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Most entrepreneurs enter new ventures because they know something about products or retail or sales and marketing. Despite a burning passion for their new businesses, entrepreneurs will not succeed unless they learn to keep their financial records in order. While even the largest corporations can suffer from financial myopia, new business owners are especially challenged.
Fortunately there are some simple principles that set the stage for success to help business owners get their arms around bookkeeping basics. Over the years, hundreds of thousands of business owners have benefited from the practical and easy-to-use concepts in Keeping the Books.
In this new and updated sixth edition, financial expert and entrepreneur Linda Pinson shares a time-tested recipe for mastering record-keeping essentials. Generously illustrated with sample forms and worksheets, including up-to-date IRS forms for small businesses, this new edition provides comprehensive hands-on tools to:
* Set up effective record-keeping systems and keep the right records.
* Prepare financial statements that show where the business stands.
* Analyze cash flow and important financial benchmarks with ease.
* Keep adequate records to prevent tax time disasters and maximize profits.
* Learn to distinguish an employee from an independent contractor.
Including a business resource section and glossary of accounting terms, along with proven processes for smart financial record keeping, this one-stop guide lets even the financially challenged grasp the basics.