The more knowledgeable you are as a small business the owner, the smoother your business has the ability to run. So our bookkeepers for small businesses in Sydney will explain some random bookkeeping terms.
Terms for small business owners by our small business bookkeepers in Sydney:
• Assets – Items of value owned by a business
• Accountants Payable – Unpaid invoices and bills (money owed from your business to another business)
• Accounts Receivable – Unpaid sales invoices (money owed to your business by customers)
• Balance Sheet – A report that shows you your liabilities, assets and equity for the business
• Bad Debts – Invoices that are written off due to them being overdue and never likely to be paid
• Capital – The personal funds you, as a small business owner, puts into a business (also known as owner’s equity)
• Cash Flow – The movement of cash through the business, detailed report of how money comes into the business and out of the business
• Debtor – A customer that owes your small business money
While we have just scrapped the top of these bookkeeping terms, we hope that they help you in the long run.
Be sure to come back next week and see what our bookkeepers for small businesses in Sydney have to say.