article thumbnail

Accounting Basics: What Do Debit and Credit Mean? 

Nolan Accounting Center

Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue. These include inventory, accounts receivable, and cash. Expense accounts contain items that show the company’s cost of doing business.

article thumbnail

Accounting Basics: What Do Debit and Credit Mean? 

Nolan Accounting Center

Generally, a business will assign transactions to one of five main account types: Asset accounts contain the resources that a company relies on to generate revenue. These include inventory, accounts receivable, and cash. Expense accounts contain items that show the company’s cost of doing business.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Small Business Accounting Guidelines: Steps For Running & Scaling Your Business

Outsourced Bookeeping

Therefore, getting some financial knowledge of what is happening in your business’s financial realm might be useful to you so that you can track your business progress and make it run efficiently without third-party interference. In this stage, you will set up accurate and consistent accounting processes.

article thumbnail

Small Business Accounting 101: Basics Every Business Owner Should Know

Less Accounting

The goal of accounting is to provide insights into the financial health of a business to drive business decisions. Important Accounting Words to Know As you start learning about small business accounting, there’s a fair amount of new terminology. Assets Valuable resources owned by your business.

article thumbnail

How To Use Excel Spreadsheets for Small Business Accounting?

Nanonets

Accrual method accounting is a bit more complex to set up in Excel, but it produces better end results. The first step is to list all the accounts your business uses. Here are some of the most common ones you will see and use in small business accounting in Excel. Accounts Receivable $50 C.

article thumbnail

4 accounts payable tips for small businesses

AP Association

Accounts payable is an essential component of any small business's accounting processes. Your business's accounts payable department maintains a record of all the money you owe to suppliers and other creditors.

article thumbnail

Pros and Cons of Outsourced Accounts Payable and Accounts Receivable Services

CSI Accounting & Payroll

At CSI Accounting & Payroll, we’ve worked with small business finances for over 50 years. Thousands of small businesses have outsourced their financial needs to us, but we don’t handle their accounts payable (bill pay) or accounts receivable (collections). Why is that?