Bookkeeping FAQ: Common Questions Answered
What is bookkeeping? Bookkeeping is the process of recording and organizing all of a business’s financial transactions. It includes tracking income, expenses, assets, liabilities, and equity to help ensure your financial records are accurate and up to date. Why is bookkeeping important? Bookkeeping helps you: Understand your business’s financial health Stay organized for tax […]
Accounting Terms
Term Definition Accounts Payable (A/P) Money the business owes to suppliers or vendors for goods or services purchased on credit. Accounts Receivable (A/R) Money owed to the business by customers for goods or services provided on credit. Accrual Basis Accounting Records income and expenses when they are earned or incurred, not when cash is exchanged. […]