by Small Business Accounting Software | Jun 13, 2026 | Chart of Accounts, Terminologies
Earnings from owning shares in other companies. Typically recognized when declared. Considered non-operating income for most businesses.
by Small Business Accounting Software | Jun 12, 2026 | Terminologies
Expenses directly tied to producing goods or services, such as raw materials or direct labor. Easily traceable to a specific product or job. Essential in job costing.
by Small Business Accounting Software | Jun 10, 2026 | Chart of Accounts, Terminologies
Sometimes used to track running balances of contributions, withdrawals, and allocations for ease of monitoring. It provides a clear view of how much the owner has taken out or put in during a period. At year-end, balances typically roll into the capital account.
by Small Business Accounting Software | Jun 9, 2026 | Chart of Accounts, Expenses, Terminologies
Payments to outside contractors or freelancers who provide part of a contracted service. Common in construction, design, and professional services. Considered a direct operating expense.
by Small Business Accounting Software | Jun 3, 2026 | Assets, Chart of Accounts, Terminologies
Office desks, chairs, cabinets, and fixtures used in daily operations. Like equipment, they are depreciated. They support operational efficiency.
by Small Business Accounting Software | Jun 2, 2026 | Accounting Proram, Terminologies
The main screen that provides a quick overview of financial performance, such as cash balance, invoices, expenses, and recent transactions. Dashboards give real-time insights to help users make decisions without running full reports. They act as the control center of...
by Small Business Accounting Software | Jun 1, 2026 | Terminologies
A levy imposed on net income earned by businesses and individuals. It reduces profitability but funds government operations. Requires accurate calculation and timely reporting.
by Small Business Accounting Software | May 31, 2026 | Accounting Proram, Terminologies
Access to core accounting features via mobile apps. Users can issue invoices, approve expenses, or check balances on the go. Increases flexibility for business owners.
by Small Business Accounting Software | May 31, 2026 | Terminologies
Expenses that change in direct proportion to sales or production, such as raw materials or commissions. Key for understanding contribution margins. Helps in pricing decisions.
by Small Business Accounting Software | May 28, 2026 | Assets, Chart of Accounts, Terminologies
Non-physical assets like patents, trademarks, copyrights, and goodwill. They provide future economic benefits but lack physical substance. They are amortized rather than depreciated.
by Small Business Accounting Software | May 27, 2026 | Chart of Accounts, Terminologies
Cumulative net income not distributed as dividends but reinvested in the business. It grows with profits and shrinks with losses or dividend payments. Critical for long-term financing.
by Small Business Accounting Software | May 25, 2026 | Chart of Accounts, Terminologies
Potential obligations that depend on future events, such as lawsuits or guarantees. Recorded if probable and estimable. Disclosed in notes if uncertain.
