A major advantage of LLCs over sole proprietorships is that the owners are not personally liable for any debts or business expenses. Additionally, this business structure is easy to form and maintain and can have any number of owners (members). Furthermore, members can choose whether they want...
The income statement provides an overview of revenues, expenses, net income, and earnings per share during that time. The main purpose of the income statement is to convey details of profitability and the financial results of business activities; however, it ca...
A business's financial data is used by internal and external parties to analyze that company's performance and make predictions about the likely direction of its stock price. One of the most important sources of reliable and audited financial data is theannual report, which contains the firm's ...
Anexpensereportis an invoice that an employee submits to an employer to reimburse business-related expenses. For instance, if you send an employee to a lunch meeting with a client, they cancreate an expense reportto invoice your company for the cost of the lunch, parking, and gas they paid...
of the reports because it shows the asset, liability, and equity accounts at the beginning of the period. From this starting point, we can add or subtract the operating activities reported on the income statement. This includes all revenues and expenses that the company incurred during the year...
Every business, whether small or large, needs a way to track its expenses, revenue and profits. "Budgets are really important for both internal and external (reasons)," says Joseph Fahey, director of business succession planning for PNC Bank. Budgets help owners and executives make informed deci...
Template credit: business-in-a-box.com 6. Commercial invoice A commercial invoice provides an itemized list of goods or services that have been sold or provided to a customer. It is typically used for international trade and is often required by customs officials to determine the value of th...
A joint venture is a more general business agreement that may or may not be a partnership. When a joint venture describes the sharing of expenses, short-term collaboration, or the pooling of resources, it doesn’t refer to an official partnership. However, if a joint venture has no specific...
Expenses– Expenses are essentially the costs incurred to produce revenue. Costs like payroll, utilities, and rent are necessary for business to operate. Expenses arecontra equity accountswith debit balances and reduce equity. Examples Unlike assets and liabilities, equity accounts vary depending on the...
ExpenseTypeObjectVersionNumber The number of times the expense type row has been updated. ExpenseTypeOrgId The identifier of the business unit associated with the expense type. ExpenseTypeRcptRequiredProjFlag Indicates whether a receipt is required for the project-enabled expense type. ExpenseTypeReceip...