One of the most fundamental, and often most confusing, aspects of basic business accounting is the distinction between debits and credits. In accounting, the ultimate goal is to have your financials balance (such as on a balance sheet). In order to balance financial records, every business transaction has both a debit and credit (if money is being added to one account, it has to be coming from somewhere [...]

Balance sheets are one of the most basic business accounting tools, and understanding balance sheets is a good thing for any small or online business owner to grasp before diving into the financials of running a business.