Business Accounting Guide: Definition, Steps, and Software

An all-you-need-to-know guide to Business Accounting for 2024

Jonny Parker
February 13, 2024

Inventory, assets, liability, expenses, revenue. These are words that make business leaders excited yet nervous. They are a promise of growth as well as a guarantee of significant responsibility, all of which can be summarized by the dreaded phrase, “business accounting.”

Whether you’re running your first business out of your garage or managing your fourth startup as a decades-strong veteran of your industry, business accounting requires your attention. Just because it’s demanding, however, doesn’t mean it has to be difficult. If you can offload complicated financial tasks with the right tools, accurate business accounting can become another asset to your competitive edge.

This article explores accounting for small business, including basic terminology, best practices, and the best account software to help you track expenses, file taxes, send invoices, manage cashflows, track multiple inventory locations, regulate inventory turnover, and more to create a competitive business accounting system for 2024 and beyond.

What is business accounting?

Asking the simple question, “What is business accounting?”, is an honest place to start for any business looking to learn more. Simply put, business accounting includes everything that a business needs to do to be financially responsible. This includes: