2016-11-21 00:00:00 Finance and Accounting English Learn why new small business owners, independent contractors, and freelancers can benefit from learning a few basic accounting terms. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/10/A_accountant_explaining_some_bookkeeping_terms.jpg https://quickbooks.intuit.com/ca/resources/finance-accounting/learn-accounting-and-bookkeeping-terms/ Learn Accounting and Bookkeeping Terms

Learn Accounting and Bookkeeping Terms

0 min read

Accounting is the most important aspect of the back end of a successful business because it records all profits, losses, assets, liabilities, and cash flows. It allows you to view the business in terms of numbers, not words or concepts. As you learn what the numbers mean, what the accounting statements mean and the output of accounting analysis, you can make accurate decisions about the future direction of your company. A failure to learn and understand key accounting terms puts a business owner at a big disadvantage and the overall probability of success of the company likely will decrease significantly. Find resources to help you learn more about accounting terms at the Small Business Information Centre.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Choose The Best Accounting Software For You

Choosing the right accounting software is a critical decision for any small…

Read more

Accounting Software for Contractors - Why You Need It

Contractors require different accounting processes than traditional businesses. Using dedicated contractor accounting…

Read more

Cloud Accounting 101

It can sometimes be time-consuming to oversee all the day-to-day operations of…

Read more