Two goals from Gareth Doherty saw the Finn Harps U19 team make the perfect start to their new FAI National League season with a 2-1 away win over Monaghan United-Cavan yesterday at Gortakeegan. Manager Joe Boyle will be very pleased to get three away points after Harps had initially fallen behind on 25 minutes.However, Doherty who is a member of the Ollie Horgan’s senior squad got the visitors back on level terms nine minutes before the break. Then just three minutes after the interval Doherty popped up to score what proved to be the winner. Boyle’s boys don’t have game over the next two weekends before playing their first home league fixture against Bohemians at The Curragh on Saturday the 1st of April.Doherty double does it for Harps U19s in Gortakeegan was last modified: March 12th, 2017 by Elaine McCalligShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:finn harpsFootballGareth Doherty
This is a sponsored post from Bench, the online bookkeeping service that pairs you with a dedicated bookkeeping team and elegant software to do your books for you.Financial statements may not immediately drum up feelings of elation—but 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’ll walk you through the difference between income statements and balance sheets, and show you how they work together.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’s growth, there’s usually cause for celebration. See? Numbers can be fun.Income statements: help you understand your profitabilityYour 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.Preparing an income statement is fairly straightforward—three steps to be exact. Here’s how to get started:Step 1: Collect every journal entry made over the time period in question.Step 2: Total all the categories of expense and categories of revenues.Step 3: Calculate the profit by subtracting expenses from revenues.Let’s look at a fictitious example to really break it down. We’ll 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).The first part of the income statement would look like this:Revenue from FPS: $50MRevenue from RTS: $50MRevenue from RPG: $50MTotal revenues: $150MThen they’ll 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:Game development expenses for FPS: $30MGame development expenses for RTS: $30MGame development expenses for RPG: $30MHosting expenses: $2MTotal expenses: $95MWith revenues and expenses accounted for, the next step is calculating the profit by subtracting expenses ($97M) from revenues ($150M):Total profit: $53MIn 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.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.Balance sheets: show your assets and liabilitiesBy 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’s equity), we can understand what the company is worth at a particular moment in time.The balance sheet helps to clearly identify these numbers—which are especially important for people with a vested interest in the business, like creditors, investors, and owners.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.Let’s continue with the example from video game maker Steam. Their asset categories are totaled as:Bank account: $80MAccounts receivable: $2MComputer equipment: $10MOffice building: $40MTotal assets: $132MNext, their liabilities and equity categories are totaled as:Accounts payable: $15MLong-term debt: $40MTotal liabilities: $55MShare capital: $20MRetained earnings: $120M (the sum of all revenue and expense ledgers of the company for all time)Dividends: -$63MTotal equity: $77MWe 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.The bottom lineWhen you need a full picture of your company’s 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 adapt the way your business operates when something isn’t right.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’ll be able to make for the health of your business.