Selling, general, and administrative expense: Costs that are expensed as they occur and are not assets (not capitalized)
- Costs expensed on the income statement in the period in which they occur (not added to inventory)
- Selling: Costs not in cost of goods sold, such as commissions
- General: Expenses such as taxes and miscellaneous costs
- Administrative: General support and salaries not directly related to manufacturing
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Recommended Tools
One of your top priorities as a small business owner is keeping a close eye on the money you bring in and pay out, which is why it’s critical to have the right accounting software. You need a program that helps you accomplish your daily accounting tasks. Here are our best picks for tools we recommend and use.
