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Infographic: Accounting Terms You Need to Know

Infographic: Accounting Terms You Need to Know
Credit: RawPixel/Shutterstock

What's the difference between an accountant and a bookkeeper? What are accounting ratios, accounts receivables and accounts payables? And what exactly does your accountant mean when she says your financial statements need to follow GAAP standards?

Whether you do your own accounting, have an in-house accountant or hire a third party accounting firm, having a grasp on accounting speak can help your business tremendously. Not only will it allow you to understand your numbers better, but it will also help you make wiser business decisions. To help you get started, here are some basic accounting terms small business owners need to know, followed by our reference guides.

To learn more about these accounting terms and what they mean for your business, check out our reference guides:

Editor's Note: Looking for more information on accounting software and services for your business? If you're looking for information to help you choose the one that's right for you, use the questionnaire below to have our sister site, BuyerZone, provide you with information from vendors for free:

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For information on choosing the best accounting software for your business, check out our buyer's guide: How to Choose an Accounting Software. To see our top picks and a comprehensive list of accounting software providers, check out our roundup: Best Accounting Software for Small BusinessReady to choose an accounting software? Here's a breakdown of our review coverage:

Sara Angeles

Sara is a tech writer with a background in business and marketing. After graduating from UC Irvine, she worked as a copywriter and blogger for nonprofit organizations, tech labs and lifestyle companies. She started freelancing in 2009 and joined Business News Daily in 2013. Follow Sara Angeles on Twitter @sara_angeles.