If everything seems under control, you’re just not going fast enough. – Mario Andretti
As a business owner you may start off being the sole owner whose responsible for completing task from A to Z. But as your business progresses and grows, some of the day to day accounting assignments will need to be supported by an intern or a full-time assistant. Either way, as a business owner you are giving up full control and allowing someone to step in and help you grow your business.
The accounting responsibilities are important which means educating your staff should always be a key objective for ensuring the financial statements or Excel worksheets are updated correctly. Below we provide the definition of Gross and Net and also link you up to a few examples of clarity between Gross numbers VS Net numbers in accounting. Examples which can also be used as internal self-development and education to key personnel.
Gross VS Net Income:
Gross: Gross income is calculated by subtracting the cost of goods sold from revenue.
Net: Net income is calculated by subtracting expenses such as SG&A (selling, general and administrative expenses), interest payments and taxes from gross income.
Follow the link here to educate your staff more about gross and net values.
You can also visit our website and learn more about Fontenot & Associates Solutions services and how we are able to support with establishing policy and procedures in addition to training staff, which releases the stress from current staff and management.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.