FastLane Group

11 Basic Accounting Terms Every Small Business Owner Must Know

While most small business owners are not accounting experts, it’s hard to argue against the importance of having a basic knowledge of accounting terms or concepts. Not only does having a basic understanding of accounting help people evaluate the financial performance of a business, it can also help avoid potential accounting errors or instances of non-compliance. In this article, we look to explain the 11 most basic accounting terms we feel all business owners should know.