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B2B – business communications with other businesses such as the placement of purchase orders with your supplier.
B2C – business communications with your consumers, such as a regular newsletter or sale completed via your website.
B2G – business communications with government entities such as online taxation lodgement.
Bad debts – A bad debt occurs when payment is not received within the terms of trade period for goods or services rendered..
Balance – The total of funds remaining in an account after accounting for all transactions (deposits and withdrawals).
Balance sheet – an important business document that shows what a business owns and owes at the date shown. Essentially a "balance sheet" is a list of business assets and their cost on one side and a list of liabilities and owners' equity (investment in the business) on the other side
Bandwidth (IT) – refers to the capacity of a telecommunications link and is a measure of how fast data can be moved around. It is measured in either bits per second (bps) or cycles per second (hertz/Hz and megahertz/MHz). The greater the bps or hertz, the wider the bandwidth and the more data that can pass down a channel at any one time.
Bank draft – a written instruction to a bank’s agent to pay a sum of money to the person specified on the draft. A safe and convenient way of remitting money overseas.
Bank reconciliation – a comparison between the bank’s record of transactions and the record of the firm’s cash book. After taking into account such items as unpresented cheques and bank charges, the two records should show an identical balance.
Bankrupt – a debtor, who has volunteered or been forced to appear before a bankruptcy court and has been judged insolvent because she/he has insufficient assets to meet the demands of creditors when they fall due.
Barcode – a unique printed pattern of wide and narrow vertical bars used to represent numerical codes, designed to be read by an optical scanner.
Best practice – a comprehensive, integrated and cooperative approach to the continuous improvement of all facets of an organisation's operations. It is a method by which leading-edge companies manage their businesses to achieve world-class standards of performance.
Bill of sale – a document which formally transfers ownership of property specified in the document from the borrower to the lender, until such time as the debt has been paid in full.
Bona fide – in good faith, honestly, without fraud, collusion or participation in wrong doing.
Bond – payment by a tenant to a landlord before the tenant occupies the premises and from which the landlord may be able to deduct arrears of rent or the cost of repairing damage.
Bookkeeping – the process of recording business transactions in the accounting records.
Brainstorming – a problem-solving method involving members of a group contributing ideas.
Break-even point – the exact point at which volume of sales is sufficient to cover all costs.
Bridging loan – a loan to provide short-term finance, usually to buy property or land, where the loan is to be cleared by longer-term borrowing or the sale of assets.
Budget – an estimate of expenses and revenue.
Business Activity Statement – (BAS) a single form used to report business tax entitlements and obligations, including the amount of GST payable and your input tax credits.
Business coach – a consultant who specialises in providing support, advice and encouragement to business owners.
Business continuity – the ability of a business to adapt and continue to operate through disruption and changes in circumstances.
Business development – activities undertaken to generate additional sales and revenue generating opportunities.
Business establishment costs – costs involved in setting up a business in readiness for trading. These include company set-up costs, statutory fees and charges for licences, accreditation, fit out of premises, purchase and installation of equipment, as well as the costs of sample inventory.
Business modelling software – software that allows business managers to analyse the potential outcomes of changing specific variables within their operations.
Business name – the name of a business officially listed Register of Business Names in the state or territory.
Business plan – a document, completed periodically, which outlines the business goals and how they will be achieved – usually prepared in conjunction with the strategic plan.
Business viability – the ability of a business to generate sufficient profits to provide adequate returns to owners and also to reinvest in the business.
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