Tips for Starting a New Business: #2 Setup up a Bookkeeping Systemby Lester Bahr, CPA on 09/14/17
In this second installment topic I discuss what you need to know in terms of setting up a proper bookkeeping system for your business. Sometimes business owners are not very attentive or interested in keeping the books. While they may have a special talent that makes them a great inventor, technician or salesperson, they may view the paperwork and bookkeeping as drudgery they would rather not have to bother with.
However, to remain in business there are certain basic bookkeeping standards that must be followed. These standards are necessary not only for determining taxable income, but also to monitor the financial and operating health of the business.
If you simply follow this link for how to setup an accounting system, it will take you to one of my prior articles I've written on this subject where I discuss the process of how to develop a chart of accounts structure for your business; how to decide which accounting method to choose - cash or accrual basis; who should maintain the accounting records; and using accounting software - which if you follow this link for QuickBooks will take you to my page with multiple articles I've written on the subject of using QuickBooks in your business.
In the event you have any questions, you can always contact me here to ask them.
Lester R Bahr, CPA
QuickBooks Advanced Certified ProAdvisor since 1999