--- title: "Small Business Glossary: 40 Terms Defined | Peachtree VA" description: "Plain-English definitions of 40 terms on virtual assistants, delegation, bookkeeping and hiring, from accrual basis to zone of genius." url: https://peachtreeva.multisites.ai/glossary publisher: Peachtree VA book: https://peachtreeva.multisites.ai/contact --- # Small business glossary 40 terms for owners who delegate, keep books and hire, in plain English. Search the glossary No terms match. Try a shorter word. ## A [Accounts payable](https://peachtreeva.multisites.ai/glossary/accounts-payable) Accounts payable is the money a business owes to vendors and suppliers for goods or services it has received but not yet paid for. [Accounts receivable](https://peachtreeva.multisites.ai/glossary/accounts-receivable) Accounts receivable is the money customers owe a business for goods or services it has already delivered but has not yet been paid for. [Accrual vs cash basis](https://peachtreeva.multisites.ai/glossary/accrual-vs-cash-basis) Accrual vs cash basis compares two accounting methods: accrual records income and expenses when earned or incurred, while cash records them when money actually moves. [AI agent](https://peachtreeva.multisites.ai/glossary/ai-agent) An AI agent is software that uses artificial intelligence to complete multi-step tasks with limited human input, such as booking, searching or sending messages. [AI-augmented virtual assistant](https://peachtreeva.multisites.ai/glossary/ai-augmented-virtual-assistant) An AI-augmented virtual assistant is a human assistant who uses AI tools to speed up drafting, research and routine work while still owning the result. ## B [Balance sheet](https://peachtreeva.multisites.ai/glossary/balance-sheet) A balance sheet is a report of what a business owns, what it owes and what remains for the owners on a specific date. [Bank reconciliation](https://peachtreeva.multisites.ai/glossary/bank-reconciliation) Bank reconciliation is the process of matching your accounting records to bank and credit card statements to find and fix differences. [Bookkeeper vs accountant](https://peachtreeva.multisites.ai/glossary/bookkeeper-vs-accountant) Bookkeeper vs accountant describes two roles: a bookkeeper records and organizes transactions, while an accountant analyzes the numbers, advises and often prepares tax filings. [Bookkeeping](https://peachtreeva.multisites.ai/glossary/bookkeeping) Bookkeeping is the process of recording and categorizing a business's financial transactions so its books are accurate and up to date. ## C [Catch-up bookkeeping](https://peachtreeva.multisites.ai/glossary/catch-up-bookkeeping) Catch-up bookkeeping is work that brings past months of unrecorded, uncategorized or unreconciled books up to date so records are accurate again. [Chart of accounts](https://peachtreeva.multisites.ai/glossary/chart-of-accounts) A chart of accounts is the list of categories a business uses to record income, expenses, assets, debts and owner equity. [CRM (customer relationship management)](https://peachtreeva.multisites.ai/glossary/crm) A CRM, or customer relationship management system, is software that tracks contacts, conversations and sales follow-ups in one shared place. ## D [Delegation](https://peachtreeva.multisites.ai/glossary/delegation) Delegation is giving another person responsibility for a task and its outcome, while you stay accountable for the result and keep checking in. [Delegation matrix](https://peachtreeva.multisites.ai/glossary/delegation-matrix) A delegation matrix is a grid that sorts tasks by skill needed and effort or value so you can decide what to hand off first. [Direct hire](https://peachtreeva.multisites.ai/glossary/direct-hire) Direct hire is a hiring model where a recruiter finds and screens a candidate who then becomes your permanent employee on your own payroll. [Direct hire vs staffing agency](https://peachtreeva.multisites.ai/glossary/direct-hire-vs-staffing-agency) Direct hire vs staffing agency compares two models: direct hire ends with a permanent employee on your payroll, while a staffing agency often keeps the worker on its payroll. ## E [Effective hourly rate](https://peachtreeva.multisites.ai/glossary/effective-hourly-rate) Effective hourly rate is your income divided by all the hours you actually work, used to judge what your time is worth. [Executive assistant](https://peachtreeva.multisites.ai/glossary/executive-assistant) An executive assistant is a professional who supports a senior leader or business owner by managing their calendar, communication, projects, meetings and many day-to-day decisions. ## F [Fractional](https://peachtreeva.multisites.ai/glossary/fractional) Fractional describes buying part of a skilled person's time, such as a set number of hours each month, instead of hiring them for a full-time role. [Fractional executive assistant](https://peachtreeva.multisites.ai/glossary/fractional-executive-assistant) A fractional executive assistant is an executive assistant who works a set number of hours each month for a client, instead of a full-time schedule. ## I [Independent contractor (1099)](https://peachtreeva.multisites.ai/glossary/independent-contractor) An independent contractor is a worker who runs their own business and is paid on a 1099 form, not through payroll as an employee. ## M [Matching guarantee](https://peachtreeva.multisites.ai/glossary/matching-guarantee) A matching guarantee is a promise to rematch a client with a new assistant at no extra cost if the first match does not fit. [Method Matching](https://peachtreeva.multisites.ai/glossary/method-matching) Method Matching is Peachtree VA's process of pairing each client with a virtual assistant based on skill set, personality, culture and capacity, with people making the match. [Month-end close](https://peachtreeva.multisites.ai/glossary/month-end-close) Month-end close is the monthly process of finishing, reviewing and locking the previous month's books so reports can be trusted. ## N [Non-disclosure agreement (NDA)](https://peachtreeva.multisites.ai/glossary/non-disclosure-agreement) A non-disclosure agreement is a signed contract that requires a person to keep a business's private information confidential and not share it with others. ## O [Offboarding](https://peachtreeva.multisites.ai/glossary/offboarding) Offboarding is the set of steps taken when a person leaves a role, including removing access, collecting company property and handing off unfinished work. [Onboarding](https://peachtreeva.multisites.ai/glossary/onboarding) Onboarding is the set of steps that bring a new hire or assistant up to speed on your tools, people, expectations and processes. [Outsourced bookkeeping](https://peachtreeva.multisites.ai/glossary/outsourced-bookkeeping) Outsourced bookkeeping is the practice of paying an outside bookkeeper or firm to record, categorize and organize your business finances for you. ## P [Profit and loss statement](https://peachtreeva.multisites.ai/glossary/profit-and-loss-statement) A profit and loss statement is a report of a business's income and expenses over a period of time that shows whether it made a profit or a loss. [Prompt engineering](https://peachtreeva.multisites.ai/glossary/prompt-engineering) Prompt engineering is the practice of writing clear, specific instructions for an AI tool so that it returns useful and accurate results. ## Q [QuickBooks Online](https://peachtreeva.multisites.ai/glossary/quickbooks-online) QuickBooks Online is cloud accounting software, made by Intuit, that small businesses widely use to track income, expenses, invoices and reports. ## R [Rematch](https://peachtreeva.multisites.ai/glossary/rematch) A rematch is the replacement of an assistant with a new one when the working relationship between the client and the first assistant is not a good fit. ## S [Standard operating procedure (SOP)](https://peachtreeva.multisites.ai/glossary/standard-operating-procedure) A standard operating procedure is a written, step-by-step guide for doing a recurring task the same way each time, no matter who does it. ## T [Talent sourcing](https://peachtreeva.multisites.ai/glossary/talent-sourcing) Talent sourcing is the work of finding and contacting potential candidates, including people who are not actively applying for a job. ## U [U.S.-based virtual assistant](https://peachtreeva.multisites.ai/glossary/us-based-virtual-assistant) A U.S.-based virtual assistant is a remote assistant who lives and works in the United States, so they usually share your time zone, language norms and business hours. ## V [Virtual assistant](https://peachtreeva.multisites.ai/glossary/virtual-assistant) A virtual assistant is a remote worker who handles administrative, operational or personal tasks for a client, usually part time, from their own location instead of the client's office. [Virtual executive assistant](https://peachtreeva.multisites.ai/glossary/virtual-executive-assistant) A virtual executive assistant is an executive assistant who works remotely, supporting a leader's calendar, communication and projects without sitting in the client's office. [Virtual personal assistant](https://peachtreeva.multisites.ai/glossary/virtual-personal-assistant) A virtual personal assistant is a remote assistant who manages personal and household tasks for a client, such as travel, appointments, errands and family scheduling. ## Z [Zone of genius](https://peachtreeva.multisites.ai/glossary/zone-of-genius) Zone of genius is the work only you can do best, and the work that creates the most value for your business. ## # [1099 vs W-2](https://peachtreeva.multisites.ai/glossary/1099-vs-w-2) 1099 vs W-2 describes the difference between paying a worker as an independent contractor on a 1099 form and paying them as an employee on payroll with a W-2. ## Get your week back. Book a free, no-obligation strategy call. We will map out what to hand off first, and you leave with a plan whether or not you become a client. [Book a free strategy call](https://peachtreeva.multisites.ai/contact)[or email info@peachtreeva.com](mailto:info@peachtreeva.com) ![Sarah Harlan, Client Experience & Operations Manager](https://peachtreeva.multisites.ai/_astro/sarah-harlan.DtVquYwL_2b0Qn7.webp) ![Darleen Priday, Vice President of Business Development](https://peachtreeva.multisites.ai/_astro/darleen-priday.jiyh6aPr_1PLR4H.webp) ![November Lee, Marketing Manager](https://peachtreeva.multisites.ai/_astro/november-lee.Cro_USs7_Z1Yhdwg.webp)