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. Accounting Operations

A look at some key accounting terms (and glossary) for the not-for-profit sector

Accounting for Good

The post A look at some key accounting terms (and glossary) for the not-for-profit sector first appeared on ACCOUNTING FOR GOOD. Exclude From Blog Uncategorized

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Bookkeeping and Accounting Terms: Relevant and Reliable Information

IgniteSpot

BOOKKEEPING BASICS

What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

We specialize in helping small business owners save time, money, and stress on their taxes and accounting. appeared first on Mazuma Business Accounting. Accounting Terms & Definitions Accounting TipsWhat Is the Hobby Loss Rule?

What is an Overhead Expense?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. appeared first on Mazuma Business Accounting. Accounting Terms & Definitions Business Accounting

What Are Costs of Goods Sold?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. You may have even heard your bookkeeper or accountant refer to COGS as the cost of sales or services.

What Are Operating Costs?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. appeared first on Mazuma Business Accounting. Accounting Terms & Definitions

What is a Chart of Accounts?

AccountingDepartment

The chart of accounts, or COA, is an accounting term that refers to the list of all the accounts used in the general ledger. Small Business Advice and Tips accounting strategies small business tips accounting tips accounting industry chart of accounts

Cash Basis or Accrual Basis: Which should you implement?

AccountingDepartment

Most business professionals understand cash basis and accrual basis accounting on a surface level. However, precious few people have a comprehensive understanding of what each of these accounting terms means and how they differ from one another.

How to Make Sense of Your Small Business Financial Reports

MazumaBusinessAccounting

Even though we’re accountants, we get that financial reports aren’t at the top of every small business owner’s to do list. We cover quite a bit of it here on the blog but you can also easily find it just by searching the term on the internet. Business Accounting

SEC Slaps CohnReznick and Three Partners with Improper Professional Conduct

Going Concern

According to the SEC’s order, CohnReznick improperly accepted Sequential’s conclusion that its goodwill, an accounting term for the excess amount paid to acquire a company over its book value, was not impaired or reduced in value, in the third quarter of 2017.

What Is Deferred Revenue? Journal Entry and Examples

xendoo

As a business owner, you may have heard the term deferred revenue before. But, what is deferred revenue and what does it mean for your business accounting? . In accounting, deferred revenue can affect your balance sheet and profit and loss statement. . Accounts Receivable. $X.

What Are Expenses?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. appeared first on Mazuma Business Accounting. Business Accounting

What Are Liabilities?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. Sorting liabilities can be done by categorizing them in 2 ways – short and long term liabilities.

Free Small Business Expense Tracking Spreadsheet

xendoo

Come tax time, no one wants to sift through old receipts to account for each expense. . With reliable accounting software, you’ll have expense reports. Bank charges – Fees and costs for a business bank account and credit cards.

FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero

At inDinero, we believe accounting supports business. If a business owner doesn’t understand an accounting term , we don’t use another accounting term to explain it. We specialize in accountants who speak business to business owners and CEOs.

What Are Assets?

MazumaBusinessAccounting

We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful. Additionally, you can categorize assets as either current or long-term. Business Accounting

Save Money with These 8 Empowering Questions About Your Business’s Budget

inDinero

Business budgeting is a critical skill that inDinero’s outsource accounting team can take off your plate today. You may be wondering, how do fractional accountants make budgeting look so easy? Q6: When should you invest in accounting software? Accounts payable and receivable.

PrimaDollar Rolls Out Indian SCF Location

PYMNTS

And because of that, the report says, the import supply chain can move onto standard open account terms, with Indian banks or international partners working on funding to make sure exporters are paid at shipment while importers pay later. PrimaDollar , a U.K.-based

Debit vs. Credit in Accounting: What’s the Difference?

xendoo

Also, you probably didn’t realize that opening your own business would require you to become an accountant by default. Accounting is essential for every business, and you get thrown into the deep end when you start a new company. . If money is going out of an account, that’s a credit.

What is COGS in Accounting and How to Calculate It?

Snyder

According to Luis Mocsa , a certified public accountant, owner of several small businesses and a consultant with American Management Services, KPIs are both strong and versatile. ” COGS is also an accounting term under U.S.

How The Corporate Card Eases SMBs Into B2B eCommerce

PYMNTS

Today, commercial cards are on the rise for SMB B2B eCommerce, and Dean said he's seen a gradual shift in this arena away from net terms. We saw a change in the last few years towards the credit card away from open account terms," he said.

B2B 80

Top 5 Accounting Issues to Master to Avoid Snags in SPAC IPOs

ThomsonReuters

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. Goodwill accounting rules (ASC 350) differ for public companies.

The Burdensome ‘Badge Of Honor’ For Overseas Suppliers

PYMNTS

The CEO described this industry shift in B2B trade like a ticking clock: Traditionally, suppliers would start the clock on payment terms when goods were shipped out; today, however, trade deals are increasingly delaying the start of that stopwatch until goods have landed on U.S. What was a 30-day payment term becomes 60 days or 120 days,” Lin said. These extended payment terms could be due to open account trade.

Cutting Through The Accounting Jargon For Independent Contractors

PYMNTS

Unfortunately, independent contractors have also frequently been left out of the picture for traditional banks and even newer FinTechs despite the recent influx of small business cloud accounting apps and other B2B FinTech platforms. Accounts payable is the money you owe your suppliers.

In Wake of Coronavirus, Takeovers (And Liabilities) Loom

PYMNTS

In accounting terms, that means eyeing possible write-downs of assets, and “write-ups” of liabilities. Beyond the obvious health impacts of the Coronavirus outbreak itself, where hospitals are filling up and the death toll is mounting, costs of a different sort are looming.