Accounting, bookkeeping, business financials...it really is a world all its own in a sense. If you have your own business, eventually you are expected to understand at least some of this, right? If you did understand these terms, would it also help you understand the financial state of your business better?
Assets, liabilities, equity.
Profit and loss, balance sheet, Cost of Goods Sold (COGS).
Single-entry verses double-entry.
Cash basis verses accrual basis.
This is just the start! I don't know about you, but I never went to school specifically for business (most entrepreneurs in MANY professions haven't). I was never taught in college how to read financial reports. After all, I went to college to be an elementary teacher. They don't teach this to first graders.
I learned it from my bookkeeping classes, and since I now have my own business and help other business owners understand their financial state of their business, I use it all the time, but it didn't start off that way.
In case you are similar to me (in that you haven't been taught this or have owned a business before), I'd like to share a few articles (not written by me) where I think you might be able to learn from the authors who have written them about terms you may need to know as a business owner. If not now, then maybe in the future as your business grows. After all, where will your business be in 5 years? 10 years? How will it have changed from now?
If you are just looking for the basics, I love this one. It goes through the basic terms you may need to reference and learn about. Chelsea Gritten wrote The Quick Guide to Accounting Terms and Concepts at the Merchant Maverick website. You can find her guide here: https://www.merchantmaverick.com/quick-guide-accounting-terms-concepts/
If you are in need of more than just the basics, this guide will hopefully be of help to you. It is laid out in dictionary format, so even if you needed to bookmark it and refer back to look a term up later, it is a good reference. This one is presented by Beginner Bookkeeping. http://www.beginner-bookkeeping.com/bookkeeping-terms.html
What terms/concepts would you like additional help in understanding? Put these in the comments below!