Not everyone who has a great business idea has been to business school. If you’re just starting out in the business world, the financial side of your new company can seem daunting. This book will show you how to navigate bookkeeping options and choose the one that will best suit your small business.
Bookkeeping is a vital component of any business, and getting it right from the very beginning will prevent problems in the future. You should organize your bookkeeping as soon as you can to maximize efficiency and give your business an organizational boost.
The first thing to understand if you’re going to do your own bookkeeping is the difference between bookkeeping and accounting. If you’re unfamiliar with these practices, you’d be forgiven for thinking they’re the same thing. Many seasoned business people would struggle to put the distinction between them into words. Before you look into how bookkeeping works, it’s important to know what bookkeeping is.
Bookkeeping is the process of recording daily transactions and organizing financial documents. Accounting uses the data gleaned from bookkeeping records to make sense of a company’s finances and progress. Simply put, a bookkeeper tracks finances and an accountant analyzes them.
Sounds easy, right? Bookkeeping is definitely less daunting when you know it doesn’t require the same math ability as accountancy. Bookkeeping can be easy, as long as you’re organized. It might seem like something you can handle yourself or something you’d rather outsource but either way, you should understand how it works. When bookkeeping, there are three main things you need to do:
- Keep track of your finances
When bookkeeping for your small business, you can break down your finances into four categories: profits, expenses, inventory cycle, and liabilities. Profits can be divided into cash or credit sales, depending on whether the customer pays you at the time of purchase or when you send them a bill. Expenses can be divided into recurring or non-recurring expenses; non-recurring expenses are usually one-off unexpected payments, whereas recurring expenses cover items such as bills. If your business sells a product, your inventory cycle should catalogue product purchases and sales, allowing you to see how much inventory you have at all times. Liabilities are separate to expenses and should be organized accordingly. Liabilities are outstanding balances your company owes, as opposed to expenses that are incurred by the running of the business (such as buying inventory and paying employees).
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