7 Experts Weigh In On the Future of Accounting
Every industry is impacted by the rise of technology and automation, and for many, that can be an...
Net Income is used to measure the profitability of a business. It is most useful to look at this calculation over time, this allows you to see trends (hopefully positive), in your business health.
This calculation can give you a quick snapshot of how a company is doing profitability wise - to help make decisions for the future.
It’s important to at least look at these reports at least quarterly, to monitor the pacing and performance trend of your business. This tells you if you’re on the right track! It’s important to note that you need to be looking at a long enough period that the data makes sense - as you may have larger debt one period over another.
Keeping track of your expenses is extremely time-consuming—but the more detailed your systems are, the better your financials will be. With the ability to keep up with your expenses on your phone and make entries on the go, you can evaluate your profit and loss reports whenever and wherever you want. Botkeeper even integrates with your current accounting software and provides automation that effectively categorizes your expenses for you.