Managing finances can be daunting and time consuming but don’t let yourself be overwhelmed by the numbers. Here are the essentials that you will need to take on the task.
21 STEPS TO TACKLING BUSINESS ACCOUTING
1. Check cash position
2. Record transactions
3. Document and file receipts
4. Review unpaid bills from vendors
5. Pay vendors, sign checks
6. Prepare and send invoices
7. Review projected cash flow
8. Balance your business checkbook
9. Review past-due receivables
10. Analyze inventory status
11. Process or review payroll and approve tax payments
12. Review actual profit and loss vs. budget and vs. prior years
13. Review month-end balance sheet vs. prior period
14. Prepare revised annual P&L estimate
15. Review quarterly payroll reports, and make payments
16. Review sales tax and make quarterly payments
17. Compute estimated income tax and make payments
18. Review past-due receivables
19. Review your inventory
20. Fill out IRS forms W-2 and 1099-MISC
21. Review and approve full-year financial reports and tax returnsEwald, Kristin “Business accounting: 21 steps to tackling this like a boss.” 27 September 2019
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals.
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