E-Com Bookkeeping

Assets are items of value that your business owns. For example, your business bank account, company vehicles, and equipment are assets.
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​Liabilities are debts that you owe to others. For example, your payables are liabilities.
​Business equity shows your ownership in the business.
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Proper tracking your receipts will help you separate taxable and nontaxable income and identify your actual deductions. Keep track of deductible expenses: In business, things get busy — and that is a good thing. Keeping receipts of all your transactions will help you claim all of your possible deductions.

1- Gross income refers to the total income earned before taxes and other deductions.
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2- Net income is what remains after subtracting cost of goods sold, operating expenses and non-operating expenses from revenues.
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​3- Expense is the cost of operations that a company incurs to generate revenue.
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​4- Owner's draws are withdrawals of a sole proprietorship's cash or other assets made by the owner for the owner's personal use.

“Never discourage anyone who continually makes progress, no matter how slow… even if that someone is yourself!” — Plato