Are Expenses and Costs the Same Thing?

In business the terms “costs” and “expenses” are commonly used interchangeably and, whilst this is fine in everyday conversation, it’s good practice to define the difference when we’re talking about a business situation. The reason for this is that costs and expenses are recorded differently in a business’s accounts and, in some cases, have different…

Do I Need A Trial Balance Report?

Using a trial balance report is a great way to keep your business accounts on the right track. At the end of an accounting period, it’s an important step in closing your books. But what is a trial balance report and how do you put one together? Get comfortable, and we’ll take a look! What…