Income is money that comes into the business as a result of sales or interest on invested money. Your seed money is investment capital, and you re the investor. It s confusing because business and finance involve words we don t use in everyday conversations, such as capital and equity. I think accountants and bankers use these fancy terms just to keep folks like us from understanding what it is they do. As a business owner, you need a working understanding of accounting and finance terms and methods.
Expertise is what professional accountants and bookkeepers provide.
You do need to know the basics so you can keep an eye on the score. In the game of business, the financial reports are the scorecards. At my site, there s a column in the archives called How to Shop for an Accountant . Check it out. You d be well-served to have a professional on hand as you figure out basic accounting methods.