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  • Business Loan: The Advantages and Disadvantages

    A Business loan is simply an amount of money that you borrow from banks and/or other finance institutions for business goals (paying for assets, launch a new product etc...) and that you are obliged to repay over an agreed period of time in addition to interest. However, The harsh reality about business loans is that they are harder to get. Many banks today have sorted up a list of pre-requisites before applying for a bank loan such as (a stable income, and a decent business plan). Even[...]

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    How to Classify Accounts as Assets, Liabilities, or Equity

    Accounting can be a confusing subject for many people, including students and small business owners. Part of this confusion is due to the accounts used in accounting and how they relate. Accounting accounts can be broken down into one of three categories. These categories are assets, liabilities, and equity. Assets Asset accounts can be broken into current and fixed assets. Current assets include accounts such as cash, checking accounts, investment accounts, and certificates of [...]

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    What is an income statement and what is it used for?

    An income statement offers an overview of a specific business' profits and losses over a set period of time, such as a year, month or quarter. Income statements basically summarize every expense and source of revenue of your business. How Can an Entrepreneur Use An Income Statement? An income statement is used by business owners to track the profitability of their enterprise over a set period of time. Budgeting is a key aspect, and entrepreneurs can easily see where money can be allocated [...]

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    How To Be More Productive Using the 80/20 Rule (The Pareto Principle)

    Most managers and many students know about the 80-20 rule, but how many use it effectively? Here's what it means: 80% of output comes from 20% of input. As a strategic decision making tool, the 80-20 rule can help you decide what’s important and how you should spend your time for the best return. Most people are driven by what is urgent without stopping to think whether it’s really as important as something else they could be doing. No doubt everything you do has some importance. It’s[...]

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    10 Basic Accounting Terms You Should Know

    If you are beginner to accounting than you should absolutely read, learn and memorize these basic accounting terms I'm going to outline below. The list includes basic accounting terms that are used very commonly while studying financial accounting. 1. Balance sheet (BS) The balance sheet is one of the major financial statements that illustrates the assets, liabilities and equity of a company at a given point in time. This 3 items give investors and bankers an idea about what the [...]

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    What Balance Sheets Are, and Why They Are Important to Entrepreneurs?

    Source of image: http://askconny.com/ufaqs/difference-mortgage-broker-mortgage-banker/ A balance sheet offers an aerial view of a specific business' financial status at any given moment, although it is usually only used at the end of an accounting cycle such as a month, quarter or year. This may sound similar to an income statement, but where it differs is in the details: a balance sheet is filled with the details of a business' assets, liabilities and equity, whereas an income statement [...]

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