by edbarton | Jan 8, 2022 | Accounting Basics
Basic Accounting Principles for Real Estate Professionals A balance sheet is a quick picture of the financial condition of a business at a specific period in time. Your business activities fall into two separate groups that an accountant reports over a specific time....
by edbarton | Jan 4, 2022 | Accounting Basics
Basic Accounting Principles for Real Estate Professionals Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profit-making activities of the business and the bottom-line profit or loss...
by edbarton | Jan 3, 2022 | Accounting Basics
Basic Accounting Principles for Real Estate Professionals Most people probably think of bookkeeping and accounting as the same thing. Bookkeeping is one function of accounting. In contrast, accounting encompasses many processes involved in managing financial affairs....
by edbarton | Jan 2, 2022 | Accounting Basics
Basic Accounting Principles for Real Estate Professionals It might seem like a no-brainer to define profit and loss precisely. But of course, these have definitions like everything else. Profit can be called different things, for a start. It’s sometimes called...
by edbarton | Jan 1, 2022 | Accounting Basics
Basic Accounting Principles for Real Estate Professionals So what goes on in our bookkeeping department? What do these people do daily? The bookkeeping team does what’s important to our clients is process payroll. They must record all the salaries and taxes...
by edbarton | Dec 31, 2021 | Accounting Basics
GAAP Principles for Real Estate Pros Suppose everyone involved in the accounting process followed their system or no system at all. In that case, there’s be no way to tell whether a company was profitable or not, honestly. Most real estate professionals –...
