Small Business Accounting: Back to Basics

If you’re a startup company or an already existing business, you know that there are a bunch of financial objectives that you have to consider. 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 account
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

Murphy, Kendra “Basics of Small Business Accounting: 12 Steps to Get Your Company on Track.” 01 February 2020

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 Quickbooks Online, we work with clients in Mount Pleasant, Charleston, Philadelphia, and across the US. For Quickbooks Desktop and Quickbooks Enterprise, we only work locally in the Charleston, SC area.

For a complete list of our services, please click here. If you have any questions about online bookkeeping or business consultancy, we’d love to hear from you. Please contact us here.

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