By Tycho Press
All the monetary accounting a small enterprise will ever need
Owning and operating a small company should be advanced. On most sensible of constructing, advertising and marketing and promoting your services or products, you have to be ready to deal with the cash that is coming in, pay your staff, song bills, think of your inventory recommendations, and lots more and plenty more.
Accounting for Small enterprise Owners covers the complete means of setting up reliable accounting to your company and customary monetary situations, and should convey you the way to:
- Set up and run your business
- Manage and promote your product or service
- Perform a month-end balancing of accounts
Packed with definitions of simple accounting phrases, pattern accounting statements, and a wealth of information and tips to simplify the accounting procedure, Accounting for Small enterprise Owners has every thing you want to get the activity done!
Read Online or Download Accounting for Small Business Owners PDF
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Additional info for Accounting for Small Business Owners
You need columns for for the check number, the date, the name and description, and the amount. Then there are columns for expenses you incur frequently, such as supplies, rent, and utilities. At the end of the sheet, label the next-to-last column “other,” and use it for any expense or disbursement you don’t have a column for. Use the last column to put in a description. Use one page a month. List each business transaction as it happens, and keep all deposit slips, receipts, check stubs, and so on in a file folder or large envelope for that month.
As in the July example, we see total sales and the total of each category. With the addition of the year-to-date column, we can take the year-to-date number and divide by the number of months, eight in this example, to find the average monthly sales. That helps you read the statement better—knowing whether August sales are better or lower than average. You can do the same calculation for your expenses. Dry cleaning sales had a better-than-average month ($42,000 / 8 = $5,500), as did laundry sales ($11,000 / 8 = $1,375), but rug cleaning sales had a lower-than-average month ($8,500 / 8 = $1,062).
Table 11. Store-specific expenses on the income statement Travel expense is for business-only travel. In this case, this line item reflects the costs of traveling to trade shows. It could also include travel to classes or seminars. Then we have taxes, which would include the cost of any property or real estate taxes paid at each location. The last expense item is depreciation. Depreciation is a noncash, paper-only expense. It is calculated according to IRS-specified methods. ” That class might be 31-year real property (buildings) or seven-year property (equipment).
Accounting for Small Business Owners by Tycho Press