All of your business transactions are the building blocks for your company’s financials. Each account in the chart represents a specific category or type of transaction, and it’s more than just sales and expenses – an easy trap for unaware business owners to fall into. If the building blocks get arranged incorrectly, you could get a wildly inaccurate report on your company’s financial performance!
This whitepaper aims to give an explanation of the five kinds of accounts (assets, liabilities, equities, income, and expenses) and situations where they increase and decrease, giving you a better picture of how your company is doing.
For $9.95, you can be equipped with the accounting knowledge necessary to sort your transactions more appropriately so that your financial dashboard is giving you the right readings. Included are tips and best practices from Norman Professional Services, as well as an example Chart of Accounts that works as a template for most businesses!