The Balance Sheet

The Balance Sheet

The Balance Sheet Written By Geoff BurnsWho doesn't like a good ALE? Ok, bad joke. For accounting professionals, ALE is the accounting equation which is A=L+E, or Assets = Liabilities + Equity. But what does that mean, and why is it so important? While most business owners have heard of the ALE accounting equation, few truly understand how to set...
The Income Statement

The Income Statement

The Income Statement Written By Geoff Burns In my previous article, I briefly reviewed the basics of the most common financial reports. If you missed it, you can read it here. Today I am going to dive deeper into the Income Statement. Often referred to as the "Profit and Loss," the Income Statement is a list of all revenues and...