The Basics of Small Business Accounting
On its most basic level, accounting is how a business keeps track of how much money is coming in and going out. Small business accounting involves the process of tracking, recording, and analyzing the financial transactions of your business. It translates numbers into a comprehensible statement about the profitability of your business.
If you’re a startup company or an already existing business, you know that you have to consider a bunch of financial objectives. This will be a daily experience for you and it can be overwhelming but if you keep an organized checklist of things that you need to cover, then you’ll be on your way to a smooth-running company while you keep your sanity in check.
Here are some basics that you need to cover when you manage your small business.
1. Open a bank accountMurphy, Kendra “Basics of Small Business Accounting: 12 Steps to Get Your Company on Track.” 01 February 2020
2. Track your expenses
3. Develop a bookkeeping system
4. Set up a payroll systems
5. Investigate import tax
6. Determine how you’ll get paid
7. Establish sales tax procedures
8. Determine your tax obligations
9. Calculate gross margin
10. Apply for funding
11. Find high-quality accounting partners
12. Periodically re-evaluate your methods
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop, and Quickbooks Enterprise.
For a complete list of our services, please click here. Reach out to our team of Business Consultants at Silicon Harbor Business Services in Mount Pleasant, SC if you have any questions about online bookkeeping or business consultancy. We’d love to hear from you!