If you have a very small company with only a couple of checking or credit card accounts (designated solely for your business) and don’t want to pay for QuickBooks, how can you keep track of your financial records?
Are you a dentist who does work in exchange for IT services? Maybe you are a physical therapist who exchanges services with someone who does your social media. These are great examples of bartering.
At the start of each year, you probably make goals and have dreams of where you would like your business to go and how to make it grow. You prepared what you thought to be a realistic budget. Preparing the budget is the first step; reviewing it at least monthly is as important to the success of your company. Don’t let your budget gather dust and never look at it again.
There will likely be a time when you are dealing with clients that may be negatively affecting your business. These are some of the red flags you should look out for:
Even small and medium-sized organizations can accept donations of stock. Here’s how:
When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:
- Backup of data made before correcting transactions
- Review Trail Balance
- Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year.
I heard this advice at a JumpStart EXPO from a very successful entrepreneur. When it comes to small business bookkeeping there are two things a business owner should never do:
There are many tasks involved with small business bookkeeping. These tasks often take much longer than we expect because concepts are easier to understand than to implement.
Here are some simple solutions to your bookkeeping problems:
This has been an unusual year with COVID-19 and the financial burden many businesses are facing. What has not changed is the calendar. The year ends on December 31st, and accountants will want to start preparing taxes between now and then.
The first step to starting a small business or startup can be found here.
As a bookkeeper, I am sharing some insights to maintain sound financial records. These are steps to put you on strong financial footing. Having a product or service that is demanded, building the right team, and finding customers are all very important – possibly more important is...
