Profit and Loss: Understanding profitability In this third post within our Accounting Made Easy series, we will be explaining the idea of Profit and Loss, primarily Profit and Loss statements (also known as the income statement). An account of profit and loss is a financial statement with the goal of telling you how profitable a ...

Creditors and Debtors: Understanding Cash Flow In this post within our Accounting Made Easy series, we will be talking about Creditors and Debtors. The two small terms are often confused, particularly when it comes to the practicalities of how they are applied. Here’s everything you need to know… Creditors are individuals, businesses or other entities ...