You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
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Author:
Rachel Blakely-Gray
As Patriot's Content Manager, Rachel creates engaging and informative content aimed to help business owners understand complex accounting and payroll topics.
Transposition Error, the Little Mistake That Causes Big Problems
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books.
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What Is a Purchase Order, and When Would You Need to Create One?
As a seller, you prepare invoices requesting payment from customers who make purchases on credit. And as a buyer, you may also need to create some documents, like a purchase order (PO). What is a purchase order?
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How to Read a Credit Card Statement [+ Example]
Nearly 80% of small businesses have and use credit cards for business purposes. If you’re part of this majority, you’ll receive a credit card statement each month.
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What Is 2% Shareholder Health Insurance?
Do you own an S corporation and offer health insurance to employees? If so, handling health insurance may get confusing if you have a 2% shareholder-employee. Learn how 2% shareholder health insurance works for S corporations.
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Business Mileage Deduction 101
Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS.
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2025 Common Tax Scams: IRS “Dirty Dozen” Highlights
Tax scams are afoot in 2025. Are you prepared? The IRS compiles an annual list of common scams known as the “Dirty Dozen” list to help taxpayers navigate threats.
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Invoice Generators: A Guide on How To Make an Invoice
For many businesses, invoicing customers is how you get paid. But manual invoicing processes can be time-consuming, and invoices can look unprofessional. Invoice generators streamline the essential invoicing process, which can speed up how quickly you get paid.
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The Difference Between Gross Profit vs. Net Profit
Calculating your business profits shows you how much money your company brings in. But, not all profit data is the same. There are two types of profit you should understand and use to measure your financial health: gross profit and net profit. What’s the difference between gross profit vs. net profit?
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How to Use Life Cycle Costing
When you run a small business, every little cost counts. Making poor purchasing decisions can put an unnecessary financial burden on your business and lower your company’s bottom line over time. Before you purchase new assets for your business, practice life cycle costing.
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