Posts Tagged‘accounting’

What to Look at When Taking Stock of Your Finances at the End of the Year

Whether it is reflecting on our work goals or personal life, the end of the year is the perfect time for taking stock. And as you look back, don’t omit your finances from the list of things to reassess. According to a Time Money report, 1 out of every 3 Americans has no retirement savings. Facts like this underscore the need to include financial housekeeping on our year-end reflection list. Here is a list of areas to take a closer look at that will help you prepare for the year ahead. Prepare for financial emergencies. Emergencies can create a sinkhole in…

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4 Accounting Basics Everyone Should Know

If you own a business, then speaking accounting language is essential. Even when discussing personal assets, the proper terms help others know what you are talking about. Let’s look at some basic accounting terms and what they mean. Financial Statements Image via Flickr by Ken Teegardin The balance sheet, statement of cash flow, and income statement are three types of financial statements everyone needs to understand. The balance sheet gives a picture of assets and liability whether for your business or you personally. Statements of cash flow point to the change in cash during a specific time period, be it a week,…

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