Have you ever traveled to a country with a common language different than your own?
Navigation in an unfamiliar place can instantly become a sweat dripping, nail biting nightmare. Even simple tasks such as ordering from a menu can become a challenge. No matter how intellectual a person is, language is something that can make the smartest of people become as useful as a dried out highlighter. The interesting thing is that even in their normal routine, a person faces many different lingos without even realizing.
For example, a football fan could listen blindly to a sports commentator and know how the game was coming along while a person not familiar with the common terminology would be completely lost. Most likely they’d even be agitated by the fall of “gibberish” raining down on them.
Many other industries including film production, truck drivers, medical professionals, and even video game fanatics have developed lingo over time that can leave bystanders wondering what planet they’ve just landed on. Unfortunately for most small businesses, accounting did not escape this phenomenon.
As a business owner with many responsibilities, becoming familiar with common accounting terms can easily fall into the void of that never ending to-do list titled “Eventually”. However, when it comes to collaborating with your CPA and bookkeeper, you may have found yourself in that “agitated an drowning in mumbo jumbo” type situation. Becoming familiar with just a few common accounting terms can arm you with a better understating.