Financial Speak 101 for Small Business Owners: A Pocket Dictionary of Financial Words
A 2014 report (Financial Literacy and the Success of Small Businesses: An Observation from a Small Business Development Center) showed that half of the small businesses weren’t reviewing their financial statements. And of that 50%, 86% were experiencing financial difficulties. Why?
Businesses weren’t reviewing their statements … because they didn’t understand the financial jargon.
If you struggle to understand the financial lingo, this list of common financial terms and definitions may help. Use it as a reference while you’re working with your accountant or while going over your books each week.
Accounts Payable
Accounts payable is also called trade payable. It refers to the total invoices for goods and services a business has received but has yet to pay. They’re usually due for payment within 15 to 45 days. In short, this is money your business owes to other businesses.
Accounts Receivable
Accounts receivable is the amount of money a company has to claim or has invoiced. It is from having sold goods or rendered services to its customers. This is what other businesses or customers owe your business.
Accrued Expenses
Accrued expenses are expenses that a business has incurred but has yet to pay. This is because either the invoices have not yet been received or the payments aren’t yet due.
Examples of accrued expenses include interest on loans and taxes incurred. Salaries your employees earn up to the period of reporting but aren’t due for payment until after the report is prepared are also accrued expenses.
Assets
An asset is any item your business owns that is of fiscal value and is expected to benefit the business in the future.
Balance Sheet
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