Businesses are often involved in a series of complicated business transactions. Detailed accounting entries are required for external reporting to governmental and/or financial institutions, as well as to track internal profitability. With a solid understanding of basic accounting principles, terminology, and financial statements, bookkeepers and business owners can effectively communicate and interpret the financial results of an enterprise. In an age of computerized accounting processes, a core foundation of accounting basics will lead to optimum use of today’s technology. It is with such knowledge that business owners and bookkeepers successfully utilize accounting software, such as QuickBooks, to accumulate this vital financial information.