What is bookkeeping?
Bookkeeping consists of creating and maintaining an organization’s financial records. It involves consistently recording a company’s financial transactions, as well as the archiving and securing storage of financial documentation. When bookkeeping is handled properly, the information is accurate, well organized and helpful so that business owners or shareholders can make key financial decisions involving the company.
What is Balance sheet?
The balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Balance sheets can be used with other important financial statements to conduct fundamental analysis or calculate financial ratios.
What is Profit&Loss?
Profit and loss (P&L) statement refers to a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a quarter or fiscal year. These records provide information about a company’s ability or inability to generate profit by increasing revenue, reducing costs, or both.
What is Quickbooks?
QuickBooks is accounting software designed for keeping track of income and expenses. There are both desktop and online versions of Quickbooks. Quickbooks has over 3.3 million online subscribers, 40% of which are small businesses. QuickBooks Online has several subscription levels you can choose from. Most of the QuickBooks Online subscription levels also offer multi-currency features, which makes it useful for businesses working with international customers and suppliers.