Term: Accounting
ELI5 Accounting is the management of a company’s finances. Everything that a company buys, sells or invests in should be recorded. Key Takeaways Accounting is …
Term: Accounting software
ELI5 Accounting software is a system (usually a website) that allows you to record all incomes and expenses of a company. Key Takeaways An accounting …
Term: Chart of accounts
ELI5 The chart of accounts is a list of all categories of a company’s financial transactions. A regular financial transaction should have two categories (which …
What is the difference between a bookkeeper and an accountant?
ELI5 A bookkeeper is the “assistant” of an accountant. The accountant oversees all work done by a bookkeeper and has the responsibility to fix any …
Term: Transaction
ELI5 A transaction is an agreement between a buyer and seller about a deal. The deal will involve cash and a product or service being …