Invoice
A written record of a transaction, often submitted to a customer or client when requesting payment.

Ledger
A physical collection of related financial information, such as revenues, expenditures, accounts receivable, and accounts payable.

Accounts Payable
Amounts that a business owes

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures

Bad Debt
Money owed for a business debt that cannot be collected

Net Income
Gross income less expenses; it represents a business's profit for a given year.

Accounting
term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.