Small Business Record Keeping.pptx
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This document discusses the importance of record keeping for small businesses. It notes that keeping good records of customers, sales, correspondence, inventory, and business operations is crucial for monitoring business progress, preparing financial statements, and tracking deductible expenses. Maintaining a separate business checking account makes it easier to distinguish between business and personal finances and can help establish the business as an independent contractor. The document also provides guidance on paying yourself through business checks deposited into a personal account and maintaining proper documentation for income, expenses, entertainment, and listed property.
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Accounting provides essential information about a company's financial situation and performance. It records, classifies, and summarizes business transactions and events in a standardized language using accounting principles. This information is important for both internal and external users. Investors, managers, and other decision makers rely on accounting data to assess the company's profitability, debts, cash flows, and overall financial position over time. How financial information is presented can influence perceptions of the company, so it is important for managers to understand accounting and ensure the reports provide a true and fair view.
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A&w profile
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Accounting Introduction
Bookkeeping involves routinely recording business transactions, while accounting analyzes a business's financial performance and position. Bookkeeping keeps track of money in and out, like a person's birthday money. Accounting examines the impact of transactions through financial statements. Both require documenting proof of transactions for accuracy and to prevent fraud. Accounting has various types including financial, cost, and management accounting that serve different purposes like external reporting, cost analysis, and internal decision making.
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- 2. RECORD KEEPING ‹#› What do you know or want tolearn about record keeping?
- 3. Introduction Record keeping importantforsmall businesses • Sole proprietor • Partnership • Corporation
- 4. What is RecordKeeping? RECORD KEEPING ‹#› Remember – Keep good records, both business andpersonal
- 5. • Customer records • Sales records • Correspondence • Inventory Business Operations, TrackingDetails
- 6. BENEFITS OF KEEPING RECORDS • Monitor the progress of you business • Prepare Financial Statements • Keep track of deductible expenses
- 7. BENEFITS OF KEEPING A SEPARATE CHECKING ACCOUNT • Much easier to keep track of business income and expenses. • Validates claim of being a business rather than a hobby. • Helps establish status as an independent contractor vs being an employee. • If a sole proprietorship, just open a separate personal checking account.
- 8. PAYING YOURSELF • Write a business check to yourself, then deposit it into your personal account. • Known as a withdrawal or personal draw, it is for paying non-business and/or personal expenses.
- 9. Income Documents Expense Documents Entertainment, Meals, and Travel Expense Records Supporting Documents Filing Supporting Documents Listed Property
- 10. Summary • What final questions do youhave? • What have youlearned? • How would you evaluate thetraining? RECORD KEEPING ‹#›