Introduction to Small Business Accounting

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We will delve into key concepts, starting with the fundamentals of bookkeeping, including cash, revenue, cost of goods sold, expenses, accounts receivable, accounts payable, inventory, employee costs, and retained earnings. These terms form the building blocks of financial operations in a business. We’ll also examine two primary bookkeeping systems: the single entry system, suitable for smaller businesses with straightforward transactions, and the double entry system, the backbone of modern accounting offering accuracy and checks and balances.

What you’ll learn.

  • Bookkeeping basics
  • Types of bookkeeping
  • Accounting software