Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business / Edition 7

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The premier resource for basic bookkeeping and business record management, Keeping the Books is a comprehensive, yet down to earth, treatment of one of the most important, yet often neglected, aspects of running a business. User-friendly and packed with easy-to-understand illustrations, worksheets, and forms, this popular financial reference tool is completely updated, and replete with the variety of IRS forms that entrepreneurs have to be familiar with. From updating car and transportation expenses to exploding the myths around independent contractors, the author presents everything a small company needs to know to maintain proper records.

Following the roadmap outlined in Keeping the Books, entrepreneurs will learn how to:

  • Prepare and analyze financial statements to stay in touch with the heartbeat of their business
  • Set up bookkeeping systems to keep track of financial details
  • Maintain the required IRS records necessary to stay out of trouble
  • Plan for required taxes due
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Editorial Reviews

Pinson is a speaker, author, educator, consultant, and expert in business planning and financial management. Written in a personable style, her book provides a concise overview of bookkeeping and record management for small businesses. Topics include recordkeeping basics, income and expenses, cash accounting versus accrual accounting, financial statements and their analysis, common tax forms/publications for use in recordkeeping, tax reporting schedules, and the preparation of records for tax filing purposes. Concepts are illustrated with sample forms, and worksheets are provided in an appendix, along with a list of small business resources and glossary of accounting terms. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9781419584381
  • Publisher: Kaplan Publishing
  • Publication date: 1/2/2007
  • Edition description: 7th Edition
  • Edition number: 7
  • Pages: 224
  • Product dimensions: 8.50 (w) x 11.00 (h) x 0.50 (d)

Meet the Author

Linda Pinson is a nationally recognized speaker, award-winning author, educator, consultant and expert in the areas of small business planning and financial management. Author of numerous bestselling titles for entrepreneurs, she has also developed the popular ""Automate Your Business Plan"" software to accompany the bestselling Anatomy of a Business Plan. A member of the U.S. Small Business Advisory Council for the past five years, she is an active speaker at the Association of Small Business Development Centers annual conferences and has served as delegate to the White House Conference on Small Business.
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Table of Contents

Acknowledgments x
Chapter 1 Recodkeeping Basics 1
Functions of Recordkeeping 1
When Does Recordkeeping Begin? 3
Chapter 2 Income and Expenses 5
Income (or Revenue) 5
Expenses 5
What Are "Deductible" Expenses? 6
Common Deductible Expenses 7
Chapter 3 Cash Accounting versus Accrual Accounting 9
"Cash" and "Accrual" Accounting Defined 9
Which Method Will You Be Required to Use? 10
Pros and Cons of the Two Methods 11
Can You Change Methods from Year to Year? 12
Chapter 4 Essential General Records for Small Business 13
Single and Double Entry Systems 14
Numbering of Accounts 16
General Journal 18
General Ledger 20
Single Entry Accounting 25
Revenue & Expense Journal 26
Petty Cash Record 30
Inventory Record 32
Fixed Assets Log 38
Accounts Receivable 40
Accounts Payable 42
Payroll Records 44
Independent Contractors 47
Transportation, Entertainment, and Travel Expenses 50
Customer Information Records 56
Business Checkbook 58
Receipt Files 60
Chapter 5 Financial Statements 61
What Are Financial Statements? 61
Balance Sheet 63
Profit & Loss Statement or Income Statement 66
Business Financial History 70
Personal Financial Statement 74
Pro Forma Cash Flow Statement or Budget 76
Preparing Your Cash Flow Statement 77
Completing Your Pro Forma Cash Flow Statement 84
Quarterly Budget Analysis 86
Three-Year Income Projection 88
Breakeven Analysis 90
Chapter 6 Financial Statement Analysis 93
Financial Statements 93
Liquidity Analysis 96
Profitability Analysis 98
Debt Measures 100
Investment Measures 101
Vertical Financial Statement Analysis 102
Horizontal Financial Statement Analysis 104
Summary 105
Chapter 7 Taxes and Recordkeeping 107
Basic Understanding of the U.S. Tax System 107
Federal Taxes for Which You May Be Liable 109
Calendars of Federal Taxes 109
Income Tax (for Sole Proprietors) 114
Home Office Deduction 117
Income Tax (Partnerships) 119
Income Tax (S Corporations) 122
Income Tax (Corporations) 124
Estimated Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder) 127
Estimated Tax (Corporations) 130
Self-Employment Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder) 132
Social Security (FICA) Tax and Withholding of Income Tax 135
Federal Unemployment (FUTA) Tax 142
Payment to Nonemployees for Services Rendered 145
Taxpayer Identification Number (EIN) 148
Free Tax Publications Available from the IRS 149
Summary 152
Chapter 8 Recordkeeping and Tax Reporting Schedules 153
Organizing Your Recordkeeping 153
Building Your System 154
Recordkeeping Schedule 156
Tax Reporting Schedule 158
Chapter 9 Preparing for Uncle Sam 161
What to Give Your Accountant 162
The Last Chore 163
Appendix I Independent Contractors: Facts versus Myths 165
Appendix II Worksheets 173
Small Business Resources 197
Glossary 199
Index 207
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