The Accountant

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Written by Charley Blewett

I enjoy channeling and engaging your company’s market reach with the creation of eloquent website designs. Planning and strategizing your company’s approach to reaching a greater market share is my passionate focus. I am honored to be a part of my client’s success.

Accounting for small businesses is an important function that should not get overlooked. The accounting function encompasses three broad categories of necessary tasks:

  1. Recording the financial transactions ie: Bookkeeping.
  2. Classifying these transactions:
    1. Current Assets
    2. Property, Plant, and Equipment
    3. Liabilities
    4. Owners/Shareholders Equity
    5. Revenues
    6. Cost of Goods Sold
    7. Expenses
  3. Reporting
    1. Balance Sheet
    2. Income Statement
    3. Statement of Cash Flows
    4. Expense Report

Setting up the accounting system is an important first step when starting any business. You will need to provide your tax preparer with the company reports to use on your tax returns. You will need to pay Self Employment Tax for the owner or owners of a sole proprietorship or partnership. You might need to impress investors with your business idea to expand your operations.

These set the stage for part of the success of every business, big or small. Adequate and timely accounting will go a long way in helping the small business owner know the details of their business’s transactions. We can help with most aspects of accounting for small businesses. Even though accounting software like QuickBooks do many things behind the scenes without requiring the user to have accounting knowledge, it is helpful to have experience on your side.

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Setting up your QuickBooks Company File correctly, from the start, is critical for many reasons. The number one reason is to save yourself a lot of aggravation down the road. If the accounts are correct and your data entries match your vendor and customer lists, there will be a lot less frustrations.