by Small Business Accounting Software | Jan 5, 2026 | Accounting Proram, Terminologies
A safe test space within the system where users can try out features, train staff, or test integrations without affecting live data. Prevents errors in real records. Valuable for training and experimentation.
by Small Business Accounting Software | Jan 4, 2026 | Terminologies
Revenues must be recorded when earned, not when cash is collected. Ensures consistency and comparability across businesses. A cornerstone of accrual accounting.
by Small Business Accounting Software | Jan 1, 2026 | Terminologies
An internal control principle where responsibilities are divided so no single individual controls all aspects of a financial transaction. Reduces fraud risk. Commonly applied in cash handling and approval processes.
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.
