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  February 25, 2018   
Business Services Center
Finance: Your Basic Bookkeeping
Home :: Business Services :: Business Services Center :: Finance :: Your Basic Bookkeeping

   Your Basic Bookkeeping:
Financial analysis is one of your most important tools to succeed in business. Accurate financial records will not only help you answer some very important questions, it will also help you monitor the health of your business. How much are you making or losing? How much debt do you have? Is your business financially sound, or will you need additional funds to sustain your operations?

An accounting and bookkeeping system is the foundation of this valuable financial information. As a small or midsize business owner, you probably rely on an outside accountant to do your taxes and prepare financial statements. However, you may find that it's too expensive to pay an accountant to do routine bookkeeping chores. Therefore, you must take on the responsibility of keeping an accurate set of financial records, or delegate it to one of your employees.

This task is easier than you think if you use your computer or accounting software. With little study and help from the computer software tools, you should be able to manage your most basic financial records without the help of an accountant. This includes the daily recording of transactions, general ledger entries, and cash records. Other records you may need to take into consideration are accounts receivable and accounts payable ledgers.

An accountant can help with preparing periodic adjusting entries, financial statements, closing entries, income tax returns, or budgets. You may also decide to have your accountant set up your books when you first open your business. Your accountant can also help you with setting up accounting software for your specific business. If you've been in business for awhile, your accountant could give your bookkeeping procedures and records a one-time or periodic checkup.

If you are using an outside accountant, ask him or her to help you close the books annually, since you need to file an income tax return every year as well as prepare annual financial statements. However, annual financial statements may not be enough to help you monitor your business health and progress. You may want quarterly or monthly financial statements, and you may want to have your accountant close the books every month, particularly if you need to submit monthly sales tax to the state.

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