The income statement is one of the most important financial statements because it details a company’s income and expenses over a specific period. Here’s an overview of the information found in an income statement, along with a step-by-step look at the process of preparing one for your organization. [...]

Cash flow statements are one of the three main types of financial statements, and some might argue they’re the most important. Here’s a look at what a cash flow statement is and how to create one. [...]

The ability to prepare a budget is one of the most crucial skills for any business leader—whether a current or aspiring entrepreneur, executive, functional lead, or manager. Here are four steps to follow when creating one. [...]

Here’s a look at what pro forma financial statements are, how they’re created, and why they’re a key aspect of financial decision-making. [...]

Bad debt is a reality for businesses that provide credit to customers, such as banks and insurance companies. Planning ahead for this possibility by estimating the amount of uncollectible loans is called bad debt provision and can enable companies to measure, communicate, and prepare for financial losses. Here’s how to account for doubtful and bad debt on financial statements, along with a primer on bad debt provision and why it’s important today. [...]