Whether you do your own books or get your accountant or bookkeeper to do them for you, you still need to know all the terminology!

Accounting Period: The time period for which financial information is being tracked, usually done monthly.

Accounts Payable: When a company buys goods which need to be paid back quickly, it’s known as accounts payable - basically money owned by a company to creditors.

Accounts Receivable: This is money owed to your business by a customer for products and services.

Arrears: Money owed to you or that you owe which is overdue and unpaid.

Assets: All items owned by a company which helps them run it. This includes money, equipment, buildings, vehicles etc