Recordkeeping Articles

As a small business owner, paying close attention to your finances is vital to the survival and growth of your company. You can handle much of your accounting program on your own with some time and resources. But when you look at your books and feel lost, it might be time to call an expert.

If you’re like many small businesses, you account for company assets that you can see and touch. But, what about the items of value that aren’t physical? You may be undervaluing your business by forgetting your intangible assets. What are intangible assets?

To keep your small business’s finances on track, reconcile your books and bank account statement. Sometimes, transactions are only recorded in one financial record when you reconcile the balances. If your books and bank account balances don’t match, you might have an outstanding deposit.

To protect your business and operate under the law, you might obtain licenses, trademarks, patents, and other intangible assets. These items can be costly to a small business. You can use amortization to reduce your taxable income throughout the life of intangible assets. What is amortization?

No matter what kind of business you run, you probably own property that helps you provide products and services. Your company’s assets are a valuable part of your operations and need to be carefully maintained. Use a fixed asset management system to organize information about your business property.

When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.

Fifty-seven million U.S. workers are freelancers, representing a shift toward self-employment. But the freedom of freelancing comes with one big disclaimer: you are responsible for everything, including your accounting books. Bookkeeping for freelancers might seem overwhelming, but it’s doable with the right knowledge and tools.

As a business owner, you have many types of assets. Knowing how much your assets are worth is necessary for properly creating financial statements, obtaining outside financing, and selling your property. But, assets don’t retain the same value throughout their life cycle. You need to know the difference between book value vs. market value to […]

Being your own boss sounds ideal. But when you’re self-employed, you may also become your own office manager, bookkeeper, and marketing specialist. To set your business up for success and balance your responsibilities, you need to learn how to be self-employed.