Accounting
term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.

Receipt
A written record of a transaction.

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

Bad Debt
Money owed for a business debt that cannot be collected

Statement
A formal written summary of outstanding invoices.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures

Cash Method Of Accounting
Accounts for income and expenses when actually received or paid.

Double-Entry Accounting
A system of accounting that records each business transaction twice.