by Small Business Accounting Software | Dec 30, 2025 | Accounting Proram, Terminologies
Customizable settings that restrict or allow access to specific features or data. For example, giving staff access to invoicing but not payroll. Maintains confidentiality and reduces risks of fraud.
by Small Business Accounting Software | Dec 29, 2025 | Terminologies
Processes designed to safeguard assets, ensure reliable reporting, and promote compliance with laws. Includes separation of duties, approvals, and reconciliations. A strong system reduces fraud risk.
by Small Business Accounting Software | Dec 27, 2025 | Terminologies
The price at which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. Often used in financial reporting and investment accounting. Ensures transparency in valuations.
by Small Business Accounting Software | Dec 26, 2025 | Chart of Accounts, Expenses, Terminologies
The cost of borrowing money through loans or bonds. Recorded based on accruals, not just payments. Impacts net income directly.
by Small Business Accounting Software | Dec 26, 2025 | Terminologies
The fundamental formula: Assets = Liabilities + Equity. It shows the relationship between what a company owns, owes, and the residual interest of owners. This equation must always stay in balance.
