Fixed assets

Fixed assets are the "concrete" items used by a business. They include buildings, furniture, fixtures and equipment. These purchases are intended for long-term use in a company's day-to-day operation. In QuickBooks Pro or other accounting programs, assets that are used for more than one year are considered to be fixed.

I recommend: Accounting Glossary explains a fixed asset. The Business Dictionary gives additional information about a fixed asset.

Multi-user

Programs such as QuickBooks Pro feature multiple-user capabilities. This allows numerous individuals to use company files simultaneously. This functionality fosters teamwork, increases a company's productivity and guarantees that everyone has access to the most current information.

I recommend: Learn the definition of multi-user and the benefits of this function at Intuit.com.

Job costing

Job costing refers to a process which includes monitoring direct and indirect expenses. Its methods resemble those of contract and batch costing. Job costing is popular in construction, movie production, shipping, maintenance work and auditing.

I recommend: Microsoft Office Online provides an overview of job costing.

Workflow

Managing workflow is essential to successfully running a business. Workflow is a company's computerized or automated way of disseminating documents, tasks or information within the business. The process follows pre-established rules and regulations. In many cases, specifically designed software is used to simplify and expedite the workflow.

I recommend: BBN Technologies highlights the term workflow. SearchCIO.com has additional information on workflow.

Balance sheet

A primary purpose of QuickBooks Pro and other accounting software is to generate the balance sheet. This report summarizes a company's total assets, liabilities, and the business owners' equity in the organization. This report is usually compiled on the final day of the accounting period.

I recommend: InvestorWords further explains balance sheet. Investopedia also gives details on a balance sheet.

Intangible or invisible asset

An intangible asset is more of a durable resource for a business rather than something material. Patents, name recognition and intellectual property are considered intangible assets.

I recommend: BusinessDictionary.com defines and lists the various types of intangible assets. Encyclopedia.com gives more information on invisible assets.