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Accounting is a financial management process that helps you keep track of where your business's money is coming from and where it is going. See below the general accounting elements involved in the process.
- Account: A recording unit used to collect and store information on transactions of a similar classification.
- Asset: A property or right owned by the business.
- Liability: A payable or an economic obligation that the business needs to fulfill.
- Capital: The total value of investments in the business. It is equal to the total assets after all liabilities are fulfilled.
- Income: An increase in an asset or a decrease in a liability.
- Expense: An increase in liability and a decrease in an asset.
Learn more about organizing and keeping track of your business’ finances using Guesty's accounting solution.