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Bookkeeping Basics for Small Business: What Every Owner Should Know

Remote Quality Bookkeeping

Even though a basic understanding of financial management may bring an entrepreneur through the first stages of business development, a comprehensive understanding is eventually required. In the content below, we seek to provide a helpful small business bookkeeping guide for startups looking to pave the way to long-term success.

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8 Best Bookkeeping Hacks Every Small US Business Owner Should Know

Outsourced Bookeeping

Create a Chart of Accounts: A crucial component of small business bookkeeping and accounting is the development of a chart of accounts (COA). You can collect and record financial transactions automatically, giving you real-time knowledge of the financial state of your company.

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What Does a Bookkeeper Do?

Billah and Associates

Record and pay bills on time An efficient bookkeeper does know the importance of maintaining the record of your business cash flow especially for start-ups and small businesses. Being a business owner it is your responsibility to make sure that they are not using any infamous suspense account which is a common practice.

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How To Improve Your Small Business With An Accountant?

Billah and Associates

Collection of bills If you want to enhance the operational aspects of your business, you could think about working with an accounting firm. Nevertheless, have an expert review your bookkeeping and operational procedures to identify room for improvement. An ideal place to start is invoice collecting.

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21 Expenses Related to Running a Small Business

Remote Quality Bookkeeping

Sales tax Most small retail businesses will also be required to collect and pay sales tax (on behalf of your customers). The specifics will vary depending on what your business is selling, where you are located, and, sometimes, where your customers are. These costs can also fluctuate, making them variable costs.

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21 Expenses Related to Running a Small Business

Remote Quality Bookkeeping

Sales tax Most small retail businesses will also be required to collect and pay sales tax (on behalf of your customers). The specifics will vary depending on what your business is selling, where you are located, and, sometimes, where your customers are. These costs can also fluctuate, making them variable costs.

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GAAP: A Comprehensive Guide

Remote Quality Bookkeeping

If you’re a small business owner or entrepreneur, you’ve probably heard of GAAP, the Generally Accepted Accounting Principles. This set of accounting principles provides standard rules and methods for businesses to collect and report financial information. GAAP standards evolve, with the FASB regularly issuing updates.