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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

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Tangible vs. Intangible Assets

Patriot Software

Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate. All businesses have assets. Assets can be broken down into two categories: tangible and intangible. Tangible vs. intangible assets Both tangible and intangible assets add value to your business.

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What Are the Types of Revenue Small Business Owners Need to Know?

Patriot Software

Learn how to record the types of revenue in different accounts. That way, you can keep your accounting books updated, organized, and legal. When you make a sale or earn money from another activity, you need to record it. What is revenue? Revenue, or sales, […] READ MORE.

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Learn All About Allowance for Doubtful Accounts (Aka Bad Debt Reserve)

Patriot Software

Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. When it comes to your small business, you don’t want to be in the dark. But, what happens if they don’t pay?

Account 89
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How to Find Accounting Errors in Your Books: 5 Tips to Follow

Patriot Software

Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn how to find accounting errors.

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What Is Inventory?

Patriot Software

Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. Unless you own a service-based business, you likely have inventory. So, what is inventory? Your small business’s inventory […] READ MORE.

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Get the Lowdown on Different Types of Equity for Your Small Business

Patriot Software

There are many different accounts you can use to record equity in your business accounting books. Before you can begin tracking equity, you must learn about the different types of equity that can apply to your company.