Introduction to Bookkeeping for Small Business Owners

Learn the fundamentals of bookkeeping to help you manage your business's financial information and make more informed business decisions.

Introduction

• How to excel at bookkeeping

1. Terms Overview

• Chart of accounts
• Defining reconciling
• Understanding income statements
• Optimizing balance sheets
• General ledgers
• Monitoring cash flow
• Revenue versus profit
• Liabilities and expenses

2. Bookkeeping Basics

• Business versus personal funds
• Tracking business transactions
• Setting up loans and assets
• Recording transfers
• Depreciation and amortization
• Using journal entries
• Cash and accrual reporting
• Customer prepayments
• Defining class tracking
• Defining job costing
• Monitoring bartering services

3. 1099 Reporting

• Contractors versus employees
• Mapping 1099 accounts
• W9 and 1099 forms
• Issuing a 1099
• 1099 due dates
• Correcting 1099 mistakes

4. Tax Preparation

• Organizing documents
• Estimated tax payments
• Tax preparation reports

Conclusion

• Maintaining compliance