Bookkeeping: an Important Part of Small Business Management
Managing a small business must be done seriously if you want to be successful and grow it into a big business. One of the ways to manage your small business is by performing basic bookkeeping. Many small business owners neglect bookkeeping because they are too focused on improving their sales. If you are one of them, you need to start having your accounting spreadsheet done properly.
Must have Bookkeeping Accounts
People who want to have a small business often think that this kind of business doesn’t need various types of bookkeeping accounts to be done in their accounting spreadsheet. However, this opinion is totally wrong. There are ten elemental types of bookkeeping accounts that are needed by small businesses. Here are some of them.
It records incoming revenue from the product you sell. Recording sales on time and accurately allow you to understand where the business stands.
Cash account consists of Cash Disbursements and Cash Receipts. This account is very important for small and big businesses.
It records any products you purchase for the business. This account is one of the essential components to calculate the Cost of Goods Sold.
This account allows you to track and counts the number of products that you haven’t sold. To check this account, you need to count those products physically regularly.
5. Payroll expenses
It is essential for every business owner to keep payroll expenses account up to date and accurate. This account is needed for meeting government reporting requirements, especially tax.
Aside from those accounts, you need accounts receivable, accounts payable, loans payable, retained earnings, and owner equity in your accounting spreadsheet.
How to Make Bookkeeping Easier to Do
Many small business owners neglect their bookkeeping because they think that it is a difficult task to do. However, with the right accounting spreadsheet tool, you can make bookkeeping easier to do. There are various tools that you can download. But, not all of them have all the features you need.
Certain accounting tools allow you to automatically count your numbers. Other allows you to have certain reports or statement automatically. Therefore, your bookkeeping tasks will be simplified. If you have the right tool, you will not only be able to do your bookkeeping task easily but also be able to save your time.
Bookkeeping is not something that may be done carelessly. If you don’t have much time to do it in a timely and accurate fashion, you need to consider having someone to do it for you. In addition, in order to make this process performed more efficiently, you must apply the right accounting spreadsheet tool.
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