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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:

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 Los Angeles-based tech writer for Business.com, Business News Daily and Tom's IT Pro. A graduate of the University of California, Irvine, she has worked as a freelance writer and copywriter for tech publications, lifestyle brands and nonprofit organizations in the Southern California area and throughout the U.S. Sara joined the Purch team in 2013.

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