How to set up a financial records system and use it to manage your business profitably. No matter how good you are at the business you’re in, if you fail to master the financial side of businesskeeping accurate records, watching your cash, working with your accountant to minimize your tax liabilitiesyour business will fail. Efficient Accounting and Record-Keeping helps you manage the business side of your business. Written especially for the small business owner who may not have a sophisticated knowledge of accounting, it shows, in simple, non-technical language, how to set up and maintain an efficient accounting systemand use it as a business decision-making tool. For managing cash flow and controlling costs. Setting competitive, profit-producing prices. Managing inventory. And planning for growth. You’ll learn what records you should keepfor legal compliance as well as for your own analysis of how your business is doing and where it’s going. And you’ll get practical guidance for working with your accountant, understanding the language of accounting, and preparing the documents you need. Most importantly, you’ll learn how to wring vital business information from all those numbersand put them to work planning for profits.
Table of Contents
Introduction: The Importance of Record-Keeping.
You and Your Accountant.
What is a Good Record-Keeping System?
What Records to Keep.
The Checking Account.
How Long to Keep Records.
Your Accounting System.
Using Your Financial Statements for Planning.
Money for Your Business.
The Language of Accounting: A Glossary.