Nav Social Icons

  • Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • Home
  • About
    • About Us
    • Who We Serve
    • Meet the Founder
    • Who We Serve
    • FAQ
  • Services
    • Tax Preparation
    • IRS Letter & Notice Help
    • Texas Sales & Franchise Tax
    • Nonprofit Accounting
    • Monthly Bookkeeping
    • Bookkeeping Clean-Up
    • Advisory & Tax Strategy
  • Resources
    • Blog
    • Resources & Freebies
    • Estimated Tax Calculator
  • Book Now
  • Client Portal
  • Contact Us
  • Mobile Menu Widgets

    Connect

    Search

The Accounting Agency

The Accounting Agency

  • Home
  • About
    • About Us
    • Meet the Founder
    • Who We Serve
    • FAQ
  • Services
    • Tax Preparation
    • IRS Letter & Notice Help
    • Texas Sales & Franchise Tax
    • Nonprofit Accounting
    • Monthly Bookkeeping
    • Bookkeeping Clean-Up
    • Advisory & Tax Strategy
  • Resources
    • Blog
    • Resources & Freebies
    • Estimated Tax Calculator
  • Book Now
  • Client Portal
  • Contact

6 Essential Words For Small Business Owners

May 16, 2021 · In: Financial Strategies, Mental Wellness

Gross Income – Your income BEFORE expenses or taxes; Alias: Revenue

Net Income – what your business earned AFTER your expenses; Alias: Profit

Expense – Anything you pay for that is necessary for your business to operate; Alias Deduction, Write-Off

Owner’s Draw – What you take out of your business for personal use (used for sole proprietors); Alias: Member Distributions (LLC), Shareholder Distributions (S-Corp)

Liability – Debt that you own, can be short-term or long-term; Alias: Debt Payable

Receivable – Anything that is owed to you

Share this:

  • Share on X (Opens in new window) X
  • Share on Facebook (Opens in new window) Facebook

Like this:

Like Loading…

Related

By: theaccountingagencyllc · In: Financial Strategies, Mental Wellness

you’ll also love

Personal vs. Business Finances: Key Differences Every Owner Should Know

Join The A-List

Our monthly A-List of tax tips, key dates and money moves, plus our latest articles. One email a month.

Reader Interactions

Leave a Reply Cancel reply

Follow Along

Follow on Instagram

Footer

Services

  • Tax Preparation
  • Monthly Bookkeeping
  • Advisory & Tax Strategy

Info

  • Contact
  • Privacy Policy
  • Disclosure
  • Terms & Conditions
  • Join the Team

stay in the know

Copyright © 2026 · theaccountingagencyllc Powered by Houston Studio

Discover more from The Accounting Agency

Subscribe now to keep reading and get access to the full archive.

Continue reading

Loading Comments...
%d