One of the most important tasks facing a small business is
keeping watch over the money flowing into its coffers and out to
its vendors, employees and advisors. Fortunately, today's
full-featured-yet inexpensive-accounting programs allow business
owners to track and manage every aspect their companies'
finances....
You Should Review Your Accountant !
Is your accountant helping your business or upping your tax bill? Take a close look.
With the tax-filing season in full swing, it makes sense to take
a good, hard look at your accountant and the work he or she has
done for you over the past year. Is your accountant helping you
save money? Is your business...
Add an Accountant to Your Business
If you think you only need an accountant during tax time, you may
want to think again. Good business accounting is not just about
balance sheets and tax returns. With the help of a competent
accountant, you can track your business's finances and make
sure it's running at the optimum level.
And to take...
How Long Should Keep Financial Records?
This isn't another sermon on the importance of financial
record-keeping. Just the opposite: It's about discarding
unnecessary records to free space in your overstuffed file
cabinets. But which records should you keep and which can you
trash?
Tax returns and supporting data should be kept for at least
seven...
Why You Need an Accountant ? Sholud to Know!
Should I hire an accountant? Also, how can I make the most of this business relationship? One aspect of running a small business that few people give a lot of
thought to is the way they deal with professional vendors such as
bankers, lawyers, accountants and so on.
Most entrepreneurs just dive...
11 Expectations You Should Establish For Your Bookkeeper
You may be a successful business owner with a multitude of skills,
but if bookkeeping is one of your weakest links, you should probably
hire a bookkeeper to help you out. But before you bring someone on
board, you need to make sure they know what to do, and you'll want to
set expectations for them...
1099 Requirements for B2B Transactions
I've got a bone to pick with our congressmen and congresswomen! You
know how legislators sneak unrelated provisions into major bills? Yeah,
well, they did it again. Section 9006 of the massive Patient Protection
and Affordable Health Care Act will mean yet another huge paperwork
burden for small...
5 Bookkeeping Tips for Business Owners
Entrepreneurs keep a lot of the financial details of their business
in their heads. Doing so has its advantages: No new software to learn,
no danger of a system crash that loses all your data, and you can tweak
your budget as often as you need without sitting down at a desk.
But when you don't...
An Audited Financial Statement Can Help
Looking to Borrow? An Audited Financial Statement Can Help : More than one-half of all small-business loan
applications are being rejected by banks, according to the Biz2Credit
Small Business Lending Index. In such a tough lending environment,
companies in need of capital might find lenders...
A Matchmaker For Accountants
When launching a new business, you need a trusted bean counter in
your corner. Though finding a good accountant may not be as onerous as
doing your own taxes, it's
certainly no picnic. Firms spend plenty of time and resources in the
search for solid financial advice. But rather than shuffling off...
Separate Your Business and Personal Finances
Business owners intertwine business and personal finances all too
often. After all, you are your business, but muddling up the two will
mean a mess at tax time.
Even if you're just starting out, it's essential to split up these
two parts of your money life. Treat your business, big or small, like...
Read This, Before Hiring a Tax Accountant
When it's time to look for a tax accountant,
you want one who not only can help save you money and avoid potential
trouble with the IRS, but also can provide useful information for your
business. "We tend to think of accountants as numbers people, but a good
accountant does more than just figure...
Payroll : Elements Of The Accounting System
If you've got employees, you've got to get a handle on payroll, payroll accounting can be quite a challenge for the new business
owner. There are many federal and state laws regulating what you
have to track related to payroll. Failure to do so could result in
heavy fines-or worse.
Many small-business...
Inventory : Elements Of The Accounting System
Unless you are starting a service business, a good
inventory-control feature will be an essential part of your
bookkeeping system. If you are going to be manufacturing products,
you will have to track raw materials, work-in-process and finished
goods, and separate subledgers should be established for...
Fixed Assets : Elements Of The Accounting System
Fixed assets is a elements of the accounting system, fixed assets are items that are for long-term use, generally
five years or more. They are not bought and sold in the normal
course of business operation. Fixed assets include vehicles, land,
buildings, leasehold improvements, machinery and equipment.
In...
Elements Of The Accounting System : Accounts Payable & Accounts Receivable
ACCOUNT PAYABLE
Whom do you owe? Keep track with the accounts payable ledger,
The accounts payable subledger is similar to that used to track
accounts receivable. The difference is that accounts payable occur
when you purchase inventory or other assets on credit from a
supplier.
It is important...
Chart Of Accounts : Elements Of The Accounting System
The first step in setting up an accounting system for your
business is deciding what you want to track. A chart of accounts is
simply a list of your accounts and is kept by every business to
record and follow specific entries. Whether you decide to use a
manual system or a software program, you can...
General Ledger - Elements Of The Accounting System
Whom do you owe? Keep track with the accounts payable ledger. every account that is on your chart of accounts will be included
in your general ledger, which should be set up in the same order as
the chart of accounts. While the general ledger does not include
every single accounting entry in a given...
Which Accounting Method is Best For Your Business ?
Based on Basic Accounting Principles Most businesses typically use one of two basic accounting methods in
their bookkeeping systems: cash basis and accrual basis. While most
businesses use the accrual basis, the most appropriate method for your
company depends on your sales volume, whether or not...
3 Tips for Protecting Your Personal Finances
Starting a business affects your life in many ways outside of work, in particular the way you manage your personal finances. One of the biggest mistakes new entrepreneurs make is not keeping their personal and business finances separate.
"They move money back and forth and it is very important to...
When to Hire a Accountant or Bookkeeper
With user-friendly software such as QuickBooks available, many
business owners feel they should be able to do keep their records on
their own, even as they wrestle with finding the time and wonder if
they're doing things correctly.
Do everything you can
yourself and don't pay for anything...
