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Blog Categorized: Bookkeeping Training

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Understanding Financial Accounting Basics

If you’re a small business owner it’s important to know Financial Accounting Basics for accurate financial reporting. Without it, you have no way of knowing the financial health of your company, not to mention where to allocate funds and how much debt you owe to your creditors. Plus, if you get audited by the Internal Revenue Service …

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Key Accounting Terms for Entry-Level Bookkeepers

When it comes to accounting, there are a few terms that every bookkeeper must know. Whether you’re applying for a job as a bookkeeper or you’re starting your own business, here are some of the most important terms used in accounting.

Accounts Payable (AP)

Often shortened as “payables,” accounts payable refers to company debts that are owed …

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The Basics of Double-Entry Bookkeeping

Businesses today use different accounting methods such as cash-basis or accrual accounting, but most of them rely on a system called double-entry bookkeeping to record their transactions. This practice, according to Cornell University’s School of Law, is defined as:

“A fundamental accounting concept where every transaction or event affects at least two different accounts. In modern …

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