Term: Accounting
ELI5 Accounting is the management of a company’s finances. Finances are everything that a company buys, sells or invests in. Key Takeaways What is accounting? …
General
Term: Accounting software
ELI5 Accounting software is a system that allows you to record all incomes and expenses of a company. Modern day accounting softwares like Xero are …
Term: Chart of accounts
ELI5 The chart of accounts is a list of all categories of a company’s financial transactions. A financial transaction has two categories. Key Takeaways What …
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. He also has the responsibility to fix …
Term: Transaction
ELI5 A transaction is an agreement between a buyer and seller about a deal. The deal will involve cash for a product or service. Key …