Accounting Basics for Small Businesses
Managing finances can be daunting and time consuming but don’t let yourself be overwhelmed by the numbers. Small business owners struggle with this on a daily basis but if you make sure to set aside time to do some of these accounting basics, you’re well on your way to lightening the load on your reports.
21 STEPS TO TACKLING BUSINESS ACCOUNTING
1. Check cash positionEwald, Kristin “Business accounting: 21 steps to tackling this like a boss.” 27 September 2019
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 returns
These accounting basics will save your life!
This may look like a super long list—and it is—but if you keep it up and plan through, you’ll be one step ahead to business success. You can always use handy tools like QuickBooks Online to help you manage and meet these accounting basics.
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!