Bookkeeping - Accounting for Small Businesses: A Quickstudy Reference Guide

This 6-page laminated guide serves as a complete and essential reference for the process of bookkeeping in your business. Authored by financial specialist Lita Epstein, who has written over 40 books, this concise yet expert-level resource provides the facts you need to establish a well-organized system for tracking expenses and profits. This enables business owners to produce reports that will satisfy the requirements of bankers for loan applications, investors for raising capital, and government agencies for accurate data reporting, thereby avoiding penalties and interest.

The reference guide covers the following key topics:

Bookkeeping Overview: Exploring the fundamental accounting methods, understanding debits and credits, and mapping the books, including general ledgers and journals.

Developing the Chart of Accounts: Establishing a comprehensive business map to track financial activity.

Computerized Accounting Programs: Leveraging technology to streamline bookkeeping processes.

Internal Controls: Protecting your business's cash and documenting transactions to guard against fraud.

Employee Onboarding: Properly completing government forms for new hires, determining pay periods, and managing wage/salary types, social security, Medicare, unemployment taxes, and worker's compensation.

Accuracy Testing: Proving the cash and inventory, finalizing receipts, adjusting for errors, and closing the journals.

Accounting Cycle: Understanding the steps involved, including adding/deleting accounts, reviewing customer and vendor accounts, and starting a new bookkeeping year.

Financial Reporting: Preparing balance sheets, income statements, and other internal and external reports.

This reference guide is an invaluable tool for both expert and new business owners, elevating their understanding and vocabulary to become their company's financial expert. The concise, yet comprehensive, nature of this resource allows users to quickly access the essential information needed to establish and maintain a thorough bookkeeping system, ensuring their business's financial integrity and compliance.

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