A statement given buy a seller to a buyer itemizing the sale and demanding payment. A bill may be for the sale of a good or a service.

Cash basis refers to a major accounting method that recognizes revenues and expenses at the time physical cash is actually received or paid out.

Jobs to be Done is a framework published by Clay Christensen. It can be used to create offerings that people truly want to buy by understanding the job the customer is trying to get done.

To write off means to reduce value. Businesses will occasionally reduce the value of certain assets by writing them off, such as writing off unpaid and uncollectable invoices as bad debt. Taxpayers may also reduce their taxable income by writing off certain expenses.

Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions from an employee’s wages, and taxes paid by the employer based on the employee’s wages.

Sweat equity is ownership interest or an increase in value that is created as a direct

The amount of money in an account at the beginning of a period, especially a month or year.

Figuring out the best path forward for your business.

An optional rule in EO Plans that applies upon re-hiring an employee into an EO company; if they had not met the eligibility requirements during their previous period of employment, they would need to complete the break in service requirements in order to participate in the Plan.

EO companies, and ESOPs in particular, have some reporting duties pertaining to the sponsoring company, e.g., financial statements containing the # of shares held by the ESOP, fair value of unearned shares, total of repurchase obligations, etc.

A decision making process that rather than voting that is committed to finding decisions that everyone actively supports, or at least can live with. All decisions are made with the consent of everyone involved, to ensure that all opinions, ideas, and concerns are taken into account.

The accrual basis of accounting is the concept of recording revenues when earned and expenses as incurred.

Loan guarantees are promises by an individuals, government, or organization to repay a loan if the borrower defaults, reducing risk for the lender.

An invoice, bill, or tab is a commercial document issued by a seller to a buyer. The invoices documents the sale transaction and indicates the products, quantities, and agreed prices for products or services the seller provided.

Amortization is the gradual repayment of a debt over a period of time, such as monthly payments on a mortgage loan or credit card balance. To amortize a loan, your payments must be large enough to pay not only the interest that has accrued but also to reduce the principal you owe.

an agreement entered into between an employing entity and the bargaining representative of its employees.

In accounting, anything of value that a person or business buys. Assets can be physical, such as real estate or stocks, or intangible, such as a claim on debts, such as accounts receivable or liens, or a right, such as a patent. Of crucial importance to assets is their relative liquidity, or the ease with which they can be converted to cash.

The solidarity economy is a global movement to build a just and sustainable economy.

Any business in which two or more family members are involved and the majority of ownership or control lies within a family.

Accounting for the total compensation expense of ESOP shares with the average fair value of the released shares during the year. The difference between original cost per share and the average fair value per share is recorded through paid-in-capital or retained earnings and is a non-cash adjustment. The ESOP compensation expense is part of operating income.

The balance of an account, such as a bank or credit card account, at the

The pattern of inflows and outflows of money, such as income from sales and expenses paid out, and the resulting availability of cash in the bank.

The executive/leadership/management team following a business sale after which the previous owner(s) exit.

Typically refers to companies with an enterprise value above $5 billion.

An individual's capital investment in a property (e.g., a business) for tax purposes.

Proxy voting is a form of voting whereby a member of a decision-making body may delegate their voting power to a representative, to enable a vote in absence.

Also called Collective Equity in a cooperative, Retained Earnings are the accumulated net income that has been retained for reinvestment in the business rather than being paid out in dividends to stockholders. Retained Earnings is a part of the equity section of a business’ balance sheet.

Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States.

This percentage represents how much of the money earned by a business is directly spent on creating products or providing services. The lower the percentage, the higher the margin, and the more cost-effective the business appears to be. (To calculate a gross profit margin, first take the gross profit from the Profit & Loss [i.e. total revenue minus direct costs/Cost of Goods Sold]. Divide this number by total revenue. Multiply by 100 to show as a percentage.)

Generally speaking, a collective is an organization that is managed without hierarchy. This means that every person has equal decision-making power. Some decisions may be delegated to individual members or sub-committees, but no one has the special, authoritative power usually granted to a manager.