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Accrued expenses are money that your business owes but hasn’t paid yet. These could be bills or wages that you need to pay in the future. They are important for understanding your business’s real financial situation, even if the cash hasn’t moved yet. This guide helps you recognize and manage these expenses simply and clearly
Read moreNet 30 payment terms offer a flexible yet structured way to manage payments and receivables. When you issue Net 30 terms to customers, it means they have 30 days to pay you. Vice-versa with vendors, if your payment terms are net 30, you have 30 days to pay your bill. This article will show you
Read moreThis guide talks about a less known but handy way to do your accounting: the modified cash basis. It doesn’t matter if you’re well into your business journey or just starting; knowing your options for keeping track of your finances is crucial. This guide is also related to our articles on cash vs. accrual accounting,
Read moreUnderstanding how well your business is doing financially means looking beyond just revenue and profits. Operating Income and EBITDA are two crucial metrics that show your business’s efficiency and earnings power. This guide breaks down these metrics into simple terms, helping you use this info to boost your business. We’ll explain what Operating Income and
Read moreYou’ve found the Rigits guide to back office services! Back office services are tasks like accounting, data management, and technical support. This guide is designed to help you, the small business owner, navigate through the various aspects of back office operations, understand their importance, and make informed decisions about managing them efficiently. This guide also
Read moreYou’ve found the Rigits guide to understanding prepaid expenses. This article is meant specifically for small business owners like you, aiming to demystify the concept of prepaid expenses. We’ll guide you through what prepaid expenses are, why they might be important for your business, and how to utilize them effectively. This guide is also related
Read moreLet’s dive into the world of retained earnings a number that reveals the effect of your profitability and cash reinvestment over time. This guide is also related to our guides on understanding owner’s equity, how to read a balance sheet, and double-entry accounting: the basics. In this article, we’re going to break down everything you
Read moreEBITDA is more than a piece of financial jargon; it’s a key to unlocking insights into your business’s operational performance. By grasping how EBITDA works, you can make more informed decisions, attract potential investors, and steer your business toward greater profitability. This guide is crafted to demystify EBITDA for you, the small business owner. We’ll
Read moreYou’ve found our guide understanding net vs. gross profit. When it comes to running a business, understanding the key difference between gross and net profit is crucial to small business owners. Gross profit and net profit are two key metrics that service as guideposts for you to gauge how healthy your business is. These principles
Read moreHere is our list of reasons why accounting is important. Have you ever wondered why accounting is important? There are plenty of reasons that explain the importance of accounting, beginning with maintaining accurate financial records and tracking and managing transactions. Other reasons include aiding in decision-making, communicating key business results, and providing valuable insights. Understanding
Read moreHere is our list of the best accounting statistics. The finance and business landscape is continuously evolving, which is why it is important to stay informed about the latest accounting statistics. Accounting statistics are data points and trends that shape the accounting industry for all businesses, large and small. The purpose of this list is
Read moreHere is our list of the top accounting errors. Accounting errors are common mistakes that accountants or business leaders could make when working with a company’s finances. Examples include data entry errors, misclassifying expenses, and reconciliation errors. The purpose of this list is to highlight common errors in accounting and provide valuable tips on how
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