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Liability is basically the opposite of an asset. Here are some examples of types of assets your business might have: In business, an asset is anything that creates revenue or that the business benefits from owning. Here are some you should learn and commit to memory. However there are some terms all business owners should know, especially when it comes to bookkeeping. There are a lot of buzzwords in business that, to be completely honest, don’t really mean anything at all. Talk the Talk: Brush up on Your Bookkeeping Lingo Below is a list of the key things you need to understand to have a good grasp on your business finances and ensure your business is moving in the right direction. You can’t make adjustments and improvements to increase profit margins and productivity without having a clear idea of what’s going on with your money. In order to make your business better and more profitable, you’ll first have to understand what’s working and what isn’t.
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Having transparency with your business finances is the only way to ensure long term growth and success. No one really enjoys bookkeeping (except accountants) but the more you stay on top of it, the easier it gets. How Bookkeeping Basics Can Support Your Small Business In this article we’ll be breaking down the basics of what you need to know about bookkeeping to ensure long term success for your business. However, like it or not you can’t have a successful business without understanding how your business is financially performing. At NorthOne, we know our customers didn’t get into business because they are passionate about accounting.