Accounting concepts are the basic “theory” of accounting that influences everything we due in tax, finance, and accounting. We work hard to explain these concepts in common sense language so you understand how this jargon affects your business.
These concepts include general ledgers, journal entries, double-entry accounting, accountables payable and receivable, etc. Everything that is about following standard rules to track income or expenses is following one or more accounting concepts. Whether you took a few accounting courses in college, or are winging it from a virtual box of receipts, this series will help you grow in your understanding of business.
In our financial posts and videos, we try to help make these academic accounting concepts accessible to our clients, potential clients, and local business community. Bette puts on her metaphorical tweed jacket, and plays professor, as we explain the basic concepts that drive your accounting systems and how they influence your business and personal finances. If you have a concept you don’t understand, reach out to us and we’ll add it to our content schedule.
Most business owners have no interest in a deep understanding of accounting, but a cursory understanding of the theory will help you read a balance sheet and financial statement, tools that will be more and more helpful as you grow your business. Even if you run your entire business career on a cash basis, when you are ready to sell your business and retire, an understanding of these concepts will help you make better decisions in the last few years to help you maximize your exit value.