounting this is referred to as sets of books.  There […]

Mailbox Rule
Income Taxes

Mailbox Rule in Business

There is one tax rule that confuses business owners and it relates to the year-end practice of paying bills and receiving compensation for receivables.  This is referred to as the ‘Mailbox Rule’.  This is strictly […]