Understanding the Difference Between POs and Invoices

Keeping track of your invoices protects you and your business, and it makes auditing and settling your accounts easier later. If there are any changes to the original order, a purchase order can serve as a reminder of what was originally requested. This can help avoid...

Accounting Cycle Explained : 8-Step Process

Temporary accounts like revenue and expense accounts are closed to begin the next accounting period with a zero balance. Key financial reports such as the profit and loss statement, statement of earnings retained, balance sheet, and statement of cash flows are...