by Small Business Accounting Software | May 12, 2026 | Chart of Accounts, Terminologies
Income from workshops, courses, or other educational services. Can be billed per session, subscription, or certification. Increasingly common in digital learning businesses.
by Small Business Accounting Software | May 9, 2026 | Accounting Proram, Terminologies
The ability to save system data regularly and recover it in case of error or loss. Cloud systems often do this automatically, while on-premise requires manual setup. Protects against data breaches or technical failures.
by Small Business Accounting Software | May 7, 2026 | Chart of Accounts, Terminologies
Any borrowing with repayment terms beyond one year. This may include bank loans, bonds, or lease obligations. Provides major financing but increases leverage.
by Small Business Accounting Software | May 6, 2026 | Terminologies
An expense that reduces taxable income, lowering overall tax liability. Examples include business expenses, charitable donations, and retirement contributions. Encourages certain behaviors through incentives.
by Small Business Accounting Software | May 2, 2026 | Accounting Proram, Terminologies
The process of matching accounting records with bank statements or other external records. Software often automates this by suggesting matches between transactions. Ensures accuracy in reported balances.
by Small Business Accounting Software | Apr 28, 2026 | Terminologies
A tax withheld at source from salaries, dividends, or contractor payments. Businesses act as collection agents for tax authorities. Failure to remit can cause legal penalties.
by Small Business Accounting Software | Apr 28, 2026 | Accounting Proram, Terminologies
A report that categorizes receivables or payables based on how long they have been outstanding (e.g., 30, 60, 90 days). Helps identify overdue accounts. Critical for managing collections and credit control.
by Small Business Accounting Software | Apr 26, 2026 | Chart of Accounts, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
by Small Business Accounting Software | Apr 25, 2026 | Chart of Accounts, Terminologies
Debt securities issued by a company to raise capital. They usually have fixed interest rates and maturity dates. Often used for large-scale financing.
by Small Business Accounting Software | Apr 22, 2026 | Terminologies
Occurs when an asset’s market value drops below its book value. Impairment losses are recognized to reflect reduced economic benefit. Common for goodwill or investments.
by Small Business Accounting Software | Apr 22, 2026 | Assets, Chart of Accounts, Terminologies
Purchased or developed computer programs used for operations. Considered an intangible asset, but recorded separately for clarity. May be amortized over its useful life.
by Small Business Accounting Software | Apr 22, 2026 | Chart of Accounts, Expenses, Terminologies
Represents reductions in sales revenue due to returned goods or price concessions. A contra-expense account that offsets revenues. Important for tracking customer satisfaction and product quality issues.
