What does arrears in accounting mean?
When a service is delivered and the agreed payment day is missed, or the pay comes after the due date, it's...
What is the difference between gross profit and net profit?
Understanding the difference between gross profit and net profit helps you see your company's financial position. While gross and net profit...
Accounts payable vs accounts receivable: Knowing the difference
Every business makes and receives payments which, in basic terms, explains Accounts payable vs. Accounts receivable. In this article, you'll understand...
Net 30 Payment Terms: What is it?
As a small business owner, receiving timely payments is often considered one of the most gratifying aspects of managing a business....
What is operating cash flow, and how to calculate it
What is operating cash flow, why is it essential for your business, and how do you calculate it? These are more...
What are Vat returns in accounting?
VAT returns are a way of getting refunds from the government on goods or services provided to customers. Before discussing more...
What are Expense Accounts in accounting?
"You have to spend money to make money" is everyday phrase entrepreneurs use. While spending helps to grow your business, tracking...
What are liability Accounts in accounting?
When your business is obligated to pay vendors for services or products received, these are listed in the Liability accounts. Liabilities...
What are Asset Accounts in accounting?
Without Assets, making a case for an active and healthy business is challenging. Asset Accounts show a list of your company's...
What is the 1099 NEC form used for?
As a small business owner, you are already familiar with working with the Internal Revenue Service (IRS) forms. The 1099 NEC...