by Small Business Accounting Software | Feb 2, 2026 | Assets, Chart of Accounts, Terminologies
A small fund kept on hand for minor or incidental expenses like office supplies or local travel. It avoids the need for frequent check issuance or credit card use. The fund is replenished periodically with documentation.
by Small Business Accounting Software | Feb 2, 2026 | Accounting Proram, Terminologies
Settings that define what different people can access within the system, such as admin, accountant, or viewer. This ensures data security and proper segregation of duties. It helps prevent unauthorized changes to sensitive financial data.
by Small Business Accounting Software | Feb 1, 2026 | Terminologies
Adherence to laws, regulations, and accounting standards. In accounting, compliance ensures financial statements meet frameworks like GAAP or IFRS. Failure can result in penalties or reputational damage.
by Small Business Accounting Software | Jan 30, 2026 | Chart of Accounts, Expenses, Terminologies
Unlike corporations, sole proprietors don’t earn a formal salary; they draw money instead. However, some businesses track an “Owner’s Salary” account informally to monitor consistent withdrawals. It always closes out to drawings/capital at year-end.
by Small Business Accounting Software | Jan 28, 2026 | Accounting Proram, Terminologies
Tracks vendor bills and payments. Allows scheduling, approvals, and recurring entries for regular suppliers. Essential for managing obligations and maintaining supplier relationships.
