A profit-and-loss statement is a crucial financial document for any business. Understanding its various components is important, no matter what type of accounting software you use. In this article, you’ll find an overview of the essentials of a profit and loss statement, its significance and types, along with step-by-step instructions for preparing one, complete with examples. What is a profit-and-loss…
Whether you’re a business owner, freelancer, sole proprietor, or run a nonprofit organization, knowing how to write an invoice for your small business is essential to ensuring you get paid. This can directly lead to quicker payments and a healthy cash flow. For new business owners, writing invoices can be challenging. However, Built now offers easy-to-use templates and customization options,…
Understanding bank reconciliation statements is key to keeping your financial records accurate. This article will show you the basics of bank reconciliation, including how to compare your bank statement with your own records, spot any differences, and make the needed changes. What is a bank reconciliation statement? Bank reconciliation is the process of comparing the balance in your records with…
Starting a business in Ghana can be a great opportunity due to the country’s growing economy and supportive business climate. Whether you’re a local or an international investor, knowing the steps to start a business in Ghana is key to your success. This guide will help you through each step, from coming up with your business idea to getting it…
Every business can fall victim to fraud, which can be a big financial risk. You might ask why scammers go after small businesses when there are bigger companies out there. The fact is, fraud can happen to any business, no matter its size. Small and midsize businesses are just as likely to face issues like phishing, hacking, wire fraud, and…
Every business owner knows that managing finances is key to running a successful business. But even small accounting mistakes can impact your business financially. These owners often manage their finances themselves instead of hiring an accountant. Without expert help or Built, this can lead to more accounting errors. What are Accounting Errors? Accounting errors are mistakes made in the process…