{"id":76281,"date":"2018-07-05T09:17:54","date_gmt":"2018-07-05T16:17:54","guid":{"rendered":"https:\/\/spring.is\/old\/partners\/finance-minute-books-copy\/"},"modified":"2018-07-06T14:35:56","modified_gmt":"2018-07-06T21:35:56","slug":"bench-income-statement-balance-sheets","status":"publish","type":"post","link":"https:\/\/spring.is\/old\/blog\/bench-income-statement-balance-sheets\/","title":{"rendered":"What do income statements and balance sheets actually tell you?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"76281\" class=\"elementor elementor-76281 elementor-bc-flex-widget\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8e11815 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8e11815\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b1c9cf\" data-id=\"3b1c9cf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e9ca219 elementor-widget elementor-widget-text-editor\" data-id=\"e9ca219\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 13-09-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><i><span style=\"font-weight: 400;\">By\u00a0 Ryan Smith<\/span><\/i><\/p><p><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-76339 alignleft\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/DeReSiV0_400x400-e1530815509606.png\" alt=\"income statement\" width=\"109\" height=\"29\" \/><\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f0a3aa elementor-widget elementor-widget-text-editor\" data-id=\"8f0a3aa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Financial statements may not immediately drum up feelings of elation\u2014but at <\/span><a href=\"http:\/\/bench.co\/partner\/spring?utm_source=Spring&amp;utm_medium=PartnerReferral&amp;utm_campaign=Partner&amp;utm_term=Article&amp;utm_content=What_do_income_statements_and_balance_sheets_actually_tell_you%3F\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bench<\/span><\/a><span style=\"font-weight: 400;\">, we think numbers can bring joy.<\/span><\/p><p><span style=\"font-weight: 400;\">We put this guide together to help you understand your financial statements and put them to work for your business. We\u2019ll walk you through the difference between income statements and balance sheets, and show you how they work together. <\/span><\/p><p><span style=\"font-weight: 400;\">Understanding these statements will help you accurately assess how profitable you are, see where you can adjust spending, and help your business grow. Where there\u2019s growth, there\u2019s usually cause for celebration. See? Numbers can be fun.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e5a8a3 elementor-widget elementor-widget-image\" data-id=\"7e5a8a3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 13-09-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"640\" height=\"377\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-1024x603.jpg\" class=\"attachment-large size-large wp-image-75595\" alt=\"income statement\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-1024x603.jpg 1024w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-300x177.jpg 300w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-768x452.jpg 768w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-100x59.jpg 100w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380-360x212.jpg 360w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/04\/45043968723-43389380.jpg 2048w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c61ec34 elementor-widget elementor-widget-spacer\" data-id=\"c61ec34\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 13-09-2023 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-280c4af elementor-widget elementor-widget-text-editor\" data-id=\"280c4af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Income statements: help you understand your profitability <\/b><\/h2><p><span style=\"font-weight: 400;\">Your income statement shows you how your revenues and expenses contribute to profitability across a period of time. Most often, income statements are prepared monthly, quarterly, and annually. You can calculate them over any time period if the need arises.<\/span><\/p><p><span style=\"font-weight: 400;\">Preparing an income statement is fairly straightforward\u2014three steps to be exact. Here\u2019s how to get started:<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Step 1:<\/strong> Collect every journal entry made over the time period in question. <\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Step 2:<\/strong> Total all the categories of expense and categories of revenues. <\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Step 3:<\/strong> Calculate the profit by subtracting expenses from revenues.<\/span><\/p><p><span style=\"font-weight: 400;\">Let\u2019s look at a fictitious example to really break it down. We\u2019ll use the video game maker Steam. First, Steam will organize all of their sources of revenue from the three types of games they make: First-person shooter (FPS) games, Real-Time Strategy (RTS) games and Role Playing Games (RPG).<\/span><\/p><p><span style=\"font-weight: 400;\">The first part of the income statement would look like this:<\/span><\/p><ul><li><span style=\"font-weight: 400;\">Revenue from FPS: $50M<\/span><\/li><li><span style=\"font-weight: 400;\">Revenue from RTS: $50M<\/span><\/li><li><span style=\"font-weight: 400;\">Revenue from RPG: $50M<\/span><\/li><\/ul><p><b>Total revenues: $150M<\/b><\/p><p><span style=\"font-weight: 400;\">Then they\u2019ll calculate the total expenses they incurred to generate revenue. To do that, all of the expense categories, including those that are indirectly related to game development, are added up:<\/span><\/p><ul><li><span style=\"font-weight: 400;\">Game development expenses for FPS: $30M<\/span><\/li><li><span style=\"font-weight: 400;\">Game development expenses for RTS: $30M<\/span><\/li><li><span style=\"font-weight: 400;\">Game development expenses for RPG: $30M<\/span><\/li><li><span style=\"font-weight: 400;\">Hosting expenses: $2M<\/span><\/li><\/ul><p><b>Total expenses: $95M<\/b><\/p><p><span style=\"font-weight: 400;\">With revenues and expenses accounted for, the next step is calculating the profit by subtracting expenses ($97M) from revenues ($150M):<\/span><\/p><p><b>Total profit: $53M<\/b><\/p><p><span style=\"font-weight: 400;\">In this example, the income statement shows that Steam earned $53 million dollars for the year. The income statement also shows the impact of certain costs, such as hosting, to the bottom line.<\/span><\/p><p><span style=\"font-weight: 400;\">The next financial statement, the balance sheet, helps us get a full picture of what the retained earnings mean to the overall value of the company.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7a83a0 elementor-widget elementor-widget-image\" data-id=\"c7a83a0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"640\" height=\"426\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-1024x681.jpg\" class=\"attachment-large size-large wp-image-76340\" alt=\"income statement\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-1024x681.jpg 1024w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-300x199.jpg 300w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-768x511.jpg 768w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-98x65.jpg 98w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-360x239.jpg 360w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686-272x182.jpg 272w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/accounting-balance-blur-164686.jpg 2048w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b15beda elementor-widget elementor-widget-spacer\" data-id=\"b15beda\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95e2983 elementor-widget elementor-widget-text-editor\" data-id=\"95e2983\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>Balance sheets: show your assets and liabilities <\/b><\/h2><p><span style=\"font-weight: 400;\">By knowing what a company owns (assets), what it owes (liabilities) and what is left over for the company owners after paying off any financial obligations (owner\u2019s equity), we can understand what the company is worth at a particular moment in time.<\/span><\/p><p><span style=\"font-weight: 400;\">The balance sheet helps to clearly identify these numbers\u2014which are especially important for people with a vested interest in the business, like creditors, investors, and owners.<\/span><\/p><p><span style=\"font-weight: 400;\">Calculating a balance sheet is similar to calculating an income statement, with two notable differences. First, instead of the revenue and expense categories, the categories to be totaled are called assets, liabilities, and equity categories. Second, instead of only counting journal entries from a defined time period, the balance sheet takes into account every journal entry the company has ever made since it was founded.<\/span><\/p><p><span style=\"font-weight: 400;\">Let\u2019s continue with the example from video game maker Steam. Their asset categories are totaled as:<\/span><\/p><ul><li>Bank account: $80M<\/li><li>Accounts receivable: $2M<\/li><li>Computer equipment: $10M<\/li><li>Office building: $40M<\/li><\/ul><p><strong>Total assets: $132M<\/strong><\/p><p><span style=\"font-weight: 400;\">Next, their liabilities and equity categories are totaled as:<\/span><\/p><ul><li><span style=\"font-weight: 400;\">Accounts payable: $15M<\/span><\/li><li><span style=\"font-weight: 400;\">Long-term debt: $40M<\/span><\/li><li><span style=\"font-weight: 400;\">Total liabilities: $55M<\/span><\/li><li><span style=\"font-weight: 400;\">Share capital: $20M<\/span><\/li><li><span style=\"font-weight: 400;\">Retained earnings: $120M (the sum of all revenue and expense ledgers of the company for all time)<\/span><\/li><li><span style=\"font-weight: 400;\">Dividends: -$63M<\/span><\/li><\/ul><p><strong>Total equity: $77M<\/strong><\/p><p><span style=\"font-weight: 400;\">We can find a lot out by looking at both the income statement and balance sheet. For example, Steam had a profitable year (from the income statement) and their assets outweigh their liabilities (from the balance sheet) which puts them in a strong financial position.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27afabc elementor-widget elementor-widget-image\" data-id=\"27afabc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"640\" height=\"238\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-1024x380.jpg\" class=\"attachment-large size-large wp-image-75947\" alt=\"incorporation\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-1024x380.jpg 1024w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-300x111.jpg 300w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-768x285.jpg 768w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-100x37.jpg 100w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659-360x134.jpg 360w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/coins-948603_1920-e1526677172659.jpg 1900w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1250db0 elementor-widget elementor-widget-text-editor\" data-id=\"1250db0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h2><b>The bottom line<\/b><\/h2><p><span style=\"font-weight: 400;\">When you need a full picture of your company\u2019s profitability, put these two financial reports to use. These statements give you insight into how each part of your business is performing, so you can get a granular and high-level look. Your income statements and balance sheets can also illuminate opportunities to reduce cost and increase profit. Dive into the numbers, get curious, and <\/span><a href=\"https:\/\/bench.co\/blog\/accounting\/how-to-read-financial-statements\/?utm_source=Spring&amp;utm_medium=PartnerReferral&amp;utm_campaign=Partner&amp;utm_term=Article&amp;utm_content=What_do_income_statements_and_balance_sheets_actually_tell_you%3F\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">adapt the way your business operates<\/span><\/a><span style=\"font-weight: 400;\"> when something isn\u2019t right. <\/span><\/p><p><span style=\"font-weight: 400;\">These statements hinge on the quality of the information that goes in them, which is why keeping up with your bookkeeping and maintaining organized financial records is so important. The more accurate your financial statements, the better decisions you&#8217;ll be able to make for the health of your business.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd2fd26 elementor-widget elementor-widget-spacer\" data-id=\"cd2fd26\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d7a253 elementor-widget elementor-widget-image\" data-id=\"1d7a253\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"300\" height=\"300\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/DeReSiV0_400x400-e1530816039477.png\" class=\"attachment-large size-large wp-image-76093\" alt=\"Bench Accounting - Spring Partner\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/DeReSiV0_400x400-e1530816039477.png 300w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/DeReSiV0_400x400-e1530816039477-150x150.png 150w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/DeReSiV0_400x400-e1530816039477-65x65.png 65w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/DeReSiV0_400x400-e1530816039477-239x239.png 239w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f465466 elementor-position-left elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"f465466\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 13-09-2023 *\/\n.elementor-widget-image-box .elementor-image-box-content{width:100%}@media (min-width:768px){.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper,.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{display:flex}.elementor-widget-image-box.elementor-position-right .elementor-image-box-wrapper{text-align:right;flex-direction:row-reverse}.elementor-widget-image-box.elementor-position-left .elementor-image-box-wrapper{text-align:left;flex-direction:row}.elementor-widget-image-box.elementor-position-top .elementor-image-box-img{margin:auto}.elementor-widget-image-box.elementor-vertical-align-top .elementor-image-box-wrapper{align-items:flex-start}.elementor-widget-image-box.elementor-vertical-align-middle .elementor-image-box-wrapper{align-items:center}.elementor-widget-image-box.elementor-vertical-align-bottom .elementor-image-box-wrapper{align-items:flex-end}}@media (max-width:767px){.elementor-widget-image-box .elementor-image-box-img{margin-left:auto!important;margin-right:auto!important;margin-bottom:15px}}.elementor-widget-image-box .elementor-image-box-img{display:inline-block}.elementor-widget-image-box .elementor-image-box-title a{color:inherit}.elementor-widget-image-box .elementor-image-box-wrapper{text-align:center}.elementor-widget-image-box .elementor-image-box-description{margin:0}<\/style><div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><a href=\"https:\/\/ca.linkedin.com\/in\/ryanjamesmith\" target=\"_blank\" tabindex=\"-1\"><img decoding=\"async\" loading=\"lazy\" width=\"200\" height=\"200\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/0-6.jpeg\" class=\"attachment-full size-full wp-image-76341\" alt=\"income statement\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/0-6.jpeg 200w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/0-6-150x150.jpeg 150w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/07\/0-6-65x65.jpeg 65w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a><\/figure><div class=\"elementor-image-box-content\"><h3 class=\"elementor-image-box-title\"><a href=\"https:\/\/ca.linkedin.com\/in\/ryanjamesmith\" target=\"_blank\">Ryan Smith, Managing Editor<\/a><\/h3><p class=\"elementor-image-box-description\">Ryan Smith writes for Bench, the online bookkeeping service that pairs you with a dedicated bookkeeping team and elegant software to do your books for you.<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86b7ba4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"86b7ba4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-475befc\" data-id=\"475befc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-969bfe4 elementor-widget elementor-widget-spacer\" data-id=\"969bfe4\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6cecd1 elementor-widget elementor-widget-heading\" data-id=\"b6cecd1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.16.0 - 13-09-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/spring.simplybook.me\/v2\/#\" target=\"_blank\">Expert Advisory Hours<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fcebe3 elementor-widget elementor-widget-image\" data-id=\"7fcebe3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"640\" height=\"427\" src=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-1024x683.jpg\" class=\"attachment-large size-large wp-image-75945\" alt=\"incorporation\" srcset=\"https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-1024x683.jpg 1024w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-300x200.jpg 300w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-768x512.jpg 768w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-98x65.jpg 98w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-360x239.jpg 360w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465-272x182.jpg 272w, https:\/\/spring.is\/old\/wp-content\/uploads\/2018\/05\/achievement-agreement-business-886465.jpg 2048w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a894f5 elementor-widget elementor-widget-text-editor\" data-id=\"6a894f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4>Get your business questions answered by our expert partners!<\/h4><p>Did you know that Spring offers advisory hours with our amazing partners on various business topics including accounting?<\/p><p>We have strong in-house advisors who dedicate hands-on 1-on-1 time to help you overcome your business challenges. Book time with them! Our philosophy is \u2013 no limits, ask us about anything and everything you need to see big results in your business.<\/p><p>Get help with:\u00a0<\/p><ul><li>Business Strategy<\/li><li>Sales<\/li><li>Fundraising<\/li><li>Legal<\/li><li>Accounting<\/li><li>Insurance\/Business Risks<\/li><li>Employee Benefits<\/li><li>Tech<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0161ee3 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"0161ee3\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"https:\/\/spring.simplybook.me\/v2\/#\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t\t\t\t\t\t<i class=\"fa fa-calendar\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">BOOK NOW<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29977a5 elementor-widget elementor-widget-spacer\" data-id=\"29977a5\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By\u00a0 Ryan Smith \u00a0 Financial statements may not immediately drum up feelings of elation\u2014but at Bench, we think numbers can bring joy. We put this guide together to help you understand your financial statements and put them to work for your business. We\u2019ll walk you through the difference between income &hellip;<\/p>\n","protected":false},"author":15,"featured_media":76286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,23],"tags":[1118,1087,1169,888,1167,334,1177,1175,188,909,1173,41,1127,1170,1168,504,1174,1176,1113,1172,781,828,482,199,156,1171],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bench Accounting - Income Statements and Balance Sheets - Partner Blog<\/title>\n<meta name=\"description\" content=\"In this guide, we will be discussing income statements and balance sheets, what the differences are and how do they work together.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bench Accounting - 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