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10 basic accounting terms all business owners should know, by small business accountants in Sydney

As small business accountants in Sydney we believe that all small business owners should be aware of these basic accounting principles to ensure that you are still in control of your accounts.

The basic accounting terms that your business accountant should tell you are:

• Assets
• Balance Sheet
• General Ledger
• Gross Margin
• Loss
• Credit
• Receipts
• Revenue
• Trade Discount
• Trail Balance

Above are the 10 simple terms that most should be aware of in order for your business to be run smoothly without any questions. It will allow for trust between you as the business owner and your small business accountant.

If you have any questions, feel free to get in contact with our small business accountants in Sydney.