What does an income statement tell you about your business?
A New Entrepreneur's Guide series What does an income statement tell you about your business? You won't get a complete picture of your company's finances just by looking at your bank account balance. The bank account balance tells you how much money the business has available right now, but it doesn't tell you whether the business has been profitable. An income statement, on the other hand, shows what makes up your company's income, what kind of costs are incurred by operations, and whether the company has a profit or loss at the end of the financial year. […]
What happens if the accounting is done incorrectly?
A Guide for New Entrepreneurs Series Admin 21st April, 2026 What happens if accounting is done incorrectly? Many entrepreneurs handle their accounting on the side. It's done when there's time or it's handed over to someone else without them becoming more familiar with it. This is completely understandable, as few people start a business for the sheer joy of doing accounts. Yet, accounting is one of a company's most important [...]