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Accounting Terms You Should Know

Patriot Software

As a small business owner, the idea of learning accounting lingo can be intimidating. You may not know many terms used in accounting. To better understand your business’s finances, you may want to review a few basic accounting terms. To help you get started, below are explanations of common accounting terms.

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Understanding this unique language is essential for interpreting financial data, making informed decisions, and effectively navigating the intricate world of business finance.

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Cash vs. Accrual Accounting

inDinero Accounting

As a founder, operations or finance manager, you’ll be faced with a myriad of pivotal choices on a daily basis. However, deciding between cash vs. accrual accounting methods is a critical one that will have far-reaching implications. For instance, why is it essential to select between cash and accrual accounting methods?

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Cutting Through The Accounting Jargon For Independent Contractors

PYMNTS

As one-person operations, they often lack the resources and know-how to manage professional finances in a compliant and efficient way, yet they have more complex tax, payments and cash flow management needs than the average individual. Accounts payable is the money you owe your suppliers. Easing The User Experience.

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How to Account for Bad Debts and Record it in Quickbooks Online and Desktop

Ronika Khanna CPA,CA

A bad debt, in accounting terms, refers to an amount charged to a customer that is never paid. In accounting parlance this is referred to as an Allowance for Doubtful Accounts (somewhat self explanatory) or AFDA. In accounting parlance there would be a credit to sales and a debit to accounts receivable.

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ARE ALL ACCOUNTING SERVICES THE SAME?

Basis 365

ARE ALL ACCOUNTING SERVICES THE SAME? COMPARING DIFFERENT ACCOUNTING PARTNERS CAN BE LIKE COMPARING APPLES AND ORANGES. ACCOUNTING SERVICES (OR OFFERINGS) ARE NOT ALL THE SAME. BREAKING DOWN THE DIFFERENT ACCOUNTING PARTNERS YOU MAY BE CONSIDERING AND WHICH ONE IS RIGHT FOR YOU. DON’T OVER- OR UNDER-HIRE.

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What is Surcharging?

Lockstep

If you’re an accounting or finance professional, chances are you’ve heard of surcharging. Surcharging is an accounting term that refers to the practice of charging an additional fee for accepting a payment processed through a credit card. Let’s take a closer look.