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Small-Business Accounting - Papers Online

Small-Business Accounting

Some small-business owners view bookkeeping as a burdensome task that takes them away from running their business. It makes others nervous, and they may second-guess their knowledge and skills in fear of the Internal Revenue Service knocking on their door.

You don’t have to be intimidated or bored by accounting. Successful business owners don’t view bookkeeping negatively. They have adopted a few basic procedures to stay on top of the paperwork. By doing so, they save time, money and a lot of stress.

Follow these basic steps to gain control -- and stay in control-- of your business’s bookkeeping tasks:
1. Use accounting software such as QuickBooks. Become at least generally familiar ...

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Train and hire a family member to maintain the books. From a supervisory role and internal control system standpoint, it’s still critical to have a basic working knowledge of the software and procedures.

C. Hire a local college student majoring in accounting. You will typically find student employees to be very affordable. Just remember not to give the student too much latitude with check signing or control of paying bills. Although the student is running the system, you still need to supervise their work to make sure your books are tight.

D. Hire a local bookkeeper to provide the services you need, and turn the books over to your certified public accountant for planning and tax preparation at the end of the year. A bookkeeper will certainly be more skilled and knowledgeable than you or a family member, but your cost per hour will increase. One smart strategy is to negotiate a fixed monthly fee so you can budget for the service.

E. Engage your CPA to provide all ...

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"Small-Business Accounting." Essayworld.com. March 9, 2011. Accessed March 29, 2024. http://www.essayworld.com/essays/Small-Business-Accounting/95776.
"Small-Business Accounting." Essayworld.com. March 9, 2011. Accessed March 29, 2024. http://www.essayworld.com/essays/Small-Business-Accounting/95776.
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PAPER DETAILS
Added: 3/9/2011 01:40:23 PM
Submitted By: linhthuy62
Category: Education
Type: Premium Paper
Words: 905
Pages: 4

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