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What is
accounting?
Implementing new accounting processes for your business? Looking to improve your invoicing? Well, you’ve come to the right place–we’ve created free accounting guides and tools to help you!
Or, if you’re looking for a simpler solution to streamline your business accounting, Lili’s Accounting Software is what you need!
Financial information is recorded on various statements and reports that are then used to review the financial health of a business for internal or external purposes. Internally, a small business owner may use financial statements to inform economic decisions. They may also provide these reports to external entities (lenders, tax authorities, investors) to summarize cash flows, financial health, and business operations.
Accounting is essential for helping businesses assess their financial activity as it relates to the functioning of their business and investments. Inaccurate or incomplete accounting practices can be detrimental to a business’s success.
There are a variety of financial statements a business can use to analyze and report on business activity and performance, and each one serves a different purpose for providing necessary information regarding a business’s financial health.
Cash Flow Statement – Also known as a statement of cash flows, this statement shows where your money is coming from and where it is going over a set period of time, specifically in regard to cash assets.
Expense Report – This report outlines all business-related costs and is often used either for employee reimbursements or tracking tax write-offs.
Profit and Loss Statement – This statement summarizes all revenue (cash and non-cash) and income-generating expenses over a set period of time to demonstrate business profitability.
Balance Sheet – This report shows a business’s real-time assets in contrast with its liabilities, showing how what is owed compares with what is owned.
We’ve created free invoice templates suited for various business types. Simply choose the invoice template that fits your business, select the format you prefer, fill in your details and send!
When you receive invoice payments through PayPal or Stripe, you’re charged transaction fees. Use these calculators to easily determine fees and what you should charge to account for them.
We’ve put together a collection of articles covering accounting basics, from creating a business budget, to managing your cash flow, to performing a bank reconciliation, and more!
Simplify your business accounting–make it easy to get paid, monitor income and track expenses with Lili. Stay on top of all your business accounting with Lili accounting software.
Accounting is essential for business success because most businesses fail due to poor financial management. Especially in the first year of business when income may be tight while expenses are high, accounting helps businesses to grow and develop. In addition to assessing financial health, accounting helps businesses to:
