Accounting basics

Accounting basics

Accounting is an important and mandatory process that every company, small or large must take into account in their business. Although you may not be responsible for the accounting of the company, it is necessary to have a global vision of everything that happens and needs to be recorded within your accounting system in order to monitor how your business is progressing.

Not all of us have training in the field of accounting, but if we are willing to start or create a company, it is necessary to know some basic concepts that help us understand the language of our accountant or business adviser.

Here is a list of basic accounting concepts that you may find useful to begin to familiarize yourself with the terms.

Accounting Year

Accounts Payable

Accounts Receivable 

Balance Sheet

Bookkeeping

Fixed Assets

Income Statement

Profit & Loss Report

Liabilities

Limited Company 

VAT

The full list can be found here in our Accounting terms dictionary

Once you become familiar with the basic terms of accounting, you can increase your knowledge and even practice with our accounting and our billing program available online.

It is not necessary to have a vast knowledge in this area in order to use business management programs, both to control billing and accounting however, it will help you to become familiar with and to use our dictionary as an aid should you find the need to have an accounting term explained.