1. A Crash Course On Understanding Financial Statements Businesses operate to achieve various goals. To meet these goals a business must achieve two primary objectives: To earn a satisfactory profit and to remain solvent (be able to pay its debts). If a business fails to meet either of these primary objectives, it will not be able to survive in the long run.
2. Business Owners: How To Keep Your Books Ready For The IRS As a business owner, you should deposit all business receipts in a separate bank account. If possible, you should also make all disbursements by check. In regard to all business entities, with the exception of corporations, a disbursement from the business account is not necessary to qualify the expenditure as a business expense.
3. Accounting: Understanding Your Assets Current assets are the key assets that your business uses up during a 12-month period and will likely not be there the next year. The accounts that reflect current & long-term assets are:
4. The Truth About Using A Computerized Accounting System There are many versions of accounting software available to small business owners, but accounting is only one aspect of recordkeeping. Word processors, databases, spreadsheets, and all sorts of graphics can aid you in managing the financial and clerical aspects of your business.
