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-based Ember , told PYMNTS in a recent interview that beyond the technological and workflow challenges managing financial admin, one of the most complicated hurdles for independent contractors is simply understanding some of the more technical accountingterms. Accountspayable is the money you owe your suppliers.
Also, you probably didn’t realize that opening your own business would require you to become an accountant by default. Accounting is essential for every business, and you get thrown into the deep end when you start a new company. . Without training in this field, accountingterms can feel like a foreign language.
What Does Accrual Mean in AccountingTerms? An accrual is a term in accounting for the accumulation of revenue or expense transactions. The company has recorded them in the accounts, but they haven’t yet received revenue or paid the relevant bills.
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