Our Blog

Insights, updates, and thoughts from our team.

4/15/2025

Chart of Accounts. What is it? Why is it important?

What will happen to your company if you were to retrieve specific financial records done a year ago? There will be a lot of panicking and going through a big pile of paperwork. You might spend time sifting through the records to find the exact one. It will be annoying if you realize that you were not organized with your record-keeping because some documents might be missing.  The situation will be very stressful if you were not using a chart of accounts. A chart of accounts helps you allocate each transaction from your business to some category (Rylee, 2017). You can see precisely where your business generates and spend money. No matter the type of business, you should have a chart of accounts.

11/8/2024

"The Asset Whisperer: Making Sense of Your Business Inventory Before Year-End"

10/8/2024

Squeeze the Day: The Silver Dollar’s Lemonade Adventure!

6/8/2024

Embracing the Rhino Spirit: Cairn Accounting’s Core Value Inspired by Scott Alexander’s “Rhinoceros Success”

9/30/2023

Benefits Of Hiring Your Kids; Taxes & Beyond

8/13/2023

Percent Income Statement

What is an income statement? An income statement is a financial statement that is used to summarize all the incomes and expenditures of a company over a given period. It takes into account the cumulative impacts of revenues, gains, expenditure, and loss transactions. The income statement is also known as a profit and loss statement (P&L) statement as it reports the profits or losses made by a company within a particular accounting period. For comparison purposes, the P&L statement is usually prepared quarterly or annually for comparisons between periods or analysis of financial trends over time (Stobierski, 2020).

7/23/2023

Inventory - A Deeper Look & How It Affects Financial Reports

6/23/2023

Human Resources, Employees vs 1099 and other Employment Requirements

5/23/2023

Business Valuation, 3 Methods, Basic Concepts of Each

4/23/2023

Asset Tracking & What That Involves

3/23/2023

Use of Financial Reports, P&L, Balance Sheet and Cash Flow Statement. What Each Tells Me About the Business.