Recent content by rajat

Contra revenue is an account used to reduce total revenue on a company’s income statement. It includes items like sales returns, discounts, and allowances, which reflect deductions from gross revenue. Instead of directly subtracting from sales, these amounts are recorded separately to provide a...

FreshBooks is a solid choice for small businesses, especially for freelancers and service-based professionals. It offers an intuitive interface, easy invoicing, time tracking, and expense management. Its cloud-based setup makes it accessible from anywhere, and customer support is highly rated...

Retained earnings refer to the portion of a company’s net income that is kept or "retained" rather than paid out as dividends to shareholders. This amount is reinvested in the business, often for purposes like funding operations, paying off debt, or investing in growth. Retained earnings...

Self Assessment is a system used by tax authorities, such as HMRC in the UK or the IRS in the US, where individuals and businesses are responsible for calculating and reporting their own income and taxes owed. It requires taxpayers to file annual tax returns, declare their income, claim any...