There are some basics about business that most business owners are afraid to admit that they really don’t know or understand.
Well, here at 2BH we’re going to give you the answers to the questions you might have been too embarrassed to ask.
Here are the terms for today:
What do the terms “account balance,” “accounts payable,” and “accounts receivable” mean?
Account balance is the amount of a particular account at a particular time.
Accounts payable is the amount you owe vendors for supplies or services that they’ve already provided.
Accounts receivable is the amount that clients or customers owe you for products or services that you’ve already provided.
Photo by Dennis Wong
- Business 101: What Do The Terms Net Worth, Profit Margin, And Target Market Mean? (baybusinesshelp.com)