At the end of the year, you will have expensed the entire $24,000, and your prepaid rent account will have a $0 balance. Insurance is an excellent example of a prepaid expense, as it is always paid for in advance. If a company pays $12,000 for an insurance policy that covers the next 12 months, […]

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This will help you understand what works best for your business to keep doing it and make it even better. If you don’t track your progress and learn from your data, it’s impossible for you to know if those decisions are working or not. 6- To serve as the foundation for an annual report sent […]