simplified small business accounting

The Small Business Library Simplified MJ All of the accounting and bookkeeping forms and instructions you will need to successfully manage your small business finances. Invoices, Statements, Purchase Orders, Balance Sheets, Profit and Loss Statements, Expense Ledgers, Travel Ledgers, Meals and Lodging Ledgers, Inventory Records, Tax Preparation Records, Payroll Records, and many more Contains forms, instructions, questionnaires, and checklists for use in any small business. 2nd Edition Daniel Sitarz Attorney-at-Law Revised and Updated *#%*iiki [...]... 2 Simplified Accounting System The simplified small business accounting system which a modified single-entry accounting system basis accounting for small businesses It is is provided in this book is presented as a system for accrual- The records are designed to be used on a calendar-year basis Within these basic parameters, the system can be individually tailored to meet the needs of most small businesses... his or her acceptable For the small business own company's insist that only double- owner who wishes to un- finances, the advantages of single-entry ac- counting far outweigh the disadvantages 21 Simplified Small Business Accounting Accounting Periods A final item to consider is the accounting period for your business A business is allowed to choose between a fiscal year accounting period and a calendar... the business Clear, understandable, and accurate business records are vital to the success of any small business In order to design a good record-keeping system for a particular business, an understand- ing of certain fundamental ideas of accounting necessary For those unfamiliar is with the terms and concepts of accounting, grasping these basic ideas most may be the of accounting, even simplified accounting. .. of the most business owner must confront is critical financial tasks which a small keeping track of what the business owns and 15 Simplified Small Business Accounting owes Before the business buys or business must have some sells anything or makes a profit or loss, the assets The assets of a business are anything that the business owns These can be cash, on hand or in a bank account; they can be personal... continuing Small Business Library series The various business guides in this series are designed to provide concrete information to small business owners to assist them in understanding and operating their own businesses with a minimum of outside With the proper information, the average person assistance in today's world can easily un- derstand and operate a small business However, each year small businesses... for small business owners and their financial records It is absolutely vital that small emerging business owners intimately understand their financial position Daily decisions must be made which can make or break a fledgling business If the financial records of a small business are delegated to an outside accountant or bookkeeper, it is often difficult, if not impossible, for a 11 Simplified Small Business. .. debts of a business and its equity are of the business If the business is together referred to as the business' The liabilities basic relationship between the assets and liabilities can be shown in a simple equation: Assets This simple equation is Liabilities the basis of business accounting business are said to balance, business must equal the = it is this equation liabilities which is in of a business. .. therefore, understanding of the business owners themselves can not understand the financial situation of their chance of succeeding The purpose of this book own is to If business company's financial little present a simplified system of business record-keeping that small business owners themselves can use their owners businesses, they have to track situation The purpose of any business financial record-keeping... the reader to understand the framework of accounting and bookkeeping and effectively use this knowledge in the operation of their business To try and make Simplified Small Business Accounting that task as easy as possible, technical accounting jargon has been eliminated whenever possible and plain English used instead When it is necessary in this book to use an accounting term which may be unfamiliar... 1 Understanding Business Financial Record-Keeping Each trol year, thousands of small businesses fail because their of their finances Many of these failures are brought owners have on by the lost inability con- of the business owners to understand the complex accounting processes and systems which have become relatively standard in bookkeeping have, most businesses, in modern business Accounting and . Congress Cataloging-in-Publication Data Sitarz, Dan, 1948- Simplified Small Business Accounting / by Daniel Sitarz - 2nd ed. 256 p. cm. - (Small Business Library Series) includes index; ISBN 0-935755-616: $19.95 1. Small business- Accounting I. Title what the business owns and 15 Simplified Small Business Accounting owes. Before the business buys or sells anything or makes a profit or loss, the business must have some assets. The assets of a business. break a fledgling business. If the financial records of a small business are delegated to an outside accountant or bookkeeper, it is often difficult, if not impossible, for a 11 Simplified Small Business Accounting novice business owner to