Understanding these 5 bookkeeping basics can save time and stress: 1️⃣ Cash flow — tracks money in and out, so you never run dry
Understanding these 5 bookkeeping basics can save time and stress:
1️⃣ Cash flow — tracks money in and out, so you never run dry.
2️⃣ Accounts receivable — money due from customers, crucial for cash planning.
3️⃣ Accounts payable — bills you owe; avoid missed payments and fees.
4️⃣ Profit & loss — snapshot of earnings vs. expenses; know your financial health.
5️⃣ BAS (Business Activity Statement) — keeps you compliant with tax obligations.
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