![]() The amount of money that your company owes third parties like suppliers, creditors, vendors, and more. The amount of money that you expect from customers after you have delivered the goods or after they have used your service. Let's define basic bookkeeping terminology in plain English and explore what they represent so you can confidently handle your accounts. ![]() We wouldn’t want you to approach these tips with a minimal understanding of what these words mean. Unless you have prior experience in the field, most bookkeeping terms will sound foreign and complex. Bookkeeping 101: Basic bookkeeping jargon and what they mean Managing a small business is rough, so take care of your limited resources by carefully observing your expenses.Basic bookkeeping knowledge allows you to monitor your taxes and set budgets that let you save money in the long run.It’s important to track your expenses and keep your records organized to avoid mishaps with your spending.It makes sense to prioritize automation tools, but learning about manual tips helps you detect flaws in the system. ![]() Understanding basic accounting terminology helps you get acquainted with the process of small business bookkeeping. ![]() It’s a necessary skill set for businesses of all sizes that want to monitor, manage, and legitimize their business dealings.Īs you grow, good bookkeeping will help present the records of your growth to your future investors and partners, giving them more confidence as you build your brand. For growing businesses, learning small business bookkeeping could be a key asset. ![]()
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